The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-05-07

amounting to millions of dollars; an in
crease in obligations; depreciation of
their securities and, that last resort,
the consideration of plans for refund
ing" The harm that has been wrought
is of their own making, and, though
warned of the inevitable consequences
of their actions, they deliberately
pushed forward until the very edge Of
disaster was reached.
ITO say that the companies did not
recognize the danger before them would
be untrue. They well knew the ulti-
mate result. but any one of them was
afraid to take a determined stand for
fear that some OF the others might take
advantage of it's efforts and profit tenn
porarily, where it lost. When, through
an understanding of any kind, an ef-
fort was made 70 improve the trade.
each interest continued its ruinous
methods, knowing full well that none
Of the others could be expected to oct
in accordance with the understanding
arrived at There was an entire, and
fully justified, lack of faith in any
promise that one company made to an
other.
CRISIS HAD TO BE MET.
THE crisis came and had to be met.
one company was sold Snd reorganized
by strong hands; another came under
the same control and is to be refund
ed" still others were compelled to ad-
NIT that they had been paying un-
earned dividends and announced small
er ones for the coming year. In order
to pay these dividends and to make
the reOrganizatiOns a success, there
was but one thing that could be done
and that, for all Of the interests to act
in harmony in supplying the market
with only so much coal as it required
and by so doing to maintain the selling
price at a figure sufficient to pay the
freight charges and still leave enough
to cover the costs of producing the
coal"
I beginning in February last, the var
| iOus companies began making earnest
efforts in this direction. The market
| requirements We're estimated at $780,.
| 00G tons, and the shipments did not
| exceed this amount. The same rate o
| consumption was estimated for MarCl
and April and not exceeded materially
in the shipments. During May tbs
| same rate of mining Will be continued
| Contrary to the usual custom of nam
ing a circular price for spring trade
| below that current in the first par
of the year, the various interests recog
nized that the January circular, th'
same as that of July, 1896, was alread!
! sufficiently low, and decided to retain
1t. Further, it is generally admitted
| by those interests which issue n tide
water circular of prices for their coal
that in June or July the usual advance
Will be made for Fall business.
PRICE ADVANCED.
"The result has been that the Wild
difference between the circular and ac
tual selling price that appeare,
throughout 1896 has been gradually re
duced, the selling price advancing
Fewer sales have been made at presen
prices for delivery months hence, ant
| complaints of one or another interes
making concessions in price have beel
comparatively rare. 1t has been, ant
| is now, no easy matter for these an
thracite carrying and mining interest
to keep their tonnage within the mar
ket requirements. Even now, working
only half time, several of them ar
compelled to store a large part of thei
output, and that they are doing thi
and at the same time maintaining tn
price shows how keenly alive the
have become to the necessities of tn
situation, and their earnest determine
tion to try to again place the industr
on a profitable footing"
With reference to the condition of tn
market the letter says:
During the past month there ha
been a most gratifying improvement
in the market for anthracite Goa
While buying has been extremely SLOW
the price has been, and is being, hel
strong. Since the first of the mont
the average on tidewater sales ha
been nearer to the net circular tina
at any time within three years. Con
sumers have been holding back, expect
ing some break, but in this they hav
been disappointed. 1t is evident tina
the sales-agents are determined I
maintain the price, and there is n
doubt but that if any circular is issue
in May or June, it will be at an ad
vance.
A GRADUAL REVIVAL
"The strong condition of the marlSe
presages well for the remainder of tn
year. There is already a gradual rev
val among the industries, and if TIL
continues, as it is likely to unless som
unforeseen disaster occurs, the fall an
winter months will show marked actiy
ity. This will, both directly and in
directly, enlarge the market for ar
thracite. If the output for the entiI
year is 0,000 900 tons, which would t
less than at any time since 1890 the
the 12,5000O0 tons mined in the firs
five months would leave 27,500,00O tor
for the remaining seven months, {
nearly 100000 tons per month"