COAL - Clpdigital.org
COAL - Clpdigital.org
COAL - Clpdigital.org
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THE <strong>COAL</strong> TRADE BULLETIN. 39<br />
THE PULSE OF THE MARKETS.<br />
The bituminous market is decidedly bullish.<br />
Buyers have tardily grasped the situation which<br />
indicates a shortage through the winter partly<br />
due to car shortage with some chance of its continuing<br />
well into the spring. Prices are going<br />
up almost from day to day and the limit is far<br />
from having been reached. The spurt in coke<br />
prices was the harbinger of this upward movement<br />
in coal prices. The anthracite market is<br />
firm and prices to the consumer are going up in<br />
almost all sections. Despite car shortage there<br />
is a tremendous activity at mines in the Pittsburgh<br />
and adjacent fields. Jobbers are extremely<br />
busy in meeting requirements of customers and<br />
the trade is generally lively. It is a condition<br />
which should have started at least two months ago.<br />
The steel corporation has secured the coke output<br />
of the W. J. Rainey interests for the first six<br />
months of the new year, greatly curtailing the<br />
supply of strictly Connellsville coke in that period.<br />
This deal has naturally been a factor in further<br />
putting up coke prices. On a recent rise of the<br />
rivers about 7,000,000 bushels of Pittsburgh field<br />
coal was started south. Anthracite production in<br />
October will probably show something in excess<br />
of 5,000,000 tons, indicating no special rush to<br />
get the product out. The closer relationship of<br />
these interests and the broadening of single interests<br />
in ownership will mean a more effectual<br />
handling of any situation which may arise. Pittsburgh<br />
mine-run product is selling at from $1.20<br />
to $1.30 the ton at the mines with three-quarter<br />
and lVi-inch screened the usual differential higher.<br />
An excessive demand for slack makes it impossible<br />
to name a price which will hold over 24 hours.<br />
This market is running wild. Shippers of coal<br />
by lake are now busily engaged in sending material<br />
forward on their contracts, and are not<br />
looking for new orders. The price has been<br />
marked up. but deliveries are not assured. The<br />
market is now represented by a quotation of $2.05<br />
f. o. b. boats at Lake Erie ports.<br />
Coke shipments have been increasing through<br />
a better car supply and heavier demand on all<br />
sides for spot coke and through the rush of specifications<br />
on old contracts. Connellsville shipments<br />
are now nearly approaching 270,000 tons<br />
the week and those from the Masontown field<br />
nearly 70,000 tons. Connellsville furnace coke<br />
on contracts for the first half of the new year is<br />
selling at $3 the ton and upward with spot coke<br />
higher. Foundry coke is $3.50 and upward.<br />
The eastern seaboard bituminous trade is strong.<br />
..................<br />
demand exceeding the supply. Shortage of cars<br />
contributes to this condition, as well as the near<br />
approach of the time when many tidewater ports<br />
will be ice-bound. Many large producers are<br />
trying to escape orders for immediate delivery.<br />
and their present output is quickly absorbed by<br />
the consumers. Trade in the far east is making<br />
strong demands for coal, especially at those of the<br />
ports which are earliest ice-bound. Freight limitations<br />
seem to be practically removed, a condition<br />
made necessary by the lack of light draft vessels.<br />
The entire demand from this territory cannot be<br />
supplied and producers are confining themselves<br />
to shipments to the most needy. The Sound is<br />
calling for more dhan can be provided. They are<br />
trying to fulfil their monthly proportion of this<br />
business, but are believed to be falling behind<br />
slightly. Vessels to this territory are scarce and<br />
in demand. New York harbor quickly absorbs<br />
all the coal that arrives, but producers are giving<br />
more attention to contracts than to current business.<br />
Spot coal of good grade sells for $2.60@<br />
$2.70 f. o. b. New York harbor shipping points,<br />
while a little better grade brings $2.90@$2.95.<br />
All-rail trade is ordering increased shipments, but<br />
producers ship only their regular proportion this<br />
way, trying to get as much as possible to tide.<br />
Vessels in the coastwise market are in a little<br />
better supply, though light ones are scarce. Current<br />
rates on the larger boats from Philadelphia<br />
are: To Boston, Salem and Portland. 80c; to<br />
Lynn, Newburyport, Gardner and Bangor, $1 ; to<br />
the Sound. 70@75c; to Portsmouth and Bath. 85c;<br />
New York harbor vessels charge 55@60c to around<br />
the capes.<br />
The anthracite market shows a wide-spread<br />
improvement. The East is hurrying to lay in<br />
stocks before ice closes its tidewater points, and<br />
the west to supply itself before traffic is impeded<br />
by bad weather. Shortage of cars is affecting deliveries<br />
in both directions, and if the present conditions<br />
continue, as they must almost inevitably,<br />
an advance in price of hard coal for immediate<br />
delivery, over the circular rates, may be confidently<br />
anticipated. Demand for the steam sizes<br />
continues strong. Prices remain at the old level:<br />
$4.75 for broken and $5 for domestic sizes. Steam<br />
sizes: $3 for pea: $2.25(5)2.50 for buckwheat:<br />
$1.45(S)$1.50 for rice and $1.30@$1.35 for barley,<br />
f. o. b. New York harbor shipping points. The<br />
western anthracite trade is peculiarly sensitive to<br />
weather conditions. The present demand for<br />
anthracite is mainly for chestnut which in consequence<br />
thereof has grown scarce. Egg and stove
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