The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-09-05
GENERAL NEWS
OF INDUSTRIES


Iays: There is grave doubt about
ihe future of Reading II there Is to be a
change In management every two or
three years Mr.. Harris, the present
president, 10 an honest and capable
man. He has heen q mining engineer
all his life and has always been ae-
quainted with the Reading mines and
business and property. Some people
say he Is not railroad man. He has
shown since he took the presidency of
Reading that he knows how to run
road economically and he has kept
away from the stock market An hon
est. capable, non-speculating president
Is great thing for any railroad in
these difficult and dangerous times.
II the Reading security holders could
and would elect Mr.. Harris next jan
uary for the term of ten years they
would do wise thing. II there is to
be q change Mr.. Wanamaker would
probably bs as good man as could Do
chosen outside the ranks OF those who
are known as trained and capable rail-
road men, but the change would mean
the disintegration Of the great Reading
property. Any reorganization Of the
company based on the present capital
means nothing but an experiment to
save that which is already almost lost
Such an experiment has but one hope
of success, and that is long period of
conservative management"
The Financial Chronicle. in supple.
mental report of the railroad earnings
during the first half year of 1894, gives
the total gross earnings on 234 roads at
SAL 397, 290, as compared with $685.
811,69S last year, a loss Of $89 914, 40S.
or 10 81 per cent. These figures are
based on 1853 1856 miles of road in 1894
and 151, ,0S9 miles of road in 1893. The
Chronicle estimates the total gross loss
on all the roads in the United States
during the six months ending June 80,
1894, at 500, 900. OOO
,-''1'''-"s - s-~s-' -"
1t is said the New York committee
on Reading reorganization will be
ready to announce its plan in few
days. This plan willinclude some new
features In the way Of sweetening the
dose which is to be offered 10 the jun.
ior security holders. II the plan about
to be proposed meets with the approval
of the people who control the Reading
company 1t will be tried if not, it will
be succeeded by new scheme.
Complaining Of the artificial eharac-
ter of the stock market last week, the
financial editor Of the Philadelphia
Press says: "Jersey Central. in the Or
dinary railroad list, was one of the
strong stocks. The company has lost
25 per cent in net earnings during the
first seven months Of this year, as COM
pared with the same period in 1898
The company has fallen below its
fixed charges and dividends to the i'm
portant amount Of 81, 1875, 900 in that
period. The Jersey Central is new
and doubtful 7 per cent stock, which
has been selling at about 113. a pretty
fair price for such a property when
the outlook is good. But the company
has not earned a cent toward dividend
in this year, and the outlook for the
balance of the year is not as favorable
rs it ought to be. The net earnings
and other income to July 81 were $2,-
748, 1853, and the interest, rentals, etc.,
for the same period, were 50, 762, 1858, so
that the company failed to earn its
fixed charges by the sum of $14, 900.
Last year, when the coal trade was
disturbed by the Reading collapse, the
Jersey Central company earned more
than $1,000. 900 more than Its fixed
charges The amount necessary to pay
dividends during the period involved is
81, 18l, ,092 When the stock market is
d.
these are important in their bearing on
quotations.
These Lehigh Valley changes have
been bulletined: Edward Smith out
side superintendent for the Lehigh
Valley Coal company at their Msltby
cutting will take charge of the Exeter
colliery at Pittston, succeeding Thomas
Thomas who takes the late William
Wilson's place e as inside foreman.
John B. Kseter, clerk of the Maltby col
liery, has been promoted and will have
charge Of the outside work at Maltby.
M. J. Mulhall. Mr.. Kseters assistant,
has been promoted and will have charge
Of the Office at Maltby. Herbert Mat
thewson outside foreman for Lshigh
Valley Coal company at their Heidel-
burg No. l colliery has resigned to ac-
cept situation as janitor under the
Stevens Coal company. He will be
succeeded by Joseph Wintle, of Pitts
ton.
Sales of wool for last week were g.
3D. 500 pounds domestic and 1856, 900
Qnnds foreign, against 2,343,O0O
nnds domestic and 605, 900 pounds
keign last week and I, 800, 900 pounds
Pc6fA sstic and 10000 pounds foreign
for the same week last year. The sales
to date show an increase of 33, sos, SIT
pounds domestic and decrease of
9,39S, 300 pounds foreign from the sales
to the same date in 1898. The receipts
show an increase of Al, 1853 bales domes.
tic and decrease Of 69,299 bales for
eign. Port Philip clothing, superior to
Ohio Xxx, has sold at 10 cents or 80 cents
clean, 8 cents secured pound less than
current quotations on domestic WOOL
Canada combing too, is coming in
again and is offered at 20 cents or 81
cents clean. 1t is rather inferior to
domestic quarter blood, which costs 30
cents clean. This is drop of cents
the secured pound from boom prices.
The market IL uneasy and unsettled
and prices will probably not be- settled
till the London wool sales on Sept. 18.
Foreign clothing woods are selling with
some freedom. The top notch paid for
finest Australian merino is 20 cents, or
"A cents secured.
Here are some Goeman bill conse-
quences: Glassworkers in the Indiana
natural gas belt were offered 80 per
cent reduction in wages. The Lambut
g. Bishop wire mill, Joliet. ILL.,, 10 per
cent. reduction. The Illinois steel mill
rod department. 10 to 20 per cent. re-
duction. Oregon Railway and Navi-
cation company. 10 to 12i per cent. re-
duction. Coal miners. southern and
oaneral Tilinoia 1(lspar aant raduot;no