The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-29
INDUSTRIAL TOPICS.

Philadelphia Press: There has been con-
siderable talk among the individual opera
tors in regard to closing up their mines,
one or two of them having done so and If
it We're not for the cost Of keeping the
mines clear of water and other necessary
fixed charges nearly all of them would
follow suit. 1t Is claimed by the individual
operators that the price at which coal Is
now sold does not pay them for the mining
of it; and Notwithstanding this there is no
disposition to make any advance. 1t is
hoped by a humber of these operators
that the price may be SO greatly reduced
that something will have to be done to
keep not only the coal operators but the
railroad companies FROM bankruptcy, and
the sooner the price gets so low that there
will be IA great loss to all concerned the
sooner it is thought relief will be had.
Holland" the New York correspond
ent, says: "A rapid computation of the
aggregate losses of the coal carrying
roads in the next year of probable war
fare puts 1t as high as $4,000, ,000-so high,
in fact, that with the exception of the
Pennsylvania it is believed that these
losses will make it impossible for any Of
these coal carrying roads to earn divi-
dends. The sentiment, however, is that
great as is the cost it is absolutely essen
way, otherwise the cost would ultimately
be still greater. Therefore it is not un-
likely that tomorrow or within the next
day or two one of Thu greatest battles Of
the coal carrying roads will have been be-
gun. The direct results of such con-
test upon the roads themselves have been
indicated. The indirect results II Is very
hard to estimate. The trouble comes at a
most unfortunate time. We were just be-
ginning to think that the Wall street ba-
rometer was indicating such revival of
confidence as would bring about renewed
investments and important business un-
dertakings. But with such a warfare as
is now deemed probable, one which it is
frankly admitted will compel some of the
sure dividend payers probably to pass
their dividends for the next year, the
market may receive such check as will
affect business itself and thus the hope
of returning prosperity be retarded"
The prospects for harmony in the an
thracite coal trade, which were given
something of q black eye by the refusal
of certain railroad presidents on Tuesday
to agree to the Reading railroads demand
for q per cent. of the total output re-
ceived another setback Thursday when
the sales agents of the big anthracite coal
carrying and producing companies held
conference in the rooms of the Pennsyl-
vania Coal company, in New York. 1t is
supposed that most of them went to the
meeting instructed by their presidents as
to the course they should pursue in the
matter of continued restrictions and the
general conduct of the business in the fu-
ture. The agents spent several hours in
conference without coming to any agree
ment and then adjourned without action,
to meet again at the same place on Tues
day next at II 80 a. m. The Reading rail-
road still adheres to its claim to u per
cent. of the output and the fact is grad
ually gaining recognition in the coal trade
that either this proposition must be peace
ably allowed to that company or the
coal roads are likely to become embroiled
in a war in which the solvent companies
Will suffer far more than the insolvent As
u move toward harmony President Fow-
Ter, of the New York, Ontario and West
ern railroad, has drawn up plan of set
tlement, which he has submitted to Presi-
dent Harris, of the Reading, although it
Is not acceptable to the presidents of the
important companies in New York. Mr..
Fowler proposes that up to 40, 100000 tons
the product shall be divided among the
eleven companies according to last years
percentages. out of the coal mined in
excess of this amount the Reading is to be
allowed enough to make up q per cent,
and the balance is to be divided among
the other companies by the award of ar
bitrators. An immediate advance in the
price is also an essential element of this
plan. Neither the Reading nor the ither
lines look upon this proposition with fa-
vor, and nothing Is expected from it.