COAL - Clpdigital.org

THE COAL TRADE BULLETIN. 39
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THE PULSE OF THE MARKETS.
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There has been a widespread general improvement
in the coal market within the past fortnight
and the trade, with the exception of some few
points dominated by peculiar local conditions,
may be regarded as being on a satisfactory basis,
with every prospect of an even more marked improvement
during September. With the exception
of West Virginia, from which a serious car
shortage is already reported, transportation conditions
are still good. There is a general tendency
toward a stiffening of prices. Thus far this
has scarcely gone beyond a closer adherence to
card rates which were disregarded during the dull
season, but distinct advances are not far off.
Advices from all sources are to the effect that
surplus stocks are running very low and that
the present coal movement is just about up to
the demand, which is considerably heavier than at
this time last year. Any considerable increase
over the present demand, such as is certain to
come at the first sign of cold weather, will undoubtedly
contract the present free car supply.
If to this is coupled weather conditions affecting
motive power or train movements, and the splendid
weather conditions which prevailed last year
until late in the fall are not likely to obtain for
two years in succession, there is no question but
that there would be a hard pinch. Unless advantage
is taken of the good conditions now prevailing
a midwinter congestion and shortage, more
serious and widespread than that of last year is
inevitable. That consumers are breaking away
to a certain extent from the hesitation and dilatoriness
that has characterized coal buying in the
past is becoming more and more evident. The
sharp lessons of experience are sinking in and
the same foresight that is applied to other factors
in business is being utilized in the matter
of fuel supply. The uncertainty of the coming
year in the coal trade is also being considered.
Altogether the outlook for the fall is all that
could be desired, but the results will depend
largely on the promptness and wisdom of consumers.
The western market is still dun owing
to over-supply of Illinois and Indiana coals. At
Chicago, eastern coals are in better demand with
prices steady. Lake coal is moving more freely
with carriage rates stationary. Three-quarter
lake coal is holding steady at $1.90 f. o. b. Lake
Erie docks. The situation in the southwest is
practically unchanged, the market remaining dull
and featureless. The extreme southern market
is still dead as a result of the prevalence of yellow
fever. In the industrial section of the south re­
newed efforts to increase production are being
made with only moderate success on account of
the continuance of labor troubles. Otherwise
conditions are unchanged. Car shortage is hampering
production in the West Virginia field which
otherwise is in good condition. Continued improvement
is shown in the Pittsburgh field with
the market steadily taking on a firmer tone. Runof-mine
is quoted at the standard price of $1.00 to
$1.05, f. o. b. mines.
A considerable increase in both the demand for
and the production of coke is noted. But little
last quarter coke is being contracted for, holders
being inclined to wait for better prices which
seem imminent. In some quarters the opinion
prevails that a very sharp and decided advance
may be expected in the price of Connellsville furnace.
Foundry coke is holding firm at $2.35 to
$2.50.
Continued improvement is shown in the eastern
soft coal market and dealers are much encouraged.
There are reports of car shortage, attributed to
western crop movements, but coal is moving with
a fair degree of freedom. Vessel tonnage is below
requirements at most ports, so that some consumers,
who are pressing for shipment, do not
obtain the tonnage that they need; this, however,
is thought to be a temporary condition. Trade in
the far east is taking on a considerable quantity.
especially from the most southern parts, contract
shippers seeming to be busier than those in the
transient trade. Trade along the sound shows a
variable condition, with orders coming in irregularly,
but on the whole, a fair tonnage is going
forward. New York harbor trade is quiet. Allrail
trade continues strong and active, any slight
diminution in volume at one point being compensated
by increases in others. Car supply has not
been over-abundant, although those who take
prompt care of their arrivals at tidewater usually
can obtain their full needs if they are insistent.
Transportation has been slow. Coastwise vessel
trade shows that boats have been in short supply,
although they are at present arriving in sufficient
numbers to care for urgent requirements.
The hard coal market as yet shows no decided
improvement. In view of the approaching rise
to normal winter prices, line trade is showing
some briskness, but deliveries at tidewater show
none. Most of the mines have been operating