The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-10-30
MINE, MILL AND RAILROAD.


a. t s,~
The current stock movement against
the coalers has been so bitter that 1t
indicates to the Philadelphia Record
either that the rumored decentralization
in the coal trade has been arranged for
the sake of enabling the cliques to buy
that sort of shares, or that the short
interest has been so extensive that Its
representatives will stop at nothing TO
facilitate their own attempts to cover.
Throughout yesterday the street was
treated to an extraordinary combina-
ton of rumors, among which was one
giving the earnings of the Jersey Cen
tral for the first eight months or the
current year, accompanied by state
ment that the net result was less than
the fixed charges of the company TOT
the same period, and that its dividend
might be passed for an indefinite time.
AS Jersey Central is now very closely
held, it would have been impossible TO
gain a knowledge of the real condition
of the company, unless 1t had been op-
tanned from the officials of the road,
and their object in the circulation OF
such warns could only have been aimed
at frightening real holders of that class
of stocks into selling before the NoVem-
ber rally commences Another rumor
was directed specially against the Dela-
ware and Hudson company in claiming
that the company's coal beds are near
the point of exhaustion. The latter was
q specially gratuitous piece of informa-
ton that could only have started from
people who desired to depresS the COM
pany's stock quotation. The latter two
stocks, as we'll as Lackawanna, broke
severely in their quotations. Lacha-
wanna dropped from l62 to lob, Jersey
fell from 1929 to 9S%, and Delaware
and Hudson from 126la to l2S12. In all
the melee, however, Reading was at nc
time as low as it had been on the pre-
yious trading day, thereby demonstrate
ing that the drive against the other
coalers had been used as cover under
which some clique had been buying
Reading. Real owners OF Readlne
would prefer a coal war because II
would enable the company not only tC
regain a portion of its lost percentage
of allotments, but because the roaC
would make much more through In
creased shipments than 1t could possl
bly, lose through decrease In price,
A prominent official Of the Reading
Coal and Iron company, who Is thor
oughly conversant with the coal busi
ness. said to q Shamokin Dispatch re-
porter, in speaking Of the allegec
threatened coal war: Il am not
prophet and will not atempt to say
what may occur in the future so FAR al
the coal situation Is concerned. Ih'
actual situation today so far as th'
Reading is concerned, at least, Is tina
we are selling all the coal we are min
ing, and for the past two months, ow
ing to the restriction in production, W.
have sold considerably more coal thai
we have mined, at least 100000 tom
more, and in consequence thereof, hav'
very materially reduced our stock o
coal on hand. The time Is now ol
hand" he added, when the COX
regions and New England points vii
have to begin to stock up before lax
and river navigation comes to a clos
for this winter This will permit Of un
restricted mining for November q
least and the future will depend entire
ly on the severity of the winter. Shoul
the months of November and Decembe
be mild a curtailment in the produc
ton will naturally follow" Anothe
prominent official referring to the re
port that the Delaware and Lacka
wanna has withdrawn from the Goa
compact said that the company, like a.
away after it's quota had been mined
Their representative at the meetin
Wednesday, Mr.. Holden, the Readin
official said, was in no wise antagonis
tic, but was in accord with what wa
done. AS to the prices of coal fiXe
upon for November the Reading officit
said, Notwithstanding the increase the
were considerably lower than for tn
same month last year. The Readin
mines, except some special collieries II
cluding those of the Shamokin distri(
closed down Thursday and will renal
closed today, but after Nov. they wi
be operated throughout the month.
Railroad men expect better report
OF earnings from this time on. AS OF
OF them explains to the Indianapol
journal: "Weare now coming to plaC
in business with the railways where the
cen tell about what they are doing
the way of earnings. Everything
getting down to the hardpan basi
While most roads are carrying a larg
tonnage than last year, and freigl
earnings show an increase, still mo
roads in this section show a decrea
in passenger earnings up to the presel
time, but the tide will now turn wit
the passenger department, as aft
the third week in October the world
fair business did not cut very impo
tant part in receipts from the passeng
service, the business carried beii
mostly homeward bound on the retu
part of the ticket. / look for bett
things with the passenger departme
from this on, for the reason that
weeks past the receipts from the pa
senger business have compared fave
ably with 1892, which was better ye
for some roads than was 1S93."
Superintendent laval Of the I.
high and Wilkes-Barre Coal compal
says that beginning on Monday tn
will work eight hours day and S
days q week. The Lehigh and Wilke
Barre controls eleven collieries and el
ploys about 5000 men. Mr.. Law
said, however, that the full time is CO
tingent on the weather. The past II
weeks of raw and disagreeable wealth
created brisk demand for anthrac
coal and the surplus stock was exhau
ed. The Delaware and Hudson CO
company has also posted notice tn
their mines would work full time.
Work on the largest street car hot
in the world will begin this week
Fiftieth street and Seventh aven'
New York city. The structure will
the property Of the Metropolitan Tr;
tion company, and the aim of this c.
poration will be to make the new bui
ing an ornament to the city.
terms of the contract call for the co
pletion of the car house within tive
months, and part of it will be in rea
ness to receive cars within six mont