The New York herald., 1878-12-16
General Decentralization of
the Coal Trade.
PRODUCTION OF IRON AND STEEL.
Position Of the Manufacturers, Farm
ers and Tradesmen
CONDITION AND PROSPECTS on TIE UPPER HUDSON.
EASTERN PENNSYLVANIA.
PMuADELpHIA. Dec. II.

PHILADELPHIA, Dec. II. 1878.
Philadelphia, the first manufacturing city in the
Union and the second in population. is the centre
from which supplies sent to vast extent of
thckly peopled territory. In determining the gen
eral business condition of This part of the country
there are many be- taken into consideration
The two great in which the money OF East
ern Pennsylvania is invested coal ana iron and
while. may naturally be supposed. the prosperity
or otherwise of these industries influence
pver very wide and far reaching field, there
many branches of trade whose condition depends
more upon the farmers receipts from the sales of
the crops in interior and still other departments
OF mercantile industry affected by circumstances
lated neither the mineral agricultural markets
Of the state An inquiry conducted among the manu-
facturers merchants and business of this section
has resulted in somewhat contradictory conclusions.
There optimists and pessimists in mercantile and
commercial matters as there are in philosophy. and
1t requires the exercise of both perseverance and
judgment to get down the truth and to reconcile
and understand the results. To up the end of
your correspondents Investigations "by and large"
to use a nautical expression-it may be stated this
way
The general condition of this part of Pennsylvania
is improving, but the change for the better is
tainly not very marked decided. In most depart
1ncnts this improvement is only beginning to be
satisfactory than since the panic the summing up
the whole year just closing will perhaps make very
little better showing than that of last year the year
before. The Centennial a great thing for Phila-
dephia aud its vicinity. II put money afoat here
that otherwise would not have come. 1t gave work
10 mechanics. contractors and manufacturers;
brought quick sales to retail merchants and small
tradcsmen, and to marketmen and truckmen the de-
mand upon them for the feeding of the hosts of vis
has therefore felt the hard times since the panic
alleviaed form; that in speaking Of the condition
OF the business community and people hereabouts it
must be borne III mind that. relatively to other sec
tons Eastern Pennsylvania except among the miners
and some Of the iron workers, is in comparatively
prosperous way.
The farmers of the adjacent counties have not the
cause OF complaint of the grangers in the West for
they have good markets at their doors. They are in
better state financially than any other class but
they form only small percentage OF the population
OF this section for this is manufacturing and
camille community.
The important branch in which there is abso-
iutely improvement to chronicle is estate
The large holders unite in deploring the stagnation
and declare that prices have been 50 low
Some declare that this year has been worse
than last; others have found it about the same.
The prospects for next year regarded
promising. with the very important exceptions of
the coal trade and in real estate Concerning the
all is in doubt until it is settled whether not
there is to be continuance OF the combination: and
to the second there is great difference OF opinion
as TO what may be expected.
TRADE.
The coal trade to be in a state of complete
Generalization Nothing could be uncertain
than the condition ami prospects of the anthracite
trade at present and everybody seems to be at
to what 70 expect in the future. New York capital is
largely Interested iii coal and the deplorape state
the trade l. probably as well understood there
here that it il not necessary 10 go into details.
which would occupy much time and space. The
operators say that their welfare. their existence al
most, depends upon the continuance the associa-
lion OF interests commonly called the combination
II will be remembered that the meeting in New York
last Thursday lett the matter in state Of entire
certainty and the prevailing impression to he
that the combination will not be continued year.
The Lehigh valley seems TO be the obstreperous ee-
1lcnt, and as Judge Packer is understood be OPP
posed p the association it is probable there
will be There many interests and
such differences OF opinion that ii is hard to
state III few words the regults of the years busi-
ness on the whole the operators declare that 1s7s
has been "A better season than the two preceding
years. thanks to the concessions brought about by
the combination. Prices just now are renuncrative,
End il the association Is continued they viii probably
VIEWS or 4 LEADrsG OPERATOR.
large operator expressed the situation as fol-
lows
III the combination il continued and the proper
restriction in tonnage Is insisted for January,
February and March all the regions will probably
then be able y work the whole season through. with
"a n.
That supposition based this fact that we will
have 3,0Jv0pO tons OF coal less market April
than We have now. ~ the present depressed year
has absorbed 17O00.O00 of tons, and as the
industries Of the country beginning to move il is
but reasonable u infer that next year the minimum
demand viii be about 2D0UO. 900 tons. IL the com
liuation i continued the prospect is very good. II
not see nothing but misfortune for all Of rs. The
question to the continuance of the association de-
ponds upon ,he Lehigh Valley operators. II they
can settle the trouble among themselves. that they
apporton among each other in an equitable man
all Will be We'll. II had not had the combination
this year the Lord knows what would have become of
nll ~ u.s. Prices remuneratye now. with the
lnati0n IN force, and II IL Us continued next year t
will work better thsn ever. because We viii start
without the oYefsuppiy ia market which We mad Il
lie beginning q this year.
The general aggregate OF the production Of iron
and steel this year h been larger than in 1877 the
two years preceding and the statistics OF the Amcri
can lron and Steel Association, which - inst begin
ming collect its reports for 1873 will undoubtedly
chow that the iron and steel interests Of United
States now the largest ia the country with the
Exception Of agriculture. The manufacture Of steel
bss been particularly great far greater than ever
before since its small beginnings in this country. But
thc years financial results 70 the iron men. when
rompared with those Of the steel manufacturers,
makes different showing; Tor while the iron pro-
ducors and manufacturers clan, generally speaking,
~ have made no money, the prices steel ad.
Intied all around TO have been remuneratiye In
fact, all my inquiries tend To show that the Bcs
sencr steel ra manufacturers are in the most
enyable position OF any business interest n this part
OF Pennaylvnnia With the high duty of per
pound imported steel rails aud only ten companies
IN the country engaged IN their manufacture aud with
outside competition because these ten companies
alone control the Bessemer patents IL ~ not matter
surprise that the works have done well aud have
made great and rapid increase. Prices are low, but
this is 50 far compensated for by the advantages L
lave named above that am informed Of one COM
Jany which has made profits amounting to seventy
per cent on the capital, the greater portion ot which
will be expended increasing their facilities. All
thc steel men admit that they have had better year
than they could have expected. They regard the
prospects for the ensuing a. decidedly encour.
asins providing Congress will let alone the farin
Jaw with which they have good reason ~ be satis-
1.d They hope for better prices next year, and say
that they 90 no lower.
The iron men. as have said, have kept at work
and produced more material than ast year, but gen
sfaily claim that they have made money. espe
eially the large establishments many of which have
been compelled to run 70 keep the control Of their