The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-05-30
GENERAL NEWS
OF INDUSTRIES

The anthracite coal agents at their
meeting in New York yesterday ad-
vanced prices Is cents per ton to So. G5
for broken and egg, and 25 cents per
ton to 81 for stove and chestnut, These
prices IRE 3j cents per ton lower than
last year on broken and eng. and 20
cents per ton on stove and chestnut.
The next meeting will be held June 10.
The output for June was fixed at sixty
per cent of the capacity Of 2.700, 900
tons. In June 1890 the production was
4. 115. $50 tons and 1892. 1891. S07 tons.
Western prices were advanced 25 cents
per ton for broken, egg, stove and
chestnut.
According TO n long article in the
Philadelphia Press, there will be no
foreclosure on Reading properties, as
predicted, for steps have already been
taken that will prevent any such move,
and within IL few months, or at the
close OF the summer, the Reading com-
pany will be taken out of the hands OF
the receivers, and for at least five years
the affairs OF the company will be on
Quoted by the present management. To
do this it will require about $50. 900, 900,
all of which has been promised. Most
OF the money is to be, and will be.
raised by the New York committee Of
general mortgage %boudholders, al.
though quito a respectable sum
is to Oe furnished in this city.
The receivers plan, which was put
out last year, called for the funding OF
the general mortgage coupons for .
term Of tive years; the new plan calls
Tor the funding of the general mort
gage coupons for three years. but for
making this concession the holders Of
the general mortgages are to have rep
resentatiOn on the board of managers.
There will also be a voting trust.
which will keep the management in
tact for five years ut least. To show
how much in earnest the New York
committees are, especially the Olcott
committee. the Reading Railroad COM
pany is now securing all the money it
wants from them to meet its obliga-
tons. Besides this, the Olcott COM
mittee has loaned the receivers the
money to meet all the obligations due
on June 10.
It is further stated that q syndicate
Of European and American capitalists
has made q proposition to the Reading
Railroad company, through the receiv-
ers, to operate its coal mines. The Of
fer provides for the payment OF all in
tereat on the coal and iron bonds, the
payment of a royalty on every ton Of
coal mined, and the payment of cash to
the railroad company on all tolls and
freights, in transporting the coal to the
market. It is said the negotiations are
now in progress. and if they are con-
cluded to the satisfaction Of the syndi-
cate. new and improved machinery will
be placed in the mines, and the output
will be considerably increased from
certain large tracts, and the mines that
cost nearly as much to get the coal out
as is received for it will for'th time
being be abandoned, more attention
being paid to the mines in which the
coal can be the most easily obtained.
A New York dispatch says: Chief
Engineer Harry Lange and his assist
ant, Otto Remshel, Of the Hamburg
American freight and immigrant
steamship Grimm, which arrived on
Saturday from Hamburg, believe that
there soon will be o revolution in the
system Of generating steam on the big
liners. The first experiment with the
new method was tried on the Grimm
on her voyage hither. It was abso-
lutely successful, the engineers declare,
and they say that the twin-sCrew
epeeders Of the Hamburg line doubtless
will adopt it. The invention is simply
n furnace so constructed that the cal
oric in all the gases that are wasted
through the tunnels of ~high-powered
ships and all the coal particles in the
smoke are utilized. Passengers on the
after promenade may no longer get
smoke or fine cinders in their eyes. The
labor Of the stoker may be somewhat
lessened, and what is most important
to the steamship companies, a saving
of about 80 per cent. will be effected
In coal IL the Grimm's trip is an exam.
pie of what a bigger and faster ship
can do. This would mean that the
Paris, Of the American line, would
burn only 1911 tons Of coal a day in
stead of 1926 toni q day, q saving OF
about $500 u day, or 81, 800 a trip.
This view Of the anthracite situation
Ia reproduced from a Pittsburg ex-
change: "The anthracite coal trade
like tho bituminous trade, is at a stand
still, though from vastly different
causes. The high water throughout
the anthracite region has flooded many
Of the mines. forcing a suspension o.
work. This with curtailed production
for several months past. has produced
a scarcity Of hard coal. The Reading
company has been compelled within