The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1880-05-29
The conrTr

The anthracite coal trade OF itself, per Sc,
is unchanged. The business Of the past
week challenges no remark Il isvery dull,
with no change in prices. Production is
narrowed as much as possible, individual
operators and all the several companies con-
nected with the trade doing what they can.
to keep the supply of coal within the eur.
rent demand, as the same is shown BY ac-
tual orders Tor coal. Prices, so far as we
can learn, are maintained at circular rates,
or as near thereto as possible. Charges of
bad faith are sometimes made against indi-
viduals and companies failing to hold to the
agreement Of the trade, expressed or implied
as TO published prices of the several sizes Of
coal for each month. This accusation of
seeming bad faith is not always just, and
often is Untrue. THE coal operators and
companies sell to nfiddAe men or agents on
a commission, which commission is more or
less, and, with the view of ciIccting speedy
sales, some agents will consent 10 divide their
commissions with their CUSTOMERS; thus re-
ducing the prices Of coul 10 the extent OF such
allowance from the commission. There
may be instances Of the direct and wllful
undersellng Of circular prices, but we know
there have heen instances Of such seerng
underselling by the division Of the agents'
commission. Though the trade is quite dull
those engaged in it are sanguine that if the
present amicable relations can be main
tained, and prices kept within the control
of producers, 1880 may be made one of the
most satisfactory TO tue trade of any for the
last five or six years. The matter Of good
coal market this year depends rpon the pro-
ducers of coal themselves; The misfortune
compelling the Readiugto TO suspend payment
may be Used to depress coal prices, but we
are unable to see with what good reason.
The Reading, relieved from cash payments
of its floating liabilities, will be strength
ened in its curtant operations. 1t may thus
devote its daily receipts to current pay
mentsj and, through increased savings in
expenses; steadily better its condition. In
no respect are the prospects of the company
wOrsted, except in the way of credit in bor-
rowing money, under its present changed
relation Of suspension from what it was
previous to its announcement on Friday
, last. With the generally expected improve.
ment in the coal trade, and the hopedlfor
demand for IRON in tire near future, the
+ Reading Railroad Company and the Read
ing Coal and Iron Company nrayj ere the
end the current year, show a strength Of
credit even more surprising than was its
present announced insolvency, which, it is
hoped, will be but temporary.
So far as we have been able to learn, the
parties in interest in the Reading Railroad
Company, though in conference the greater
part of Saturday at the Office of the COM
I pany, on Fourth street, came to no definite
copclusion as to the policy and future action
, OF the company. 1t is announced, under
circular of Mr.. Gowen, that there will be no
3 change in the workings of the road All
g business regulations and all contracts will
; ; be continued and faithfully carried out on
E the part Of the company, and all agree
e ments with other companies, expressed or
implied, will be conlormed to- There will
be no change untiifally and explicitly made
by the company itself 1t was not known
s up to Saturday evening in exactly what
), shape the affairs of the company would
U be continued. 1t seems to be conceded that
!, receiver will have to be appointed and the
Y almost universal desire is that Mr.. Franklin
+ b. Gowen, the president Of the company,
> should be the individual appointed, with
: one or more Of the Board of Managers as
;, trustees to act in concert with HIM This,
J. so far as we could learn from conversation
with many of the parties most interested, is
'. the wish and the probability. The troubles,
!, which in their sudden coming seem some-
what complex and difficult OF dsentangle-
: ment, will rapidly dissolve under the adop-
e ton of definite policy of action. There
n have been equally large failures in the past
d d which have been restored TO hea.thGul SOL
r. vency, and there Is no reason to doubt that
= like favorable result will attend this mis-
It fortune of the Reading. 1t is a great wotk,
II wonderfully productive, and go connected
with various industries and necessities that
;, 1t cannot be shut out of view. Sixty days
;. hence there will remain scarcely ripple of
u the present interruption Of the companys
y steady progress. The following extract
from the last annual statement of the COM
n pany affords glimpse of its vast resources.
e 1t has Il total of over 1862 miles of track, q
!. total equipment Of l5sJ2 cars, 50 stationary
v steam engines, II steam colliers, carrying
/ per year 2,6S0,O0 tons. It's operations per
year in trains exceed 100000 of mileage,
r and st millions of miles of engine service,
! carrying a total Of about millions of pas
sengers and about & millions Of tons OF coal.
g The earnings in single year, that of 1878,
u exceeded III millions Of dollars. Such
works as these cannot go out, and must
= prosper. In the New York courts on Sat-
urday, at the suit of the Receiver of the
q New Jersey Central Railroad ,an attachment
h was issued against all the property of the
'i Reading.Company in New York, to secure a
debt of $4,000 atcruiug under the trans
q portatfon contracts between the companies.
The Reading Iron Works, which have in
:, timate relations with the Reading Railroad
! have suspended, but it is understood there
:, will be no stoppage Of work. Ledger, Mon
y day.
VIM. II. Johrs, John E. Graef, John
Milnos and R. c. Thomas, committee of the
schuylkill Coal Exchange, give notice to
If the coal operators of schuylkih county that
E 1t has been agreed upon by the anthracite
= coal interests to suspend the mining of coal
upon the three last days of each week in
d June, that is to say, on June Sd, 4th, 9th
IT 10th, 1lth, 18th, l7thSlsth, 18th, oath, 95th
and 26th. To fully carry out the spirit of
e the agreenhent ii is essential that the mining,
4 hostingj preparation and loading of coal
during those days be entirely discontinued,
It and Il is earnestly hoped that the above