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THE COAL TRADE BULLETIN. 41
THE PULSE OF THE MARKETS.
Satisfactory conditions continue to prevail in
the general coal market and while there have
been no indications of changes in prices a tone
even firmer than that which began to manifest
itself a fortnight ago is clearly distinguishp-ble.
In Chicago and the western soft coal markets
there has been considerably more long-term contract
buying but the trade in spot coal is practically
unchanged. The summer outlook is uncertain
but there is no indication that the business
done will be below expectation. There has
been a slight slump in the southwest and St.
Louis and Kansas City are showing signs of being
overstocked. Business continues to be sluggish
in the upper lake region but there is good reason
to expect a revival very shortly, probably with
a slight advance in prices. In the lower lake region
there has been a steady and continuous improvement
and business is rapidly gaining impetus.
Stability has been given to this market
by the settlement of the price war between conflicting
interests one of which, some months ago,
cut the price of fuel coal to $2.10. The old price
of $2.50 has been restored and the effect is already
being felt in the Cleveland market, from
which it will speedily radiate over th? entire lake
region. Southern production is being pushed to
the utmost but is not yet equal to the demand.
Trade in the extreme south continues good with
supplies fair. Car shortage in the West Virginia
fields, and particularly the northern portion is
holding back the production. Apparently earnest
efforts are being made by the railroads to meet
the demands upon them. Additional motive power
and cars have been provided but the facilities are
still far short of the requirements. Production
is being curtailed to some extent in Ohio. Indiana
and Illinois, for various reasons. In the Pittsburgh
district, conditions are almost at their
best. The lake shipments are fast rounding into
full swing and production is being pushed in all
quarters. There has been a rush to get empty
craft up the Ohio and into the pools in view of
the likelihood of very low water. Conditions have
changed, however, and at this writing th-re is
some promise of another shipping stage. In
preparation for such an event some 7.000,000 or
8,000.000 bushels of coal have been centered in
the Pittsburgh harbor. Sufficient empty craft are
on hand to keep the river mines at work indefinitely.
Run-of-mine is still quoted at $1.05
to $1.10.
The coke market is still sluggish but there are
abundant signs of early activity with better prices.
There has been considerable low-grade coke in
the market, which the holders have found difficulty
in disposing of, but at no time has there
been trouble in selling good coke. There has
been some curtailment of production and few contracts
for future delivery are being made. The
longer this condition continues the higher prices
will go when the rush comes as it is sure to come
later in the season. Spot coke is worth $1.90 to
$2.00, though plenty of an inferior product may
be had at from 25 to 50 cents below those figures.
Foundry coke is quoted at $2.60 to $3.00. according
to quality.
An early improvement may be expected in the
eastern bituminous market. The various interests
identified with the trade have been in conference
and ways and means of disposing of the
difficulties of the situation have been devised.
Practically all of the speculative coal which has
hampered this market recently, has been got out
of the way, and contracts are being made freely.
Trade in the far east shows only a small amount
of business, but in spite of this, the tonnage arriving
at New England ports is far in excess of
the discharging facilities, while delays in unload-.
ing are deterring some orders for shipments at
the present time. Trade along the sound is quiet,
being interfered with not only by the strict attention
to anthracite but also to the heavy all-rail
shipments to this territory. New York harbor
trade shows more coal on hand than can be disposed
of promptly. The all-rail trade is quieter
than it has been, and the volume going forward
is less. Transportation from mines to tide is
better than schedule. Car supply is well up to
demand. The coastwise vessel market shows
boats scarce, and in great demand; the smaller
vessels appear to be entirely out of the market.
The anthracite market continues featureless.
The production during April was less than that
of the same month of last year but the total production
for the year to date is considerably in
excess of 1904. Car supply is partly responsible
for the falling off. the opening of the lake season
and the decreased water shipments from Atlantic
ports, with correspondingly increased rail shipments
to New England points having borne too
heavily on the available facilities.
In accrodiance with the established custom,
prices at terminal points were increased by 10c.
per ton on May 1. The local dealers will retain
their present prices for two months longer, probably,
when an advance of 25c. may be looked for.