New-York tribune., 1895-12-06
finantial.
To the Stockholders of

The Central RaiirOnd of New Jersey.
The Delaware. Lackn. Western w. ~ '"'
The Delaware 4 Hudson Canal Company
The Iphia & Reading II. r. Comp""''
Tbe New York Ontario a. Western X. II. C"'
The n v, susquehannn & West. r. H. 90.
Thc New York Lake Erie 4 west X. Il. 1o"
The PcnnsyIvania Railroad Company
The I.chigh valley Railroad Company
THE ANTHRACITE COAL OPERATORS AssociA
TIoN comprises nearly all the corporations hrms anu m
di,duais mining anthracite coal outside Of the companies
above named , .r.
During the year 1894 81 per cent. OF the toai 'oha~
was mined by members Of the Associaon' p'op ~ "
much larger than that Of any other single n'e'e'
~ the coal SO mined delivered TO some one OF oe
al,ovc-named companies under contracts pro''"'s '
division Of the selling price between operator anu
This arrangement makes the interests OF tne hh''" "
w association and Of the stockholders In the greater co
.,,es nraccalIv Identical loses. the other
must Moreover when individual operator loses 'e
mining by the railroads from their own iahns ""'' W
equally unprohtabe. A.,
or, are aware the las, year has most disas-
,rous one to the trade millions OF tons tha can
r.,.r he repaced have been than thrown away
because actually much 'ess than cost insolvency
has nearly or quite overtaken some OF the ABOVE oo'
nar,e. and those that have continued dividend payments
have made up deficits from their assets mat 'ns
,as bae been mirng operator knows
and what its folly is the fact hat some oi '
coasrs' whose shares regarded most hishy oy OUT
side investors must find themselves short OF coal IN
their col.ieres Their lands being rapdly
and cannot be replaced at any price
lust now natural conditions creating sharp de-
mand for coal and counteracting corporate ioy' Ou' "
find that the companies TO whom we denver on"
product have 80 sales for future delivery 1T
the previous low prices that It is doubtful II either we
or vou viii derive much advantage before another
.sump'' in prices our past experience not re-
assuring
our members representing investment of about sew
entv.Ave millions Of dollars in mines and the appar-
nd
the trade In all its details Many OF theh are ~
holders in one or OF the companies above nae anu
their interests thus doubly Identical with yours N"
though the Of your capital is invested IN Tue '"'
ayions 90 that It's value productveness depend upon
conditions existing and economies TO be pracsed mere
"a, ia remarkable fact that of the largest OF the
coal companies have single director who Is Fesaen,
in the territory whore your money Is expehdeu' o' ~ "
familiar with practical mining or even WIN 'ne "cu'
condition Of your property That such Sae OF anar'
must operate greatly % the disadvantage =" 'e Ni'
follows wthou; saying.
Committees appointed by Association have hereto
fore proposed to the Railroad Managers various plans LOT
harmonzinz differences in tho trade but TO oene"c"'
action has followed II is only fair TO say however '
fe; of the officials have used every effort TO stem 'ne
-, -, s,s mn, without success. for Of sufficient
cooperation ,..,o-
Therefore failing in all other means the Association
by s%'ouG, To odnr RnEar EFT
les from the stockholders of the great Anhraclc
panes WITH sswn8 view 20 that he result woud highly
advantageous 10 every sockholds' as we' nrsc,ical
Snowedge experience. and personal financial interest
w9Tn sr proxies viii be furnished on application At
the New York ofce Of the Association NO % oofano
Proxies may made in the name of the committee or
any member thereof.
f.. H. sTURGES. Scranton. Pa.
H. W. HOWE 22o Drexe Building Phi.a' "a
C. d. SIMPSON. Scranton. Pa
Committee for the Association