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

Secretary Patrick McBryds. Of tine
United Mine Workers, has given his
Endorsement to the proposed plan OF
regulating the bituminous coal produc'
tion OF the country to the a;tual neces-
stiles OF the markets to maintain living
conditions in the trade. He says; The
miners favor the plan contemplated,
recognizing that by this means only
can the coal business b9 conducted to
the profit Of the operator and miner.
We are ready to assist the
operators at any time they under
take the plan so successfully
practiced by the anthracite operators.
Should the operators deem the plan
practicable, we will call out every
man we can whenever and as frequent
as the markets become overstocked'
By keeping the supply even with the
demand prices can be fairly maintained,
and there will be no excuse to rsdues
prices or wages. The producing ca
pacity far exceeds the consuming ca
pacity end the effects of overprodnc-
tion are against any permanent adjust
ment of prices or mining ratsF.
shall give the figures whlch every
operator will recognizs to be rs
nearly accurate as it Is possible
to be, showing the necessity of cur
failing the production, as has been sug-
gssted. American coal fields have
larger area than any country in the
world, England not accepted, although
she has produced more coal each year
than America, for the reason that the
English miner works more steadily, and
the markets Of the world are open to
English coal, while American miners
work fewer Gays in the year, and our
coal is almost wholly dependent upon
home consumption. In the mining
trsde there are 400 900 men employed,
250, 900 vi this number being diggsrs,
according to the official statistics.
Four tons psr day run OF mine 10
omall lays' work for the miner working
under average conditions. In cne day
\ the minimum production amounts to
1000, 600 tons. Working five days per
week, or ECO days in the year, the an
nUul production ranchss 2GO ,0UO,OOO
tous, or exactly 100. 900, 900 tons ia ex'
oass OF the consumption undsr normal
conditions. IL can Os readily seen how
easily surplus stocks Gun os produced,
and we know from the bitter sXperi-
encs Of the part what results follow.
Thu only way the situation can be met
Is by the method suggested to regulate
the production and prices. as the anth-
racits producers ara doing We have
urged it for long time, and / hops to
see tho operators make the move at an
early date.
With we'll authenticated cases OF
sales OF anthracite coal So c9nts below
the July circular price the demoraliza-
ton IN the trade may be said TO have
reached lis extreme limit. While this
is an extrems case, yet none Of the
companies profess to be maintaining
prices, and IL reduction of 40 cents is
tne usual offer, But even this roduc-
tion does not stimulate trade, and the
month Of August, which is usually an
active one, promises to bs one of the
dullsbt on record New England buy
ers are taking but little, and take only
stove and chestnut sizes, the New
York trade is dead, the western mar
kYts are glutted, and the Pnila-
adslphia local trade is very quiet The
output for July was close upon 3 900.-
600 tons, aud us 5,112, 900 tons We're
mined in July the stocks in sight are
simply overwhelming. Dealers every
whore report o reluctance on the part
Of consumers to lay in supplias, and or.
ders that are usually filled 10 June have
not bosn sent In. The only hops for
the market, in tho opinion OF the Phil
adelphia Enquirer, isa strict observ-
anoe OK the sales agents agreement to
produce but 2, 500, 900 tons In August.
This output, with the large stocka on
hand, will merely restore the trade 10
normal conditions by the frat Of Sep
tenber, There is fully a million tons
more coll above ground than there
should be-. and until this surplus is
worked off the market will bs back
ward and prices will be just what the
buyer chooses to give.
Reading, 1t has always bsen plain to
thoSs most familiar with it, was to be
saved. il at all, not, says the Philadsl-
pbia Press, by any great feat OF inan-
cial leRerdsmain, but by economy and
careful outstanding of its resources.
The painstaking economies of Joseph
Harris have steadily improved the
position Of Reading, until prudent
men ere willing to loan it q sum
sufficient to meet its moro pressing
necessities. Under a plan, ,shadowsd In
the Press more than two months ago
May 20, about $7,00O,000 Of collateral
trust loans are to be issued to take 10
the receivers certificates OF $3,75C, 900
and interest gu tho general mortgag 40
fours to about $2,7O0,0O0. This disposes
Of debt which now stands ahoad OF
all other obligations and pays the only
interest on which foreclosure suit can
be based. In addition, floating debt
of $3,5O0. 900 is to be funded and
the current resources Of the company
enable 1t to tide over So. 10000 Of col
trusts. This modest and moderate ar
rnnRement will undoubtedly have ltt
fair share OF profit to those who finance
1t, and it would be wiser if these profits
were stated; but 1t also postpones aftel
existing securities an Indebtedness
which now precsdes them, and it give
the road considerable period in which
patient economy can slowly put th'
road on Its feet
MINOR INDUSTRIAL NOTES:
The Milton Car works have received
contract for building 400 coal cars for thu
New York, Susuuehauun ard Wester,
railroad that will give employment TO 4O
men for short time.
John Redington assistant supervisor O,
the Lehigh Valley railroad, has been pro.
NOTED to supervisor OF the Lehigh division
vice Richard Caffrey, promoted to super
visor of the whole road.
1he large Coke engines are now burning
bituminous coal, aud according to the
Wikes-Barre News-Dealer, it is ALREADY
showing its good results as one tank of I
will last for two trips, while tank o.
anthracite only lasts for one.