(N e t Tons) B IT U M IN O U S
„ , 1925 1926
Feb. 13... 9,758,000 12,011,000 F eb. 20 ( a ) ... 9,464,000 11,509,000 F eb. 27 (6 )... 8,855,000 10,895,000
D aily av erag e 1,501,000 1,847,000
C oal yr. to d a te .. (c) 433,506,000 494,597,000 D a ily av. to d a te .. 1,550,000 1,765,000
A N T H R A C IT E
Feb. 13... 1,824,000 35,000 Feb. 20 ( a ) ... 1,838,000 406,000 F eb. 27 (6 )... 1,605,000 1,611,000 C oal yr. to d a t e . .. (c) 79,163,000 42,735,000
B E E H IV E C O K E
F eb. 20 ( a ) ... 259,000 353,000 F eb. 27 ( 6 )... 254,000 321,000 C al. y r. to d a t e . . (c) 2,182,000 2,782,000 (a) R evised since la s t re p o rt. (6) S u b ject to revision, (c) A d ju ste d to equalize n u m b er of days in th e tw o years.
Middle W estern S creen in gs Up
Ma r c h
11, 1926 C O A L A G E 377
W e s te rn K e n tu c k y block is $1.75@ $2;
lu m p an d e g g , $1.50@ $1.75.
O p tim ists e n v isa g e a d o lla r m in im u m on sc re e n in g s in th e n e a r f u tu r e . C u r r e n t o ffe rin g s sh o w w e s te r n K e n tu c k y a t 85c.@ $1 a n d e a s te r n K e n tu c k y a t 90c.@ $1.10. W e s te rn K e n tu c k y n u t a n d m in e -ru n a r e $1.25@ $1.50, b u t th e u p w a rd sw in g in sc re e n in g s is ex p e c te d to b o o st n u t. E a s t e r n K e n tu c k y m in e- r u n is $1.35@ $1.50.
The c o n tra c t o u tlo o k is s till v e r y u n c e rta in . M an y b u y e rs th in k th e y w ill be s a fe in p la y in g th e s p o t m a r k e t;
som e se lle rs h a v e no d e s ire to re n e w b u sin e ss on th e sa m e b a s is in effect in 1925-26. In th e m e a n tim e , th e volum e o f s te a m to n n a g e m o v in g is th e b e s t f e a tu r e o f th e m a rk e t.
W eath er H elps N o rth w est K in g W in te r ca m e to th e a id o f th e docks a t th e H ea d o f th e L a k e s l a s t w eek a n d lig h te n e d th e f e a r s o f o p e r a to rs w ho w e re b e g in n in g to v ie w th e ir p ile s o f d o m e stic coal w ith m is g iv in g s . U n d e r th e stim u lu s o f w e a th e r d em an d , sh ip m e n ts w e re in c re a se d to dock -co n su m in g te r r ito r y . P ric e s , p a r tic u la r ly up o n sm okeless coals, re c o v e re d f r o m a d ra g g in e s s w hich h a d th r e a te n e d r e du ctio n s. P ro g r e s s iv e im p ro v e m e n t is r e p o rte d in in d u s tr ia l d e m a n d a n d th e docks a g a in a r e • e d g in g Illin o is a n d In d ia n a o u t o f som e b u sin e ss in th e T w in C ities. S tocks on th e d o ck s a re e s tim a te d a t 3,500,000 to n s .
T he w e a th e r also to n e d u p d ro o p in g 700 dom estic tr a d e a t S t. P a u l a n d M in n e
ap o lis. Som e r e ta ile r s h a v e s t a r t e d to a d v e rtis e a ll- ra il a n th r a c ite f o r sa le.
L ittle re sp o n se is m a d e to p le a s f o r 500 re n e w a ls o f s te a m c o n tra c ts . S p o t p ric e s on in d u s tr ia l c o a ls a r e h e a v y . A n th r a c ite is com in g in to M ilw a u k e e 4 5 0 in in c re a s in g q u a n titie s a n d is re a d ily ab s o rb e d b y e a g e r c o n s u m e rs. R e ta il p ric e s a r e : S tove, $16.80; n u t, $16.65; . p e a , $14.25; b u c k w h e a t, $11, c u rb o r ^00 c h u te d eliv e ry .
