The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-04-19
GENERAL NEWS
OF INDUSTRIES

Uf MDU0 nIL0
There is every probability that the
stockholders OF the Pennsylvania n
Maryland steel companies, both OF
which are now in the hands OF reeelv
ers, will strongly oppose the Adoption
Of the new plan of reorganization.
Some of the stockholders claim 1t Is
simply. a creditors plan, and that It's
full text has not been given for puou'
cation, especially that part Of 10 when
requests the stockholders to surrender
80 per cent. OF their holdings. Fifteen
per cent Of this stock, they claim, ls TO
De given 20 the creditors as q bonus,
while they receive in addition AZ per
cent. OF their claims III cash Il OO per
cent. in bonds. The balance Of the 5O
per cent. of the stock contributed Is 10
be used in raising additional capital.
Tho stockholders say there 10 no ur-
gent necessity for recognizing the prop
critics at present; that the $3OV,OO
guarantee fund promised by the So
called steel rail makers combination 10
sufficient to protect the floating debt
interest They believe, also, that the
condition Of the iron and steel market
will get no worse; that any change
made will be for the better and, there
fore, reorganization should DO post
poned.
In the opinion of ''AraSpa,' who Is
practical engineer. anthracite coal Is
bound to lose its place as fuel for loco
motives. 1T will traverse the same
rosd as did wood and there Is nothing
20 prevent it. Railroad men know II,
toe, because each day this kind OF coal
is becoming more expensive; each day
the bitumiuOus operators are SchenlnS
Will 4 view to Guido the anthraclte
producers and each day some road takes
advantage of the liberal offer made 10
by the bitumlnCuS oaTOus. Among tue
roads in this vicinity that have adopted
the smutty stuff m many OF their an
zines are the Central Railroad Of New
Jersey and the Philadelphia and Read
lug. These companies claim that
through the use OF this kind Of fuel an
annual saving Of 800. 900 is realized.
OK course it will require considerable
time 10 displaee anthracite coal on
such roads as those whose Interests ara
conferred in the Lleklwanna valley,
but the general superstition Is, how
ever, that u biz change Ia tllS line Will
eventually b. wrought. IL will, per-
haps, when passengers consent to be
turned into burnt cork artists every
time they travel by steam transit.
Coke production received 3 serious
setback during the week ended Aprl.
: The strike caused q slump Of over
3j. 600 tons and shipments Tell OF nea
" I.G0J cars This is the great
est decrease in production dur.
iD- a single week since the
strike Of 1891. The works affected by
II were nearly all large ones, and with
only two or three exceptions were IN
the southern half Of tue region. ship
msuts TO Pi:-sJUrg consuming points
were mos: seriously Affected. Much o.
the coke produced is a rota. loss 20 the
operators, l. remained in the ovens
three and four days and by that time
was reduced almost 20 asles The re-
ports from iron ceutsrs are such as to
make tne future look somewhat
brighter. Buyers 10 nos seem to have
tsken u alarm yet from the coke
strike, A prolonged s.oppaze would
take out OF the market tho districts
which have been the most aggressive
and most powerful. in cutting prices
Their enforced withdrawal would en-"
able producers in other sections 30
brace M. Iron men DO not look for
early effects Of the coke strike upon
the prices Of iron and steel. aud be.
sides there is no occasion TO become
frightened yet as to the supply OF
material on hand. Not more Than 80
per cent. Of 5hs coke furnaces are Ia
blast, and the surplus pig iron ptodCc-
ton is enormous. Rather than pay a
A higher price for coke now the fur
nacemea would blow out their stacks
until the stocks diminished sufficiently
to allow an increase il the price Of pig
IRON.
The regular monthly meeting Of the
Northeastern Pennsylvania Car Ser
vice association was held yesterday
"wednesday 49, at the managers Office
in the Commonwealth building, Mr.
G. W. Creighton, superintendent
Pennsylvania railroad a5 SuaJury,
Mr.. r e. Higbie, general car agsns
Central Railroad of New Jersey az Jer
Fey city; Mr.. n. T. Moon from Super
intendant Manyille's Office at Cartoon
dale and Mr, Bogart, superintendent Of
the Delaware, Lackawauns and Vest