i STEAM COAL - Clpdigital.org
i STEAM COAL - Clpdigital.org
i STEAM COAL - Clpdigital.org
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36 THE <strong>COAL</strong> TRADE BULLETIN.<br />
THE PULSE OF THE MARKETS.<br />
.......<br />
The continuance of extremely severe winter<br />
weather accompanied in many sections by violent<br />
storms has served to cause great disturbance in<br />
the coal market. In the West and Southwest<br />
there have been coal famines at many points,<br />
owing to surplus stocks being wiped out before<br />
they could be reinforced. The demand became<br />
very active at Chicago and St. Louis but no suffering<br />
was occasioned at either place owing to<br />
very large stocks on hands and rather better transportation<br />
facilities than were enjoyed elsewhere.<br />
At Kansas City, however, and at many points in<br />
Missouri, Kansas, Iowa and Nebraska the domestic<br />
demand could not be satisfied. The same conditions<br />
prevailed throughout the Northwest, continuing<br />
for a week or ten days. Considerable<br />
activity is reported from the South to which the<br />
cold weather extended. Some mines were unable<br />
to operate but the supply has been fairly equal to<br />
the demand. In the West Virginia field the old<br />
drawbacks, inefficient car supply and transportation<br />
facilities, intensified by weather conditions,<br />
have acted as a check on production and there has<br />
been a curtailment of output. Trade at Cleveland<br />
and in the lower lake region has been stimulated<br />
slightly by the cold weather but the reserve<br />
stocks have been found fully equal to the increased<br />
demand. A marked decrease in the demand<br />
for steam sizes is noted. Famine conditions<br />
were threatened for several days in the<br />
Pittsburgh district owing to the local rivers being<br />
closed by ice. The railroads were also hampered<br />
by the weather and as a result of the combined<br />
influences a number of mines were idle for varying<br />
periods. There is no change in the price quotations,<br />
the basis remaining at $1.05 for run-of<br />
mine.<br />
The coke market is easy under a somewhat better<br />
car suppply and continued heavy production.<br />
The output has about reached the limit and is<br />
some 25,000 tons per week beyond the haulage<br />
capacity of the railroads. The upper and lower<br />
Connellsville fields combined are shipping from<br />
275,000 to 300,000 tons per week. Foundry coke<br />
is very scarce as a result of the curtailment of its<br />
production due to the attractive prices obtainable<br />
for furnace coke. The quotations range from<br />
$3.00 to $3.50. Spot furnace is quoted at $2.60<br />
to $2.65 and for future delivery at $2.30 to $2.35.<br />
The Eastern seaboard bituminous trade is practically<br />
at a standstill on account of the further<br />
drawbacks from which the railroads have been<br />
suffering. Supplies are being rapidly exhausted<br />
and dealers in many instances are barely able to<br />
take care of their contracts. The market is a<br />
speculative one, dependent upon the daily needs<br />
of customers, and until weather conditions change<br />
there is no likelihood of relief. Trade in the far<br />
East is demanding a considerable amount of coal,<br />
but vessels are practically unavailable for Eastern<br />
shipments. The same is true of coastwise<br />
trade. Such vessels as are in the ice in Delaware<br />
or Chesapeake bay, are reported practically helpless.<br />
Norfolk and Newport News shipments are<br />
being delayed on account of slow transportation<br />
over their feeding roads. Little coal is available<br />
in New York harbor. Embargoes are placed on<br />
shipments to one or two of the New l ork harbor<br />
points. Port Reading being entirely, and others<br />
partially closed. Trade along the sound is further<br />
embarrassed by the inability to obtain proper<br />
handling at terminal points. Where the demand<br />
is sharp and the supply restricted advances in<br />
price are noted. Throughout the entire East<br />
transportation is slow and the car supply is only<br />
about one-fourth of what is required.<br />
' Conditions similar to those prevailing in the<br />
bituminous trade are governing the anthracite<br />
market. The Western demand has been increased<br />
largely, particularly at Chicago where it has<br />
eclipsed the increased call for soft coal. In the<br />
East, lack of railroad and delivery facilities are<br />
giving dealers much anxiety. The railroads have<br />
been getting considerable shipments to tidewater<br />
in a rather spasmodic way, as weather conditions<br />
permitted, but to ferry the coal across to Manhattan<br />
or Long Island, or to ship it towards the<br />
sound ports is where the difficulty lies. Trips up<br />
the sound are taking more than twice their customary<br />
time. Similar difficulties are encountered at<br />
Philadelphia, Boston and Baltimore. Street traffic<br />
conditions are also very bad, and stocks in the<br />
cellars are being so heavily drawn upon that a<br />
brisk trade may be expected as soon as deliveries<br />
are facilitated.<br />
Hull, Blyth & Co., of London and Cardiff, report<br />
the tone of the British coal market somewhat<br />
easier for best qualities. Quotations are as<br />
follows: Best Welsh steam coal, $3.66; seconds.<br />
$3.48; thirds. $3.4*2; dry coals, $3.36; best Monmouthshire,<br />
$3.30; seconds. $3.12; best small steam<br />
coal, $2.40; seconds. $2.16; other sorts, $1.92.