K a n s a s o p e r a to rs a r e m a r k in g tim e , a w a itin g th e official d e m ise o f th e coal 350 se aso n . M ines a r e a v e r a g in g tw o d a y s a w eek. T h e slo w in g dow n o f p ro d u c tio n h a s c re a te d a g ro w in g s c a r c ity in sc re e n in g s . A rk a n s a s o p e r a tio n s a r e a t a low ebb. S te a d y c u r ta ilm e n t is th e ru le in C olo rad o a s d o m e stic d e m a n d dw in d les. T h is h a s c u t dow n th e 250 n u m b e r o f “ no b ills ” a n d s tr e n g th e n e d th e p o sitio n o f s te a m siz es. P ric e s a r e u n c h a n g e d . U ta h m a r k e ts a r e a t th e m e rc y o f th e v a g a r ie s o f th e t h e r m o m e te r. S lac k is firm a t $1.50, a l th o u g h th e im m e d ia te d e m a n d is n o t
la rg e . 150
W eath er F lu rry R elieves C incinnati A c o ld -w e a th e r f lu rr y b r o u g h t r e li e f j qo to th e C in c in n a ti t r a d e l a s t w eek. I t e n a b le d W e s t V ir g in ia p ro d u c e rs to g e t r id o f c o n s id e ra b le to n n a g e on w h e e ls a t th e m in e s, b u t r e s u lte d in no a p p r e c ia tio n in p ric e le v els. A s a m a t t e r o f f a c t, o p e r a to r s s till a r e f e e lin g th e ir w a y on th e p ric e q u e s tio n . F o r e x a m p le , th e r e is a s p r e a d o f 50c. in sm o k e le ss c irc u la r s on th e l a r g e r sc re e n e d siz e s a n d th e s p o t- m a rk e t r a n g e , $3.75@ $4.25, is 25c. u n d e r c i r c u la r q u o ta tio n s . M in e -ru n h a s w e a k en e d to $2@ $2.25 a n d s la c k is u p to
$1.10@ $1.50, w ith th e b u lk o f th e t o n n a g e m o v in g a t $1.25.
H ig h -v o la tile p ric e s on p re p a re d siz es h a v e been f a ir ly w ell m a in ta in e d . Q u o ta tio n s on m in e -ru n a n d sla c k a r e s tr o n g e r . R educed p ro d u c tio n , o f co u rse , is th e r e a l s u p p o rt o f th e m a rk e t a t t h e p r e s e n t tim e . M ovem ent th ro u g h th e C in c in n a ti g a te w a y , ac c o rd in g to th e l a t e s t w e e k ly in te rc h a n g e r e p o r t o f th e A m e ric a n R a ilw a y A sso c ia tio n , d e
c re a se d 583 lo a d s a n d th e n u m b e r o f e m p tie s on th e ir w a y to th e m in e s d e c re a se d 1,219.
T he C in c in n a ti r e t a i l s itu a tio n is u n ch a n g e d . R iv e r b u sin e ss is fin d in g its s tr id e w ith th e a p p ro a c h o f sp rin g . A p p ro x im a te ly 11,000 to n s a w eek a r e n ow co m in g dow n th e Ohio.
C entral Ohio M arks Tim e A sid e fro m a s lig h t w e a th e r s tim u la tio n to d o m e stic tr a d e th e p a s t w eek, th e c e n tr a l Ohio m a r k e t is f e a tu re le s s . E v e n th is stim u lu s did n o t r e s u lt in m a n y o rd e rs f o r sh ip m e n t. L a r g e in d u s tr ia l co n su m e rs a r e in a c o m fo rt
ab le p o sitio n a s r e g a r d s re s e rv e sto c k s on h a n d . T he c u rta ilm e n t in p ro d u c tio n a n d th e c lo sin g dow n o f m in e s in c id e n t to th e d e c re a s e d d em an d f o r siz ed coal, h o w e v e r, h a v e p u sh e d q u o ta tio n s on s p o t sc re e n in g s to $1@ $1.15.
S o u th e rn Ohio o u tp u t is now less th a n 20 p e r c e n t o f c a p a c ity .
A n in c re a se o f 15 (o 20c. in th e p ric e of s la c k w a s th e o u ts ta n d in g f e a t u r e o f th e e a s te r n O hio m a r k e t l a s t w eek.
S p o t p ric e s on o th e r g r a d e s f r o m th e N o. 8 field w e re u n c h a n g e d . D is tr e s s coal, h o w ev e r, h a s d im in ish e d a n d f e w e r s h ip p e rs a re w illin g to ta k e th e r is k o f s h ip p in g c o a l on open b illin g .
D u rin g th e w eek en d e d F e b . 27 t h e N o. 8 field p ro d u ce d 212,000 n e t to n s , o r a p p ro x im a te ly 36 p e r c e n t o f p o te n t i a l c a p a c ity , a s c o m p a re d w ith 248,000 to n s th e p re c e d in g w ee k a n d 224,000 to n s a y e a r ago.
T h e e ffe c t o f th e re s u m p tio n o f a n th r a c ite m in in g on c e n tr a l P e n n s y l
v a n ia p ro d u c tio n is b ec o m in g m o re m a rk e d a s th e w e e k s go by. D u rin g th e l a s t w ee k o f F e b r u a r y d a ily lo a d in g s o f co al d ro p p e d 400 c a rs , a s c o m p a re d w ith a d e c re a s e o f 200 c a r s th e p re c e d in g w eek. P ool 1 co a l is q u o te d a t
$2.80@ $2.90; pool 71, $ 2.55@ $2.65; pool 9, $2.35@ $2.50; p o o l 10, $2.25@ $2.30;
pool 11, $2@ $2.10; p o o l 18, $1.90@ $2.
