The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-05
THE COAL QUESTION.

REASONS GIVEN FOR AN ADVANCE OF WAGES
By THE PHILADELPHIA AND READING COAL
coMPANY-THE PRESENT PRICE OF COAL AND
HOW 1T rs TO BE EFFECTED IN THE FU-
TURE-LETTER FROM PRESIDENT GowEN.
PHILADELPHIA AND READING Coal AND IRON COL
No. Broad st.
NEW York. Dec. 2, 1879.
To THE EDITOR OF THE HERALD
Will you do the favor to correct some errors in
the money article Of this mornings issue Of your
paper? Our.company has never paid its miners in
anything but cash. Tho Philadelphia and Reading
Railroad Company has for some time been paying
its railroad employees in interest bearing scrip. which
is at par the market The increase in the
wages OF our miners and other employees il
duo to an increase in the price OF coal
and ratio Of tolls actually received in cash,
and not merely existing paper. Our COM
pany has orders on hand at full schedule
prices for all Of its product and could readily sell at
the prices additional 200 tons in Decem.
Der. We sell nothing whatever under circular
that dealers and no difhcuity in obtaining q supply
ut from fifty cents to soventyfve cents below pub
lshed prices 1t must be because the selling company
has some other object to accomplish than that Of
earning money for its shareholders. Our company
would gladly take the entire product of any other
ent circular rates.
when it is considered that the present average cir.
but So 81 per ton and that excluding the high prices
Of the times and the low ones OF the last two
three years. the average for many years has been
several advances of twenty-five cents each yet to
be made in order to place the anthracite coal trade
upon its former footing of prosperity. / do not
to assert that during the close OF navigation
there may not DO occasionally moro coal pressing
upon the New York market than may from day to
day be required. but with the opening of navigation
all stocks will be cleaned of, and he il not very
wise merchant who will sell now at fifty cents below
circular rates product which in four months will
bring hfty cents above present published prices.
LACK TRANSPORTATION.
Tho ability to supply the market next year with
coal of all kinds, anthracite ana btuminous, Is con-
trolled by the power to transport 1t. There
day coal cars enough in the country to bring to
eastern tide water tho coal that will be required
next year. Almost every shop in the country IL
busy with orders to build house for grain and
other Western traffic. and every day hear OF new
Car Trust Companies and Syndicates being formed
to furnish the to build rolling stock for
and west lines. Tho increase of car capacity must
therefore be matter of such slow growth that it
may safely be stated that 1t is physical impossi-
bty to bring to market after the opening of navi-
CATION In 1880 as much coal as the Eastern market
will require; and hence that any reduction Of prices
Our company will certainly make additional ad-
vance of twenty Ave the LIST Of January in
the price of coal, and corresponding advance in
the rate Of freight aud tolls, In which all Of
employees will be entitled to share. Very respect
fully, FRANKLIN b. GOWEN,
President Philadelphia and Reading Coal and Iron
Companv.