The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-31
NO PANIC THERE.

AAp NAEAAuhh AAluluH heklou SuAuElHR
Very Little from the %StringOnoy of the
Money Market-So Cessation of Work.
The Fairmont Idsr has the following
concerning the business outlook in
that mining region. Similar reports
come from all sections Of Nest Viz,
giniE;
A rumor obtained circulation on the
street Wednesday morning that the
mine operators in this section, or at
least the heaviest producers OF coal
and coke, Montana, Monongah, CASTOR
aud West Fairmont, had concluded,
owing to the stringency Of money. al
fairs, to close down their mines indeA-
nitely. A great deal OF solicitude was
expressed on the subject among BUSH
ness men, for il is very well
known that the business Of Fair
mont would rapidly respond to q
cessation OF work at these mines
by a state OF depression that would be
calamitous to the town. But happily
the rumor proved unfoun1ed. 1t prob
ably grew out Of the fact that the mines
at two or three Of the points mentioned
shut down for two or three days this
week for necessary repairs about the
works, But Notwithstanding no imme-
diate cessation OF work is to be feared,
our coal and coke operators are working
In pretty hard lines Mt present, without
much prospect OF u speedy improve
ment in the situation. While the es-
tabiished reputation OF tho coal in this
section gives a market for every
ton that can be mined and
shipped, the financial situation in
the east and northwest is such
that 1t is almost impossible TO obtain
funds enough from sales to keep the
mines in operation. There is no dili-
Guilty in selling the coal on four and six
months time to g~ilt-edged purchasers,
who will pay their accounts promptly
at maturity, but miners and workmen
and railroads must have their pay
monthly, and in the present financial
trouble all over tho country it is found
to be almost impossible to discount
enough paper anywhere to pay these
current expenses as they mature. Still
another difficulty confronts our opera
tors:and virtually destroys their profits.
Heretofore they have coked the
slack and screenings OF their pro-
duction. and the sale from this other
wise waste product enabled them
TO operate on a low rate Of profit forthe
screened coal, but owing to the stop
page OF iron works and other large
coke consumers this source of profit ia
now cut oil, and the operator must look
to tho sales Of hia screened coal alone to
keep his plant in operation. There
probably never has been much profit
in the manufacture OF thisgrade OF coke,
but 1t at least enabled the operator to
got coat for an otherwise waste product,
and to that extent enabled him to COM
pete for trade in any market with a frat
class screened coal, the screenings OF
which were not total loss to him as to
the producers in many other localities.
This has been the one especial advan-
tage OF this field that has served it in
good stead in the struggle for u market,
which has been encountered by our
operators, and now that there is but
little market for coke, and this particu.
lar advantage of our operators is prac.
tically cut off Tor the present, they will
have great difficulty in competing with
the more favored operators of other
sections in supplying the market with.
cheap coal. 1t is to be hoped, however,
that the money s%tringency will be over
in a short time, and that q speedy re-
sumption Of manufacturing will follow,
when a brisk demand for the product
Of our mines will ensue, and the devel.
opment OF mines and mining, which
has already added so much to the pros
perity Of this great valley, will
DO augmented by the opening Of sew
eral additional mines, and the en-
ployment OF hundreds OF additional
iaborers.