The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-03-12

With reference to the condition OF
the anthracite coal market the March
letter of the Anthracite Coal opera
tors association says
Throughout the month of February
the market was inactive and showed
no improvement over the preceding
month, excepting that prices were
firmer. The over-production in jan
uary and February and consequent
heavy stocks on hand, acted to
strengthen buyers in their determina-
tion not to purchase more than enough
for their current requirements, and
these were small.
March has opened without any i'm
provement in the demand, though
prices are firmer. There is consider
able quantity of coal going forward
on earlier orders and some extensions
of these have been made, though how
long this will continue is a matter of
doubt. a strong effort is being made
to maintain the circular and unless the
amount of coal coming to market dur
ing the month proves greater than the
consumption warrants, the present
prices will stand.
There is some talk of naming a
ent one, but this is opposed by many,
who consider the price current as suf-
ficiently low to be held until the ad-
vance summer circular appears. So
far as can be seen, it is probable that.
if the production does not overstock
the market, there will be no change
and it is open to doubt whether, in such
event, any spring concessions from the
circular will be granted.
THE JANUARY MINING.
"It was hoped that the quantity of
coal mined in January would be suf-
ficiently within the market require
ments to permit of a material reduc-
tion in the tide and interior stocks.
There were many reasons why this was
expected, and for believing that the
various mining companies, in view of
the disastrous effects of er-produc-
ton toward the close of last year, fully
recognized the urgent need of keeping
their production well within the con-
sumption.
"The months requirements were es-
timated at about 2,250,000 tons, a con-
servative figure-but the amount mined
was over 100000 tons, or nearly $780,
900 tons in excess of the estimate. II
is true that nearly all of this coal was
marketed, since stocks did not increase
but the large production was serious
disappointment to those who believed
that a really consistent effort was go-
ing to be made to keep the output
within the demand.
During the early part of January a
new circular was announced, as fol.
l lows:
Net. (. o. b.
~Stove NEUTRALITY-SUSPICIOUS.. $500
Egg and chestnut. 3.75
Broken Observation-Disclosures. $50
Five cents less at Perth Amboy.
This was adhered to with a little
more than the usual 'frmness' showr
in such cases, but when Februar,
opened, buyers knew that there was
a surplus of coal on tie market, anC
did not display undue eagerness to re-
lieve the sellers of their stocks, ever
though there was a charce of secur,
ing some coal through the extension Of
previous orders. The feeling amonE
the buyers has been, and is, one OF
distrust. Their experience in the pas
leads them to believe that it is only 6
kstion of time before the market Is
gain broken and lower prices will
Irule.
NO FAITH IN IT
They have no faith in the an,
nounced intention of any company tha
there will not be an excess of Goa
mined nor a decline in price, and il
this they are justified by the RECORD
of the past. Whether they are righ
or wrong, the coming months will tell
The situation Is in the hands of tn,
sellers. They have failed to observ,
cue judgment during the first montl
or the year. The results of minin.
during the second month, 2,700, 900 tons
shows the same thing, and the esti
mate of 100000 for March is unuues
tlonably greater than the demand war
rants, and will not allow any materia
change for the better.
1T is difficult to understand why tn,
sellers are unwilling, or afraid, to taxi
sufficiently radical and earnest meas
uTes to further strengthen the market
when the only way in which it can b,
done is well known to them. There il
no doubt but that had operations fo
March been started on a basis of Q.
100000 tons, the market would have fel
the influence of the smaller supply
and the stocks. which are considere,
by the dealers as a safeguard agains
a higher price, would have been ma
terially reduced.
Such a small output would bav
been radical but it's effect would hav,
heen beneficial, and lasting Instead
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