New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-14
THE COAL TRADE.
PRICES STILL DECLINING.

AUCTION SALE BY THE HUDSON CANAL COMPANY
THE LOWEST POINT EVER REACHED AT A PUB-
Lie SALE.
A crucial test of the market was the sale
yesterday, by the Delaware and Hudson Canal Com
pany Of 10000 tons of Lackawanna coal
The lowest prices obtained at a
public sale OF coal reached. The lowness OF
the prices. however, appeared not 10 cause surprise
among those familiar with the market who witnessed
the result with evident satisfaction. person who
present the sale remarked yesterday he descended
the steps of the Coal and Iron Exchange This is in
deed only the beginning Of the downfall"
The lowest prices ever before realized at public sale
were those obtained the April sale by the Delaware
Lackawanna and Western Railroad Company. Before
the March sale the lowest previous prices those OF
the sale in November, 1877, when the coal sold
average price OF 81 80 ton The average price the
March sale the Owing to the strong indica-
ton of a combination among the coal companies. the
December sale showed advance IN the average price
of 81 cents a ton. combination restricting the
put was formed, and 10 continued during the
year 1873 Nominaliy prices were unrestricted, but
during the year they advanced 70 cents above
those realized III the previous year. The average price
az the January sale 60 higher than
that Of the December sale, and 80 cents higher than
that OF the November sale. Tue combination was dis
solved virtually after the sale in November, 1878,
and In the closing sale OF that year prices
showed a decline OF II OF a ton. compared with
four months prices steadily declined and the sale in
April they reached the lowest point before touched
In the following month an agreement was
made at the the solicitation Of President Gowen
Of 1.-THE Philadelphia and Reading Company.
TO advance circular prices % cents ton during each
the three months. To gam the Of the Della
ware ana Hudson Canal Company 10 the pro-
posed advance. the Reading Company agreed TO
take It's surplus product the schedule
rates. In fulfment OF TINS contract the Reading Com
pany took about 10000 tons or LlckaWanna coal.
OF when fully One-half Il said to be now on
considerable loss About the time OF the July
road this compact was brought to an end The Reading
Company, however. issued ITS circular with the
predesuned advance and the prices at the July
"a cable dispatch sent here 6y Mr. Goweb Srn ~ ~
London. the prices then obtained were the
day the Delaware aud Hudson Canal Company
and the Pennsylvania Company published prices far
below the sale. Eyen at these there was
II is said, demand, aud the sale yeste rday
tended token OF market prices The average price
Obtained yesterday showed decline from the
Western Company Of 1868 cents, from the average
price for s77 OF sos cents from that of SIS Of
~ 266, The public sales OF that company amounted
in 1877 TO 9GG7OO tons. al an average price
81 TO- and i'll 1878 TO 075,OOO tons at 80 i6
During the first seven months OF the present year the
company has sold 100000 tons al an average price
81 3 which is 1915 cents above the average price OF
The appearance of the auconeer sale Yesterday
was greeted with applause The general interest felt In
the result OF the SAFE had brought out large attendance
but the bidding was slow and Lfeless. The offer
ing comprised 10000 tons, OF which one.half
bid of 81 so refused, the CRATE size started al
81 10 and the price slowly mounted TO S2 at which the
tD stoys AZ 80 39Io Tbe distItbution was Son a
only two allotrJents over 1000 tons were mace.
Following are the average prices compared with the
last sale IN April by the same company, and With
July sale By the Delaware, LackaWanna and Western
Company
Aprll safe July shie. yesterday july sale.