COAL - Clpdigital.org

THE COAL TRADE BULLETIN. 3§
THE PULSE OF THE MARKETS.
While the condition of the general coal market
may be properly described as dull, it is in no
sense abnormally so. Seasonable demand prevails
everywhere except in the case of local disturbing
factors and the market, on the whole, is
in as good shape as could be expected.
The feature of the situation in the western coal
trade has been the increase in sales and advance
in price of Illinois coals, due to the crisis over
the wage contract and the fear of both the trade
and the public that the mines of that state might
be closed for an indefinite time. In this uncertainty,
manufacturers who usually buy their coal
in the open market have been trying to protect
themselves by buying as much coal as possible
and storing it. To a less extent, this tendency
has obtained with dealers also, and the consequence
is that prices have advanced 10c. to 30c.
on all grades of western. The situation in Illinois
has had little or no effect on eastern coals.
Sales are about normal and there is nothing to
warrant extra heavy shipments. Prices continue
steady. The movement up the lakes has been
fairly strong, with a tendency on the part of the
shippers to increase the volume. The market
has been strengthened somewhat, but prices have
not changed, lake three-quarter being quoted at
$1.90 f. o. b. boats at Lake Erie ports. The rates
of carriage also remain steady. The increased
movement is offset by the larger loads which the
boats are able to carry- The rates are therefore
30c. to the head of the lakes and 40c. fd Milwaukee.
The southwestern market is very dull, the demand
being light and consumers overstocked. Prices
have been cut in numerous instances and the general
conditions throughout this territory are about
the worst to be found. In the south there is still
a healthy production which is being increased as
rapidly as is practicable. There his been a falling
off in the West Virginia production as a result
of the somewhat light lake trade. In the Pittsburgh
district, the heavy lake shipments have
brought about a car shortage which is causing considerable
trouble. The river operators have had
the benefit of another light shipping stage on
which about 3,000,000 bushels of coal were sent
south. Barring the lack of transportation facilities
conditions in the district are very satisfactory.
Run-of-mine is quoted at 95 cents to $1.05, f. o. b.
mine.
Midsummer conditions prevail in the coke market
and buying is very light. Some contracts for
deliveries through the third quarter have been
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made but practically nothing is being done in last
quarter business. There are numerous indications,
however, that the market is at its lowest
ebb and that there will be a sharp revival of demand
in the very near future. Spot furnace is
worth $1.80 to $1.90. Some sales of third quarter
furnace at $2.00 and last quarter at $2.20 are reported
but they are not numerous. Foundry coke
is quoted at $2.50 to $2.60.
The eastern bituminous market is quiet, and it
is thought that most producers have curtailed production
at the mines to meet this exigency, as
there seems to be no accumulation at any of the
loading or discharging ports, although the shippers
have to press consumers for orders to dispose
of coal arriving at tide. Trade in the far
east is slow, and there seems to be more disposition
this year than last to postpone shipments
until later in the year. Trade along the sound is
still taking a fair amount of coal, but is gradually
falling off. The New Haven railroad will resume
its all-rail shipments via Port Morris shortly, and
this road has installed better facilities for discharging
at some of its tidewater receiving ports,
improving the situation in that respect. New
York harbor trade is quiet, and all that can be
said of it is that it is taking care of about all the
coal that is arriving, which has been slightly reduced
in volume. All-rail trade seems to be unchanged.
The conditions in the anthracite coal trade are
unchanged. Orders for egg, stove and chestnut
continue to be received by the leading companies.
Steam sizes are not in active demand. The hard
coal market as a whole is absolutely without features,
the volume of the trade being natural and
the movement mechanical.
Hull, Blyth & Co., of London and Cardiff, report
that the market still maintains a slightly stronger
tone for prompt and early shipment, but that more
distant dates are not so certain. Quotations are
as follows: Best Welsh steam coal, $3.36; seconds,
$3.18; thirds. $3.06; dry coals. $3.00; best
Monmouthshire. $3.00; seconds, $2.94; best small
steam coal, $2.28; seconds, $2.16; other sorts. $1.92.
Denver, Colo., will still be the headquarters for
the Western federation of miners, and the next
convention will be held in that city.