i STEAM COAL - Clpdigital.org

THE COAL TRADE BULLETIN. 37
THE PULSE OF THE MARKETS.
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A generally improved tone due to better transportation
conditions, the approaching reopening
of navigation and the arrival of the season for
making new contracts prevails in the coal market.
There has been no stiffening of prices and no evidence
of a demand that cannot be readily taken
care of, but the general outlook is much more
encouraging than it was a fortnight ago and a
generally hopeful feeling exists in all quarters.
In the Western soft coal trade business continues
brisk with prices holding firm, the only weakness
apparent being in the Illinois and Indiana product.
Pennsylvania, Ohio and West Virginia coals
are holding up well, both the demand and the supply
being good. The serious scarcity due to severe
weather in the extreme West and Southwest
is at an end and while there has been a large influx
of coal into this territory since rail transportation
has resumed its normal facility, the demand
has been sufficiently heavy to prevent the
swamping which stagnated the market during the
early part of the winter. In the lower lake region
steam coal is stronger although supplies are
ample. Domestic coals show a falling off in demand
owing to milder weather. In the upper
lake region stocks are a trifle lower than at this
time last year which is keeping prices firm in the
face of the strong probability of an early resumption
of navigation. In the South there is still
a considerable scarcity due to interference with
production resulting from serious accidents and
weather conditions. Milder weather is now prevailing
and as the conditions depending on it
are present, a considerable increase in output, all
of which will be needed, is to be expected. Pennsylvania
and West Virginia coal is beginning to
reach the lower Mississippi in considerable quantities
and the shortage difficulties of that section
are probably over for the season. In the Pittsburgh
district the market is in excellent condition
with most of the mines working. With all
of the industries of the district operating at their
utmost capacity, a fair car supply and rail transportation
conditions and the accumulated supplies
of river coal safely on their way down the Ohio,
the outlook is the best that it has been for some
time. Nearly 6,000,000 bushels got out on the
present rise and the majority of the tows cleared
the danger points intact, thanks to the careful
policy which held them back until the heavy runs
of ice were out of the way. The heavy output of
ice at the beginning of the rise did considerable
damage to steam and carrying craft so unfortunate
as to be caught in or immediately below the
big gorges which formed during the long period
of very cold weather, the damage being conservatively
estimated at $600,000. Run-of-mine coal is
still quoted at $1.05 to $1.10.
Despite the fact that the last weekly coke shipment
was the largest in the history of the upper
Connellsville field, aggregating 267,000 tons, the
price of coke is still going up. This is due to
the large shortage in the South and to the resumption
of many furnaces in the East, in addition
to the continued increase of iron and steel
output throughout the West. Shipping facilities
are good and buyers are paying more attention to
last half coke than to the spot article with the
result that there is no material difference in their
prices. The quotations are $2.40 to $2.50 for
furnace and $3 to $3.25 for foundry, according to
quality.
The Atlantic seaboard soft coal trade shows
gretably improved conditions. The severe weather
and the ice blockades seem to be fairly out of the
way for the rest of the year, and car supply and
transportation show some improvement, although
they still remain irregular. The prices on soft
coal vary from day to day, but $2.90, f. o. b. New
York harbor shipping points, is a fair quotation
for ordinary grades of steam coal, prices ranging
up and down from this, according to quality. The
contract season for the coming year has opened,
and a considerable amount of trade has been
closed. It is hard to name a specific price, as
qualities vary to a great extent, but as an average
quotation for a fair grade of steam coal, $2.65@
$2.70, f. o. b. New York shipping points, may be
stated as the figure at which business is being
done. This is slightly lower than the quotation
at which contracts were closed at the beginning
of last year, although in some cases, prices were
reduced slightly, after the contracts for that year
were made. By reducing the opening quotations
for this year, it is hoped that a steadier contract
price will prevail. The main line roads have
notified producers that the same through freight
rates to tide, that were in force last year, will
stand without change for the coming season, beginning
April 1. Trade in the far East seems to
be calling more strongly for coal, and is urging a
prompt shipment of accumulated orders.
The hard coal trade is showing greater activity
as a result of improved transportation facilities.
March, however, is always a month of dull busi-