The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-08-25
GE NERAL. NEWS
OF INDUSTRIES

VI stVDVS lIa&O "
During July and August the South
jersey railroad, which has just passed
into the hands of receiver, earned
$4,000 net. In July it carried 900
passengers, and in August to the 18th
it carried II, 900, indicating that its
passenger traffic for the month will
reach 2j. 000 The roads officials esti-
mate that the operating'expenses and
fixed charges for the year will reach
about $l25, 900, and that the property
ought to earn at least $3.50, 900. The
handling of freight is the biggest part
Of the business now as the line prac-
tically carries all the freight to Cape
May. There will be no change in the
management Of the road and possibly
reorganization will not be necessary.
The capital stock Of the company is
$780, 500, and the bonded Indebtedness
amounts to the same sum. OF the lat.
ter about $4G5, 600 had been sold around
30 and the balance had been pledged as
security for loans around 80 and 60,
thus crippling the treasury and handi-
Gaping the officers in securing the
money for their unsecured indebted
ness which amounts to $50, 900. Had
the officers Of the road been successful
in disposing of the pledged bonds, deal
to that effect having nearly been sue
cessful week ago, the receivership
would have been averted. The South
Jersey Railroad company operates G7
miles Of railroad, consisting of 80 miles
from the junction OF the Reading rail-
road, at Winslow junction. to Sea Isle
City, and % miles from Tuckahoe juno.
tion to Cape May. The original road,
the Philadelphia aud Seashore, from
Winslow to Sea Isle City, was built by
e. r. Wood, and was bought in by the
Pennsylvania railroad at sheriff's sale
1t was sold to the present management
for 5000, 000. after it had been idle
short time. In July. 1893, the company
ran it's first train into SEA- Isle City, but
the amount Of business done was not
large.
1t is said an effort is being made to
perfect federation of all employees Of
the Erie railway system. The pro-
posed federation includes engineers,
firemsn, conductors, brakemen an
telegraph operators. The respective
organizations will be maintained as al
present, and each have voice in tn
selection OF the grand chiefs, who when
selected will form the federation boari
and will have power TO order strik'
or settle misunderstandings by arbitra
ton. No one body of the organic itiou
will be compelled to strike out of SYM
pathy, unless q majority vote of sue
organic ton so decide. The schem
has not met with much favor from the
Erie employees.
The Philadelphia Press financial ar
ticle declares that the anthracite coal
trade is in a critical position, in that
the producing companies are sending
too much coal to market and the De
mand is very light There is no doubt
that some of the leading carrying COM
panies have sold coal 81 per ton below
the official circular. The stock of coal
at tide on Aug / was Sjj 600 tons, or
100. 600 tons more than was on hand on
July 1. The invisible stock of coal is
estimated at 100000 tons, aud it is
being increased to the full extent
of the capacity at nearly all stocking
points. The situation is aggravated by
the contention between the Lackawan-
ma and Lehigh Valley. 1t is we'll known
that the Laekawanna has filled the
whole western country up with coal
until it is most difficult to sell that
product west of Buffalo Much OF the
Lshigh Valley coal on which it has con
tracted to pay individual operators GO
per cent. of the tidewater price, goes into
the present Improbable field in the
west. This makes the Lehigh Valley
more than usually energetic competi-
tor in the eastern markets, and par
TALLY accounts for the low price Of
coal All the minor companies and
most of the major ones are selling coal
without much relation to the price it
brings. The hope of the trade seems
TO be further restrictions and they may
be brought about by the Lehigh Val
ley's individual operators refusing to
ship coal at the low prices. Their
profits have already been cut down
heavily by reason Of the fight in the
west. If they should retaliate by re-
fusing to send coal to market that ac-
ton would mark new era in the
trade as declaration of independence
on the part of the individual operators,
and it would reduce the tonnage Of the
Lshigh Valley. The Stakeholder adds
that the situation has been aggravated
by free selling on the part Of the Lee
high and Wilkes.Barre company,