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38 THE COAL TRADE BULLETIN.
COAL TRAFFIC FOR THE WABASH.
Considerable attention has been attracted to the
statement made by President Ramsey of the Wabash
Railroad Co. in his advertised call for proxies
for the coming election, that of the cost of the
extensive improvement work done on the Wabash
system in the last ten years "at least twelve millions
of dollars was paid out of net earnings."
It is generally believed that the Wabash debenture
"B" bondholders who are working to obtain some
distribution of net profits on their securities will
be able to utilize with considerable effect this
statement of Mr. Ramsey, either in their suit at
law, or in any negotiations that may be made with
the management directly to secure a satisfactory
adjustment of their claims. Mr. Ramsey's statement
tends to confirm the views of those investors
in Wabash who have for a long time contended
that the real earning power of the company was
equal, not only to the payment of full interest on
the debentures "A" and "B" bonds and the 7 per
cent, requirements for the preferred stock, but a
dividend on the common stock.
As bearing upon the future prospects of Wabash
the condition of the coal companies owned by its
Western Maryland connection becomes important.
The Gould interests control the Western Maryland
Railroad Co.. which in turn owns the stock of the
West Virginia Central & Pittsburgh Railroad, and
the last mentioned company controls the Davis
Coal & Coke Co. The Davis Coal & Coke Co.
controls, according to the latest estimates. 50,000
acres of steaming and coking coal, and nearly
700 coke ovens, as well as 107,095 acres of coal,
iron and timber lands owned and 1.764 acres
leased. Its property lies on the waters of the
Potomac river, draining into the Chesapeake bay,
and is traversed by the West Virginia railway the
entire length of the field. When the property
was reported upon to the Gould syndicate two
years ago. F. S. Landstreet said in an expert report:
"The company is now producing about 2,-
000,000 tons of coke and coal, and its production
is only limited by transportation facilities. We
have estimated that on completion of lines to tidewater
at Baltimore the tonnage can be increased
to 4,000,000 tons annually within three years. The
principal market for this coal and coke are on
the Atlantic seaboard and at interior manufacturing
centers of the east. A large tonnage can
be marketed west, were transportation facilities
provided."
Freight rates on coal from Norfolk in coasting
schooners have been advanced to 80 cents per ton
if to Boston or vicinity and 70 cents per ton if
to Providence. The rate from Norfolk has been
55 cents per ton.
THE ANTHRACITE LABOR DISCUSSION.
The convention of the anthracite miners to
determine their propositions for working condi­
tions after expiration of the anthracite commission
award. April 1, will take place at Shamokin.
December 14. President Mitchell's speech-making
campaign through the hard coal fields continued
till recently. i^e has declared that his
proposals for improved conditions are not to be
taken as an ultimatum. Representatives of the
operators assert they will not entertain the 8-hour
proposition.
A Scranton operator, after meeting President
Baer of the Reading recently, said: "An S-hour
day would be equivalent to a 12 per cent, increase
in the miners' wages. If we granted that it
would be necessary for us to raise the price of
coal, and the public would not stand for that. We
are willing, however, to readopt the present agreement
with the miners, perhaps with some modifications
that can be mutually decided upon. President
Baer said that nothing would be done until
the miners finally formulate their demands at
the Shamokin convention and present them to us
for our decision. The operators will not entertain
the 8-hour day proposition, that is a certainty."
President Mitchell, addressing a mass meeting
at Lykens September 20, said: "I am opposed to
the issuance of an ultimatum until every reasonable
effort has been made to reach an agreement
and to adjust relations by conference, conciliation,
or other honorable and peaceful means. It
is true that I have presented the conditions upon
which I believe a permanent peace to be possible.
I have said that in my judgment, permanent industrial
tranquility could not be maintained until
the union is recognized as a contracting party with
the employers and until an 8-hour work day is
established in these fields. I shall continue to
advocate their adoption so long as I am connected
with the United Mine Workers of America."
Purchase of Docks at Sheboygan, Wis.
The Goodrich Transportation Co., Buffalo, N. Y.,
has taken over the Ewer docks and warenouses
at Sheboygan, Wis., owned until recently by the
Taylor estate ana leased to E. P. Ewer, who represented
the steamboat company and was reimbursed
on a tonnage basis. The company worked
under such an agreement with Mr. Ewer for the
last 3u years. George P. Sullivan, for many
years identified with the Northwestern road, and
for the last three years head of tne traffic department
of the C. Reiss Coal Co.. controlled by the
Pittsburgh Coal Co., has been appointed agent to
succeed Mr. Ewer.