The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-10-04
GENERAL NEWS
OF INDUSTRIES

OF INDUSTRIES.
This view OF the anthracite situation
is taken by the Philadslphis Inquirer:
1T is Just one week ago that the an
nouneement was made Of the anthra
cite coal presidents meeting. and their
determination to stand by the May
circular. Yet 1t is now admitted that
some of the companies have violated
this agreement. Coal has been shipped
to New England points since that
agreement was made that has been
bought at So 10 for egg and $3 20 for
stove, whereas the May circular prices
are So 80 and So so respectively. More
over, it is understood that more than
one company is thus cutting And yet
no other result was possible in view of
the conditions of the trade. There are
5000. 900 tons Of unsold coal above
ground in the hands Of producers,
stocks all through the country in con-
sumers' hands are heavy and the cur
rent demand is exceptionally light; yet
the sales agents agreed to move 3,OOO,-
600 tons in October With this guam
tity of coal coming upon an overstocked
market, it was only q question OF who,
could cut first. In fact. the presidents
determination had hardly been tele-
graphed over the country before some
of the companies were selling coal at
the old figures This last attempt to
,ave the trade from Generalization has
ended in utter failure, and the season
is now 80 far advanced that no measure
that could possibly be adopted would
be OF any value. The companies have
thrown away 20 cents ton on almost
10000, 900 tons of product, and all be-
cause race for tonnage was INDUCED
in. 1t was only yesterday that the
figures for the September wages draw
ing came out, showing the average
price of Sohuylkill coal at Schuylkill
Haven in that month was So q, as
against 81. GA in September last year,
and, while this drop Of 81 cents is
rather greater than was reported in
previous months this year, it is fair to
say that the loss has been 20 cents
when all the sizes are included. And
yet, in spite of this enormous drop In
prices and decreasing demand from
consumers, the companies persist in
piling up coal where it is not needed
and where it will be source of de-
moralization in the coming year. For
the only question now is, can next
springs trade be saved? If the bust
ness is 10 be at all rempnerative next
year, steps must soon be taken to re-
strict the output, and restrict IL most
rigidly. This years business is beyond
redemption.
The Philadelphia Inquirer thinks
that the apathy with which the Read
ing reorganization plan is regarded is
due more to the decline in the coal
trade than to any other factor. Al
though the fact has been concealed un-
der cloud Of percentages and traffic
arrangements, the truth is, all the coal
roads have suffered severe blow
through the reduction in the rates for
transportation. This reduction has
been about 20 cents ton, and no road
is now getting more than 81 80 per ton
for hauling its coal to New York har-
Dor, as against $17O and $l.75 year
ago. 1t is true the Reading shows by
a tariff sheet that its rate Is still $1.7O.
but as the coal and iron company is al.
most the only shipper. and as its deficit
is always assumed by the railroad com.
pany, the case would not be altered
particle if its tariff were made 81. The
Reading gets but 81, so ton for carry.
ing their coal Now this reduction.
coming after other reductions In late
years, is a matter Of prime import
ance. Ten years ago, when the Read
ing did 81 II per cent. OF the anthra
cite business, the rate was 81 from
Port Carbon, and an ADDITIONAL
lateral toll was imposed that aver
aged about 80 cents a ton. making
rates from the mines 81. 30. But about
1885 through rate from the mines of
So was made, and this was cut down to
ITO few years ago. Now it is fur
ther reduced to $15 OF course, this
loss would be made good If the COM
pany had increased the volume of its
coal trade, but this II has failed to do.
1t carried in 1893 but 100000 more
tons than in 1884. and at 80 cents ton
less money. Nor was it possible to
reduce expenses much, because Of the
larger volume of business. The low
price for the company's shares is due
primarily to this inability of the man
agement to get as much out OF the coal
trade as they once did. The mere han.
disc and passenger business Of the road
is entirely satisfactory in every way,
but 1t does not admit Of doubt tha the
coal trade is in very bad shape. 1t is,
of course, impossible to get rates back
again to the old figures, and, this be.
ing the case. the only alternative is to
make the output as large as possible
and crowd out of the market bitumin-
Gus fuel as far as can be done. While
the present conditions are in force the
stock will continue to shrink in i'm
portance, and it is recognition Of this
fact that keeps the shares down and
causes such a.cool reception to the re-
organization plan" 1t is pity about
the poor railroads. No doubt they
ought to get all the profit out of coal
mining, and be pensioned, besides.
Magaret s. Dennison, exeeutrix. aud
Abram Nesbitt, executor of the estate
OF Maria Hughes and others, have filed
suit in assumpsit against coal opera
John @. Haddock for $101. 265. 1t is
alleged by the plaintiffs that the de-
fendant leased tract of eleven and
one half acres Of coal land from the
Hughes estate at an annual rental of
$4,000, and that q statement of the
amount of coal mined has never been
made. The plaintiffs. however, claim
that 245. 900 tons have been mined from
the property. The suit is one of the
largest brought before the Luzerne
courts in some time and the result of
the litigation. says the Record, will be
closely followed. l.: q. Bennett D. o.
Coughlin and W. s. McLsan are the
attorneys for the plaintiffs.