The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-07-17

the largest stripping contracts ever
awarded In this region was given to
N. ]. Cuyle 4 Co. Saturday evening by
the Lehigh Valley Coal company. The
contract caAs for the excavation OF one
million cubic yards Of earth now cover
ing the veins At Haxle mines. Work
In TO commence at once. giving employ
men& to three hundred men. The terri
tory to be dug out is now the site Of the
village Of Haxle mines"
The Pennsylvania Railroad company
this year will spend in the neighbor-
hood Of 5000. 900 in way Of improve
ments. alterations and extensions to its
property east and west of Pittsburg.
The amount win be almost equally d.
vided between these two sections. The
company has just effected a new loan
Of 5000. 900 in London at 3h per cent.
per annum, the proceeds OF which are
devoted toward these improvements
and not for the paying Of any bonds
that mature, as the company has the
money in hand from other sources for
this purpose.
The meeting Of the anthracite indi-
vidual operators in New York today
will consider whether 1t il proper to go
on mining coal at the present prices or
ehut down the mines. Those under con-
tract with the carrying companies have
the option OF refusing to deliver coal
when the price falls below 1925 In New
York. The market Is now away below
this figure. 1t is believed stove coal has
been sold in New York at $3.50. There
Is one favorable fact in the coal trade
which Ii passing almost unnoticed. For
two months the coal companies have
kept the production of coal down to the
agreed upon allotment. II this con-
tinues this month the statistical POSI-
ton of the trade will be much better
than at any time previously. The COM
panies have not kept to the allotment
for years SO closely as In the last two
months, and the first week In July the
shipments were below 100000 tons.
The weekly statement Of anthracite
coal shipments. issued by the bureau OF
anthracite coal statistics for the week
ended July shows that the companies
only partly restricted output. True, the
figures are low-597, ,230 tons, a decrease
compared with the same week last year
OF 34,419 tons-Ibut 1t should be borne In
mind that Independence Day came in
that week; that the Reading worked
only two days, and other companies also
made poor time by reason Of the holi-
day. Last weeks statement will give a
better idea as to THE restrictive policy
which is being pursued this month. Not
withstanding the Reading operated its
collieries only two days during the
week, 1t shipped 22.4S6 tons more than
in the corresponding week last year,
while shipments from the Wyoming
region were 80, $50 tons less; the Lehigh
region reported a decrease OF ,3O5 tons.
The "Financial Chronicle" makes up
a very early and very interesting pre-
liminary table Of gross earnings for
the first six months of this year. 1t
has returns from 1S9 lines with A6,942
miles of road. 1875 of which report for
the full six months and 63 for five
months. The aggregate gross earnings
Of those lines were s391, ,61S137 this year.
as compared were 1913, 1856, ,601 in 1894, an
increase Of $12,232, ,536, or 1923 per cent.
These figures indicate that the rail-
roads Of the country have scarcely be-
gun to benefit from the general inn
provement in trade during the last four
months. In the first six months Of 1894,
the railroads lost s74 4,506, ,653, which was
increased to $1OO,OOO.OO0 when the full
returns were compiled. In the first six
months of 1895 the railroads recovered
$12.232,538, or but one-sixth Of the loss
Of last year.
1t is quite likely according to the
Philadelphia Inquirer, that fresh cuts
In coal prices will be made this week,
as orders have been coming in slowly
and companies must have some place
to dump their product. Since present
prices have failed to bring orders per-
haps lower prices will avail. At all
events 1t Is reported that some Of the
companies that have heretofore refused
to sell at less than $2.75 In New York
harbor are now willing to make conces-
siOns. This action will result In a se-
rious curtailment of the production by
Individual operators. Many have sus-
pended mining operations completely,
and the others are working as little as
possible, for there Is a dead loss of 10
to 25 cents a ton on every ton Of coal
they take out now. They cannot stand
any further reduction in prices and will
have to go out Of business. All this
will bear hardly on the Lehigh Valley
and Jersey Central roads, which have
O. large tonnage from individuals, for
their movement of freight will certain
1y be cut down. They will get little
business and will get little money for
what they do get. Incidently this re-
port disposes Of the delusion that New
York has been hugging, that the settle
ment Of the anthracite fight Is under
way. AS a matter Of fact, not the first
step has been taken in this direction.
With the Lackawanna road cutting
prices at all points and the Reading
steadily meeting the market there is
no evidence whatever of any amicable
understanding, but there is every evil
dence that the war Is fiercer than ever.
It sounds absurd to talk Of cutting
$2.75 for stove coal In New York. but
this has been done, and II looks as
AI~s, I