The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-07-23
GENERAL NEWS
r OF. INDUSTRIES

survey or the situation the Engineering
and Mining Journal says: mo i'm
provement has taken place in the an.
thracite coal market since last report.
1t continues exceedingly dull and de-
void OF encouraging features. Prices
are still unsettled. There still remain
many who stubbornly maintain that
the purely nominal advances mad
during the last two months were wise,
and that a restriction to 90 per cent. OF
the capacity is sufficient to prevent the
Decentralization of thu trade In this
we do not believe. Sales agents may
talk as they will of the stimulation that
follows an advance and also that all
their trade in no. necessarily conducted
in competitive points, for most OF the
companies do certain amount Of line
business in which they have no COM
petitors and can therefore ask
and presumably obtain, whatever
prices they see fit to name. To this,
leaving abstract generalities aside, we
may answer that the last two advances
have not stimulated trade at all, but
have had quite the opposite effect; and
that by far the greatest portion Of their
business Is done in markets where
there isa great deal of competition.
Where was the wisdom of advancing
prices when in June most of the COM
panies and operators were getting less
Jor their coal than they got in May?
The condition of the anthracite market
today is far from healthy. In the west
it is admitted that only fair business
has been done and that prices are de-
moralized. From Philadelphia reports
reach US that the companies themselves
are openly Offering store coal today at
90 cents ton below the July circular.
In our own market the dullness could
not very well be greater.
"The causes which nave led to this
condition are many but not complex.
Among other things, We must lay II
great deal of the responsibility for the
present situation upon some of tue pro-
ducers or their sales agents The stub
bornness with which these gentlemen |
have refused to recognizs the fact that |
we are in the midst of hard times and |
depressed business is notthe least piece
of folly. 1t should have occurred to
the producing interests TO consider the
number OF factories in idlenesS, the re-
duced capacityof those in operation
and the habits of economy that have
been forced upon the people, who, after
all. constitute the consumers. Had
this been borne in mind it would have
prevented the present unsatisfactory
condition. IGsead Of it, the sales
agents seemingly went on the
principle that. as people had to burn
coal or freeze, any price might be
obtained II is our impression
that severe winter will mean great
h rdships for the many rather than
very good business for the anthracite
operators. Again were the producers
unwise in the exaggerated importance
which they gave to the bituminous
coal strike. A few producers had an
opportunity to work on full time. TIE
majority did not. But the majority
mined as much us they could, just the
same, and now, to their astonlshm NJ,
they find that the record breaking out.
put OF liz $50 tons for June was not
wise. OF course the dearth of soft coal
prevented 10 some extent an excessive
accumulation of stocks But we believe
it would have been better for the an.
thracite market had there been no soft |
coal strike. The output would have |
been much smaller, and perhaps prices |
would not have been advanced.
what we particularly wish to call
the attention Of the sales agents to is
our oftrepeated assertion that to make
an advance which by reason of market
conditions they cannot maintain Is pre-
clsely what leads to decentralization. Il
has now been proved that prices cannot
re maintained as they were during the
Reading combine, that neither the
public nor the dealers can be scared
into buying ahead by these advances on
paper, and therefore the only way to
TO obtain fair prices is 10 be governed |
by the common, ordinary, every day |
laws OF supply and demand. While it |
is true that anthracite coal occu.
pies somewhat exceptional posi-
tion it Is equally true that the |
times are also eptional-exception |
ally depressed. The only way to pre-.
vent still further Generalization is |
by restricting the output. This can be
done only by harmonious and unani- |
nous action on the part of producers. |
However much an amicable spirit may |
have dctuated producers during the |
first four months Of the present year.
when they were successful in restrict |
ing the production within reasonable |
bounds, they are not 80 now. There |
may not be open warfare-the dullness |
OF the trade being largely instrumental
in preventing it; but we are not far |
from II, however much producers may
pooh pooh the idea"
The newest candidate for the presi-
dency Of the Lshigh university is none
other than our good friend, Eckley B. |
Coke. 1t is not known that he is a
seeker for the position; but there are
those who desire him TO take 1t. Mr.. |
Coke is abundantly fitted for the posi- |
tion and would reflect conspicuous
credit upon it. Mr.. Coke was gradu- i
ated from both the University of Penn
sylvania and the Troy Polytechnic in-
stiiute in this country and from the
University OF Freidberg. in Germany
All his life has been devoted to techni- |
cal pursuits. He Is an enormously |
wealthy man. He has invented numer- |
Gus mechanical contrivancss and is the |
author OF large number of technical |
works. His translations Of works by
French authors are considered master.
pieces. Ex-senator Coxs's relations |
with the Lehigh Valley railroad will
make him strong man 10 beat. The
troubles which arose some years ago
about this road carrying his coal has
beep sinoothed over and all the
anthracite from his mines goes
to tide water over the Lehigh VALLEY
lines. This alliance OF his iu uterests and
those Of the Lehigh Valley will have
n great deal of weight, Every cent of
the money endowed to Lshigh Uni.
versity by Asa Packer, the founder. ia
invested in securities Of the Lebipb
Valley railroad company, 80 that the
prosperity Of the one means the pros
g. - kn nkhar To Ill