The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-10-05
GENERAL NEWS
OF INDUSTRIES

Vi INUUOIHllO
The annual meeting of the stockhold-
ers of the Pennsylvania Steel company
was held Wednesday at the Office Of the
company in Philadelphia Effingham
B. Morris and Luther S. Bent, the re-
ceivers Of the concern. submitted their
annual report which showed the net
profits during the past year to have
beeb $3.50 000 Notwithstanding that the
output OF the plant was for several
months reduced nearly one half on ac-
count of the coal and coke strike The
report goes into detail giving figures
and will be submitted to the stock
holders. 1t was announced that 81
per cent Of the creditors and praetie-
ally all of the stockholders have
signed the reorganization plan.
The following members of the re-
organization committee with Mr.. Bent
added, were elected to succeed the old
board of directors: Efingham B. Nor.
ris John B. Gest, N. Parker Short
ridge. George Philsr, Howland Davis,
Alfred Earnshaw. Luther S. Bent. The
new directors will serve until the re.
organization of the company should
have been effected. 1t was stated at
the meetings that subscriptions
amounting to 81, 750, 900 had been made
for the 81, 500, 900 issue of preferred
stock The meeting was presided over
by Colonel John Cassels, Of Washing.
ton. d. G.
Saward's Coal Trade Journal says
that 'it is evident that the producers
Of anthracite acted wisely when, at the
last meeting, they agreed to a curtail'
ment Of production and the regarding
OF prices to accord with the market
conditions. We can but congratulate
all concerned on the very great ad-
vance which has taken place in the
method OF conducting the business,
when they are willing to accept the
situation as they have done. Certain
critics fancy that il such action had
been taken month ago there would
be Just 80 much the greater cause for
elalion. Undoubtedly; but there is so
much that looks like return of wis
dom at present that one can overlook
the errors OF the past. II the general
trend OF affairs as outlined early in the
year had been pursued an output Of
but $4,000, 900 tons fixed for this year,
as was then suggested by those con-
servative men in the business who know
the business and its capabilities, all
would have been we'll and no neces-
sity for the recent movement
have existed. The past week has
shown some improvement in trade
circles. in that there has been a some
what wider demand for coal, and with
movement of the stock in hand from
the yards of the retailers, there will
come a stronger condition. The re-
taller now has confidence in the asser-
tion of the producer that proper care
will be taken Of the best interests of
the business. On the New York mar
ket we note q better tone to the anthra.
cite trade, and there is the chance that
good deal of business may yet be done
during this year at the prices lately
agreed upon; they are low for the
value of the fuel considered from the
standpoint Of quality, and it only re-
mains for the producers to continue to
view conditions in thoroughly bust
ness-like way-tho adjustment Of sup
plies to the demand. This being done,
there is no reason why the retailers
and consumers will not take In their
supplies, and thus the result be Of
great good to the producing and carry
rying companies.'
The movement of cars over the Penn
sylvania railroad through the yards at
Columbia for the month Of September
aggregated 114874 cars. Eastward
there were 1895 trains. containing S.
756 cars, of which 1854 were loaded,
The movement westward consisted OF
500 trains, made up of 1884 loaded
and 43,774 empties. The movement OF
cars for Septemb ber was IA PIT less than
during August. and 1869 more than
the month of September 1898. Not
withstanding q decrease in the move
ment Of cars for September over
that OF August, the freight receipts
were greater, as a higher class Of
freight was carried.
There have been some changes
among the clerks in the railroad sup
erintendents' offices in Wilkss-Barre
within the last few days Thomas
Devanney. clerk for Superintendent
Esser, whose office has been removed
to Sayre, will take a elerkship In Sup
erintendent Mitchell's Office in place OF
Clerk Scott. who will 20 to Philadel.
phia to study dentistry ut the Univsr-
sity of Pennsylvania. Superintendent
Esser's force will remove to Sayre.
MINOR INDUSTRIAL NOTES:
The Cameron colliery at Shamokin re-
sumed operations Thursday and will con-
tinue working on full time.
President Ingalls, says the Chesapeake
and Ohio will spend 81, 000, 900 in depot an6
other improvements at Richmond, Va.
There are signs of decreasing tendency
in the national bank circulating volume,
which declined 81, ,035, 915 during Septem.
ber.
W. F. Wittridge, counsel for the Earle
Olcott committee. has gone abroad will
reference to the Reading reorganization
plan.
Chauncey NJ. Depew states definitely
that the Lake Shore presidency has mo-
been offered to Mr.. st. John, of the Rocl
Island.
The Chicago Herald SAYS there are now
about 5000 cars of grain on side tracks a
Chicago; but there is no likelihood of
blockade.
The Delaware, Lackawanna g. Western
Airankax.a hos Aan1arad ha