COAL - Clpdigital.org

THE PULSE OF
The general coal market is slowly settling into
a midsummer condition. It is dull in spots but
the situation, on the whole, must be regarded as
satisfactory. The western bituminous trade is
still practically lifeless, but there is a strong prospect
of activity after July 1, when the Illinois shotfirers'
law becomes effective. Should the mines
be closed, as now seems probable, the over-supply
of Illinois coal will soon be disposed of and already
there are rumors that a rise in price of 10
cents per ton is contemplated. It is a question
whether or not this can be made effective as a
suspension of operations in Illinois is almost certain
to be followed by an increase in production
in other western states. Should the suspension
continue until fall, however, it would doubtless
have considerable beneficial effect on the entire
western market. Conditions in the southwest
are unchanged. Retail trade is good, but the
market taken as a whole is sluggish. Trade is
less brisk in the Mississippi valley owing to curtailed
demand and over-supply. In the industrial
section of the south production is still being
pushed to the limit. The action of the mine
workers in and subsequent to their convention had
practically no effect on the situation and certainly
none that would make it less strong. An agreement
was reached with the commercial operators
while no notice was taken by the iron producing
companies. In the West Virginia field production
is being maintained in accordance with the
volume of trade and transportation facilities and
shows no new features. An improvement is noted
in the conditions in Ohio and Indiana and while
no actual changes have been announced some
large contracts have been closed and a tendency
toward firmness is shown. A heavier movement
is being made in lake coal but there is still abundant
room for improvement. There has been some
fairly neavy buying at current prices, but steam
coal continues very weak. The Pittsburgh field
remains active, the river operators being again
favored with a stage of water which permitted
them to ship their accumulated supplies south.
This shipment, which continued from June 21 to
24 was the largest for that month in recent years
and totalled nearly 15,000,000 bushels. A corresponding
return of empty craft was made, renewing
the bright outlook for the remainder of the
summer. Lake shipments continue heavy and
rail trade generally is good. Price quotations
remain unchanged at 95c. to $1.00 for run-ofmine,
f. o. b. mines.
THE MARKETS.
II
There are signs of the consumers and producers
of coke getting together on last half business and
a tendency toward better prices is already noticeable.
The curtailment of production will not be
so great as was expected and while there has been
much talk about the falling off of both production
and shipments, the changes in the figures are
comparatively small. An element of strength has
been given to the market by the refusal of the
Frick company to sell to the general trade. Its
surplus product will, as heretofore, be stored until
needed. No. 1 spot furnace coke is worth $1.90
to $2.00, with 20 cents advance for third quarter
delivery and an additional 20 cents for last quarter
delivery. Foundry coke is quoted at $2.35 to
$2.50, but strictly high grade foundry commands
a much higher figure.
The eastern bituminous trade is in good condition,
considering the season, with movements
steady and demand fair. Some contracts are
being made and the situation on the whole is satisfactory.
The usual midsummer dullness is expected,
but the indications are against its immediate
occurrence. Trade along the sound is showing
an inclination to increase, its interests veering
from anthracite to bituminous as the season advances,
and the increase in schedule prices on
anthracite comes into play. Trade in New York
harbor is fairly strong. All-rail trade is going
forward in a quiet way, remaining firm. Transportation
from mines to tide continues excellent,
the old schedules of time between various mines
and tidewater shipping ports being regularly improved
upon. Car supply is up to demand.
The anthracite market is quiet but stable, with
the exception of steam sizes which are in small
demand. No advantage of present rates is being
taken and an active increase in the demand is not
expected for some time to come. Conditions are
better east than west.
Hull, Blyth & Co., of London and Cardiff, report
the market unchanged with quotations as follows:
Best Welsh steam coal, $3.36; seconds, $3.18;
thirds, $3.06; dry coals. $3.00; best Monmouthshire,
$3.00; seconds, $2.94; best small steam coal,
$2.40; seconds, $2.28; other sorts, $1.92.
The fifth annual convention of the Northwestern
Retail Coal Dealers' Association was held at Duluth.
Minn., June 27. 28 and 29.