COAL - Clpdigital.org

Cause of Accident, £ § 0 £
&* 02 r% H
Falling slate 13 38 25 76
Falling coal 15 20 35
Smoke explosion 1 2 . . 3
Powder explosions 3 5 .. 8
Delayed shots 5 3 .. 8
Premature shots 5 . . 5
Blown out shots 1 . . 1
Misplaced shots 1 .. 1
Mine cages 9 4 13
Kicked by mule 2 4 6
Mine cars 6 39 20 65
Falling down shaft 4 1 .. 5
Mining machines 3 2 5
Railroad cars 1 1 2
Electric shock 1 1 .. 2
Miscellaneous . . 6 6
Dust explosions 3 . . 3
Fell off scaffold 1 . . 1
Coal falling down shaft 2 .. 2
Total 34 132 SI 247
Regarding accidents to mine property the re­
port says:
Considering the increased number of new mines
in operation during the past year, the financial
loss from accidents to mine property for that
period was comparatively small. The most serious
accident occurring, and one that entailed
the greatest financial loss, was the destruction of
the entire surface plant of the Coal Bluff Mining
Co.'s Glen No. 2 mine, in the early part of November,
by fire. The loss of buildings, ropes, cages,
screens, scales and repairs on machinery, boilers,
etc., from the accident will probably amount to
$10,000.
The excessive heavy rainfall during the latter
part of the winter and early spring flooded a number
of mines in different parts of the state. Considering
the time the mines were idle while the
water was being pumped out, the repairs, etc.,
necessary to put them in shape for operation, the
damage suffered from this was probably greater
than from any other cause during the year.
It is announced that an effort is being made to
bring the mines along the Bessemer & Lake Erie
railroad into a combination, the movement being
headed by H. K. Wick, of Youngstown, O. The
mines on which options are being taken are in
Mercer and Butler counties, between Grove City
and Butler. The mines of the Great Lakes Coal
Co., which opened practically all on the Western
Allegheny branch of the Bessemer are not included
in the deal.
THE COAL TRADE BULLETIN. 31
THE HALF YEAR'S OPERATION
OF THE PITTSBURGH COAL CO.
A report of the operation of the Pittsburgh Coal
Co., during the first half of 1905, was submitted
by President Francis L. Robbins, at the regular
meeting of the board on August 1. The report,
which was approved by the board and subsequently
snbmitted to the stockholders, deals not only with
the situation that confronted the board when the
decision was reached to pass the last quarterly
dividend, but also gives statements of the earnings
of the company for the half-year, with a comparative
statement of earnings and tonnage for 1904
and 1905, covering the half-year. To this is appended
a statement of the company's quick assets,
;is at June 30. 1905, showing net quick assets of
$3,259,692.58. These statements include the Pittsburgh
coal Co., and all its subsidiary companies.
except the Monongahela River Coal & Coke Co.
The statement frankly reflects the situation in
the coal trade in regard to the cut in price for the
bituminous product. It points out also the selfevident
fact that the market is far better in the
late summer and fall than in the earlier part of
the year by reason of the buying for winter use.
Following is the report for the half-year:
To the Stockholders—By order of the board of
directors at its regular meeting held this day,
I herewith submit the following statement which
shows earnings and tonnage for six, montHs'
operations, ending June 30. 1905, and quick assets
as of the latter date.
The business of your company suffered considerably
during the early months of this year
on account of unprecedented competition in the
bituminous trade in which your officers had to meet
very low prices made by competitors locally and
in adjoining fields in order to retain the business
that may properly be considered as belonging to
the mines of the company. These low prices
resulted in decreased earnings, so that your
directors felt constrained to defer payment of dividend
on the preferred stock for the second
quarter of the year.
These conditions were carefully considered and
it was hoped that recovery was near at hand, and
that the earnings for the full half year would
meet the dividend requirements for that period.
These exceptions were not realized, and, while an
improvement in the situation is noticeable, the
progress toward better prices and more satisfactory
earnings has been slower than was anticipated.
In the history of the company the earnings for the
second half of the year have always considerably
exceeded those of the first half, and there is no
reason to expect that this year will be an exception.
It is recognized that an increased working capital
is desirable, and your directors deemed it, therefore,
inadvisable to draw upon the accumulation