Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1880-01-15
Aancaster f1telligenrer.
THURSDAY EVENING, JAN. Is, 1890.
The Reading.

The Reading.
The report of the Reading railroad
company is of remarkable interest, even
to those who are not owners of the road.
In a quite miraculous way the
company has been suddenly seized from
the Jaws of financial death, that would
almost surely have closed down upon it
at this time had it not been for the boom
which gave hope to the holders of its
stock, tripled its selling value, renewed
the borrowing capacity of its securities,
and emboldened the owners to cling
to their property notwithstanding the
millions of dollars that the report
of the operations Of last year shows it to
have lost. And nobody can say, in the
face of the very astounding financial hap
penings of the past few months, when so
many very dead things have come to
vigorous life, that the confidence of the
Readings owners and the Readings
president is unfOunded. That Mr.. GOwen
is sanguine and bold every report he has
made has clearly shown. That he is the
son of prophet has not been demonstra-
ted in the issues of his particular fore
castings, though in the grand result OF
his promises the present excellent posi-
tion of the company's stock gives him
good gound upon which to base claim
for prophetic vision. That the road will
earn a handsome dividend upon its stock
during the coming year is bold
thing for him to say in view OF
its disastrous business during the
past year, but Mr.. Gowen is nothing
if not bold, and his temperament well
fits him to wrestle with the adverse for
tune that has so steadily pursued his
charge. A man who can always see sun
light through the deepest gloom is a
cheerful man to have in charge of your
affairs, provided the sunlight is really
there and will eventually come out in
time to save you from freezing to death
in the chill of its absence. If the sun
that the Reading president saw long ago,
and of which the Reading owners now
get a glimpse, will kindly stay out and
fructify their property to the production
of the promised dividends, Mr.. GOwen's
reputation for sagacity will be established
beyond dispute. To expect net profit
during 1880 amounting to more than half
of the total receipts of 1879, is expecting
. good deal and to claim a dollar more
for the coal marketed during the
present year is. in view of the
present dullness of the trade, also
a clear case of great expectations. But
no one can just now say that the figures
will not be realized. No one can predict
where the upward tendency of all kinds
of merchandise will stop. Its coal may
realize the Reading one, two or three dol
lars per ton more than it did last year
or it may not. There is limited supply
OF anthracite coal, and if the demand eX-
ceeds it prices will advance accordingly.
Manufacturers can afford to pay any price
at all in the present condition of trade
for their raw material, because high
prices do not stop consumption. The
pig iron men, for instance, are making
more than hundred per cent. profit
upon their product and can easily afford
to pay twice as much for their coal as it
now costs them. There is no sufficient
reason why the iron manufacturersshould
prosper while coal mining remains de-
pressed. The same influences will affect
both. They say that there is scarcity
of iron, though no one can tell where the
demand comes from that makes it scarce
and none fOresaw it. That it is Temporal
rlly scarce the advancing prices
show. That it will long remain so is i'm
possible, i'm view of the abundance of fuel
and ores and of capital to convert them. 1t
may be that the time of anthracite coal
to become scarce and high will shortly
come when the pleasant illusions of hope
that Mr.. Gowen presents to his stock
holders will become realities and the
flow of dividends will commence.