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THE COAL TRADE BULLETIN. 39
THE PULSE OF THE MARKETS.
There has been practically no change in the
general coal market during the last fortnight. In
the bituminous trade the western market is dull
on account of over-supply. The Chicago market
is still feeling the effect of the teamsters' strike
which appears to have settled into a contest in
which the most patient side will win. Lower lake
trade is showing a little improvement. The Pittsburgh
Coal Co. has made some good lake contracts
recently and other concerns have done the
same. There is every reason to believe that this
year's lake business will break all past records.
The market in the upper lake region continues
steady. In the south the heavy demand for coal
is still stimulating production. Every ton of coal
mined in the Tennessee-Alabama region is being
consumed as fast as it can be handled. Trade in
the lower Mississippi valley is good with supplies
fair. Water shipments are about over for the
present. No change is reported from the West
Virginia fields all of which are producing up to
the transportation capacity of the railroads. Much
complaint is being manifested in all the coal producing
sections of the state as a result of the failure
of the railroads to provide adequate shippingfacilities
and every practicable means is being exhausted
to force an improvement in the situation.
The smaller concerns are becoming clamorous,
though there is no evidence to show that they are
receiving any worse treatment than their larger
competitors. Charges of discrimination are being
freely made and in several cases legal action has
been begun to bring about a readjustment of the
distribution of cars. In the Illinois-Indiana fields
production has been still further curtailed owing
to the slack demand for their output. A further
curtailment is probable in the former state in view
of the difference of opinion between the miners
and their employers as to who shall bear the expense
that will be added to the cost of production
after the shot-firer law becomes effective. In the
Pittsburgh district, conditions are at high tide.
Every mine in the district is working to its utmost
capacity and no difficulty is experienced in
marketing the big product. With the assurance
that there are to be no serious labor disturbances
in the iron and steel trade and with a current demand
equal to its present production, the outlook
is extremely bright and predictions of an early
advance in prices have been made. The expected
June rise in the rivers materialized but it was
neither of sufficient extent nor duration to be of
much practical use. About 4,000,000 bushels of
coal were sent out but more than twice that
amount remains in the Pittsburgh harbor, shippers
wisely preferring not to take the risk of sending
it out. The only unsatisfactory feature of the
district situation is the inability to get empty
craft through the upper Ohio and into the pools.
Production has been heavy at the river mines and
a long-continued drought would result in closing
a number of them. Run-of-mine is firm at $1.00
to $1.05.
The coke situation continues dull. Consumers
are buying only for present needs and both production
and shipments have fallen off to some extent.
The Frick company has stopped work at
some of its smaller plants and many of the independent
plants are either idle or on half time. It
seems probable that buying for fall and winter delivery
will not begin before next month. Firstclass
furnace coke is quoted at $1.80 to $1.90 and
No. 1 foundry at $2.50 to $2.60.
The Atlantic seaboard soft-coal trade is in a
fair condition, as most of the producers are receiving
a sufficient number of orders to move all
the coal that they are mining. The large accumulations
at tidewater have been absorbed without
much effort and the same is true of the large
arrivals at various ports in the far east. A number
of contracts have been closed recently and
this class of business may be expected to continue
in constantly diminishing volume for the
rest of the month. Prices remain about the same.
Owing to the close scrutiny which the railroads
are keeping over the arrivals at tidewater points,
it seems improbable that such accumulations as
have been seen recently can occur again, as the
fear of an embargo, at the appearance of an undue
accumulation, acts as a check on those producers
who are inclined to overdo their shipping
capacity. Trade in the far east shows a fair demand
with a good normal quantity going forward.
Trade along the sound seems to be taking a little
more coal, as consumers, under pressure, are willing
to accept a few shipments. New York harbor
trade is not active, although it has absorbed a good
quantity of coal (luring the last week. All-rail
trade continues in good condition.
The anthracite trade is practically featureless.
While not as active as it. was during April and
May, it still shows rather more than the volume
of business usually expected at this time of the
year. Anthracite shipments during May were, in
round numbers, 6,005,000 tons, as compared with
5,278,041 tons in April, showing that the trade
as a whole did not take full advantage of the