St. Paul daily globe., 1895-08-11
A MILLION TONS TO BE THROWN
ON THE MARKET AT THAT
PRICE
TO GEORGE THE RAILWAYS.
SCHEME OF OPERATORS To Sc
CURE A LIMIT ON PRODUC-
TION.
TOO MUCH COAL BEING MINED.
The Quantity Must BE Reduced if
There Is to Be Any Money
Made.

NEW YORK, Aug. 10.-The cOndi-
tion Of the anthracite coal trade
shows no signs of Improvement, and
the individual operators are inclined
to believe that if affairs are allowed
to drift much longer the complete
decentralization of the coal industry
will follow. The market is over
stocked with the accumulated out
put, and if the production goes on at
the same pace as during the past
few months it is said the industry
will meet with a serious setback, and
prices will be lowered to such a ruin
Gus figure that many of the coal COM
panies will be driven to the wall.
The individual operators, realizing
the gravity of the situation, and
having considered the refusal of the
coal-carryfng roads to limit the sup
ply of anthracite coal, have decided,
it is said, to place 100000 tons of
coal on the market at a valuation of
81 a ton, in order to force the carriers
to- place some restrictions upon the
excessive output. The local coal op-
orators, however, hold that the car
such move on the part of individual
operators, and say that it is not like
ly that such plan would be adopt
ed.
In speaking of the condition of the
coal trade, a local operator said the
business would be eventually ruined
unless the coal-carrying companies
entered into an agreement to limit
the output, which, at the present
time, lis much greater than ever be-
fore. He stated that the excess in
production had brought about the
present condition of affairs, and as
long as the production exceeds the
demand the prices must seek a lower
level. The railroads, he contended,
were partly to blame for the matter,
and, unless the trade difficulties are
speedily adjusted, the degeneracy of
the coal business must follow The
combined output of the collieries, he
said, was about 100000 tons of an
thracite per month, which is equal to
6O,O00,000 tons for the year All that
is needed for consumption is about
100000 tons per month, which
shows that the country could get
along ON a yearly output of from
36,000,00O to 100000 tons, The coal
sales agents, he said, We're also to
blame for the existing trade difficult
ties, as few of them cared to abide
by their agreements, and did not
hesitate to violate the contracts
made with one another.
'"There is not a single interest that
is making money by the operation"
he continued, "but, on the other hand.
the companies are sinking money every
day. From now on until the trade is
rehabilitated, it will be a question of |
how much money can be lost. Sew |
eral of the operators have realized |
this, and some of the colleries have |
been closed down. AS long as the agi- |
tation continues buyers will hold off |
with the hope of getting cheaper coal, |
their argument being that prices will |
go still lower if the differences are not |
adjusted. Few of the companies are |
taking orders for deliveries beyond |
Sept. 1 at current prices. This precau-
ton is being taken for the reason that
no one cares to lay in a big supply of
coal only to see the prices go sliding
off again, as this would mean no end
of financial loss. There seems to be
no fixed price, and all orders are being
shipped ON terms subject to cancella-
ton at any time.''
Another individual operator said he
thought efforts would be made to re-
habilitate the coal trade, as matters
could not continue in the same condi-
ton much longer. He said that alf in
terests realize that something must be
done to save the trade from inevitable
bankruptcy.