The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-03

ton - Other Random Industrial
News Of Day.
In the course OF an interesting review
of the coal trade for 1893 the Philedel.
phia Stakeholder says: Cone Of the
few industries in the United States
which escaped Decentralization through
the disastrous panic OF last summer,
and the general dulnoss which pre-
vailed the greater part OF the year, is
the anthracite coal trade. Shipments
Of that necessity Of lifO' for 1898 ex-
ceeded, in fact, those Of any previous
year. Coal companies, as q rule, III lds
money, even though prices obtsine!
We're not as high ~ in 1892. Broken Is
now selling at SO 70 (aI tidewater), gs
against "a January 1892; egg Is re.
duced from S. 40 to S4; stove from
g. 70 to $4 40, and chestnut from 81 50
10 $l, 45. Shipments last year (partly
estimated) aggregated 4S. 100000 gross
tons, MS agAinst Al, S09. $50 in 1892, and
40, ,449, $50 in 1891 During six months
OF tho year-Msrch. April, May, June,
October aud ACKNOWLEDGEMENTS
were in excess OF those ia the same
months in 1892 production the re-
maining aix montAs fell. however, be-
low the corresponding psriod in 1872.
"The Wyoming region continues in
the lead In the matter Of tonnage, ship
msnts for eleven mouths aggregating
81, 79O, 23S tons, or about 55 per cent,
an increase over the corresponding
period in 1892 of over 1000. 900 tons
Shipments from the Lshlgh region for
the same period increased from 8, ,9S7, =
4Oj tons in 1892 to G,S70, SOP in 1893,
while the Schuylkill region decreased
239. $50 tons to 1l,3i9,299 The most
important events of the year in connec-
tion with the trade were the dissolu.
ton of McLeod's anthracite com
bine, as it was called; the agreement
between the Lfhigh Valley Coal COM
pany and individual operators; the
purchase by the Vanderbilt party OF
controlling interest Of Lackawapna
stock, thus preventing that road from
continuing its game OF grab in the
market; the abrogstion of the CoXs
Bros. contract with the Reading end
tue formation Of the Anthracite Coal
Operators association for the protsc-
ton and benefit of individual opera.
tors Cutting of prices was INDUCED
in 10 a greater or less extent during
the year. but it at no time assn med
threatening proportions and the lesson
of harmonious action and CO. operation
taught by President Mcleod is likely
to bear more fruit AS time passes, 4
Mr.. Mcleod strenuously insists
among his friends that he has been in
no measure responsible for the sharp
speculative drive which sent new Eng
land to the boneyard and precipitsted
the recent dramatic recsivership. For
those sudden developments which
wrecked his plans aud spoiled all his
hopes of competing through line TO
Boston and the north, Mr.. Mcleod,
according to Philadelphia advice,,
holds f. H. Prince, Of Boston, respous
lille, The intimaticn is made by Mr.
McLeod's friends that this man played
double game. The action Of Mr..
Prince is assigned to the fact that he
WAS deprived OF the vice presidency Of
tie company, when Mr.. Olell was
elected TO that position, with charge Of
the operating department. The fact
that large majority of the stock
holders approve the lease of the New
York, New England aud Northern to
the New England is taken By Mr.. Nc.
LeOd to indicate that they believe
there Is no other way to make their
property valuable, aud, in eifsct, is az
inJorsement Of his management--a
management which he declares. has
been from the start in the best interest
Of the security holders. He is inclined
TO regard the extension Of tho New
England into New York, therefore, as
likely. Meanwhile the recSivership
may involve good deal Of litigation
that might have been avoided
The board Of directors of the New
York, Lake Erie and Western railroad
Yesterday issued circular to the
holders of the second consolidated
mortgage bonds, suggesting method
by which funds necessary for better.
ment, expenditures and maturing Oh
legations OF tho road may be secured
They propose to create a new mortgage,
having 100 years TO rue and bearing In
lerest at per cent, into which will b.
merged ths present second consolidated
mortgage, the funded coupon bonds oi
1885, the present income bonds. thu
present reorganization first lien bonds
aud the collateral trust bonds. Drexel,
Morgan q Co., of New York, and J. S
Morgan 81 Co, of London, have agreed
TO assist the directors in carrying out
the plan. The new mortgage will
cover the properly 'of the New York
Lake Erie and Western Railroad com
pany. including itS leasehold Of the
New York, Pennsylvania and Ohio rail
way. and toe capital stock OF the Chit
cOgo and Erie Railroad company, thus
giving 1t control of the entire line tc
Chicago, and will secure bonds limited
in amount to S7O,OOO,O0O.
President Whitehead, OF the New
York, Pennsylvania and Ohio, says: II
10 not true that Erie has modified the
lease of the New York, Pennsylvania
and Ohio. Erie is trying to modify it,
and we have no objection to having II
modified. provided Eris will give US
security for what vs. give up Erit
wants us to give up 500, 900 n year fol
nothing. The trouble with Erie is tha
it owes too many harassing debts and
must pay too much TO lawyers to stavt
them eff. 1t owes about eighD
millions of small debte. /
owes so much to directors that
il cannot pay onr rental money
Therefore I propose 10 apply to th,
courts again for the payments due us.
When / shall apply cannot yet state.
As to the Eris plan, President White.
head said: 1T is good enough IL thC
bondboldsrS are willing to put up 81
cents for the new bonds in the proper
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