L u m p is $3.50; e g g , $4; sla c k , $1.50.
W eak n ess S pread ing in P ittsb u rg h W e a k n e ss is s p r e a d in g o v e r th e P i t t s b u rg h d i s t r ic t m a rk e t. D o m e stic d e m a n d is d o w n to th e s e a so n -e n d d r e g s . I n d u s tr ia l a n d r a ilro a d c o n s u m p tio n is h e a v y , b u t P itts b u r g h d is t r ic t m in e s
_______________ 1 9 2 6 _______________ 1 9 2 5 1 9 2 4 M a r . 8 M a r . 1 F e b . 22' F e b . 15 M a r . 9 M a r . 10 I n d e x ... 167 169 1 7 0 1 7 3 1 6 7 181 W e i g h t e d a v e r a g e p r i c e ... $ 2 .0 2 $ 2 .0 4 $ 2 .0 6 $ 2 .1 0 $ 2 .0 2 $ 2.18
T h i s d i a g r a m s h o w s t h e r e l a t i v e , n o t t h e a c t u a l , p r i c e s o n f o u r t e e n co a,ls, r e p r e s e n t a t i v e o f n e a r l y 90 p e r c e n t o f t h e b i t u m i n o u s o u t p u t o f t h e U n i t e d S t a t e s , w e i g h t e d f i r s t w i t h r e s p e c t t o t h e p r o p o r t i o n s e a c h o f s l a c k , p r e p a r e d a n d r u n - o f - m i n e n o r m a l l y s h i p p e d , a n d s e c o n d , w i t h r e s p e c t t o t h e t o n n a g e o f e a c h n o r m a l l y p r o d u c e d . T h e a v e r a g e t h u s o b t a i n e d w a s c o m p a r e d w i t h t h e a v e r a g e f o r t h e t w e l v e m o n t h s e n d e d J u n e , 1 9 1 4 , a s 1 0 0 , a f t e r t h e m a n n e r a d o p t e d i n t h e r e p o r t o n “ P r i c e s o f C o a l a n d C o k e : 1 9 1 3 - 1 9 1 8 ,” p u b li s h e d b y t h e G e o lo g ic a l S u r v e y a n d t h e W a r I n d u s t r i e s B o a r d .
378 C O A L A G E
Vo l.29, No. 10
1 15 £9 1£ £6 10 24
? 16 30 14 28 11 £5 9 23 6 20 3 17
9 23 7 21 4 18 £ 16 30 13 £7 10 24 8 £2 5 19 Apr. May J u n e J u l y A ug. Sept. Oct. Nov.
3 17 31 14 28 11 25 11 25 Dec. Ja n . Feb. Mar.
m u s t fig h t n o n -u n io n c o m p e titio n to r e ta in a n e q u ita b le s h a re o f th is b u s i
n ess. P ro d u c tio n is d ro p p in g a n d p ro b a b ly does n o t exceed 20 p e r c e n t of c a p a c ity . T h is is re fle c te d in s tr o n g e r s la c k p ric e s, w h ich h a v e ad v a n ce d 20c.
since th e a n th r a c ite s tr ik e se ttle m e n t.
T he gloom c h a r a c te r is tic o f B uffalo tr a d e opin io n h a s , if a n y th in g , ta k e n o n a d a r k e r tin g e . Q u o ta tio n s n o m in a lly a r e u n c h a n g e d , b u t b u sin e ss is so lic ite d so a c tiv e ly t h a t it is im p o s
sible to p r e s e n t a tr u e p ric e p ic tu re . T he in d u s tria l c o n su m e r w ho in s is ts upon d r iv in g a h a r d b a r g a in does n o t h a v e to look f a r to find a s e lle r w ho can be d riv e n .
T h e re is an u n m is ta k a b le d o w n w ard tr e n d to b itu m in o u s p ric e s in N ew E n g la n d . C oal is p ilin g up a t m o s t o f th e d is trib u tin g p o in ts. S p o t d em an d is m o rib u n d . E v e n th o se c o n su m ers w ho w ill u se s o f t coal th e co m in g s e a son a r e w a itin g u n til th e s itu a tio n c re a te d b y th e a n th ra c ite s tr ik e h a s cle a re d up b e fo re m a k in g n ew co m m itm e n ts .
Downward Trend in N ew England P re p a r e d b itu m in o u s is offered fre e ly a ro u n d $3 m in e s. S lac k h a s b ee n a choice m o rse l f o r th e b a r g a in h u n te rs . T h e re is a w e a k d e m an d f o r sc re en e d s h o rt- h a u l P e n n s y lv a n ia b itu m in o u s, b u t th is w ill die a s soon a s a n th ra c ite is m o v in g in n o rm a l volum e.
T h e re a r e la r g e a c c u m u la tio n s o f P o c a h o n ta s a n d N ew R iv e r coal a t H a m p to n R o ad s w h ich can be h a d a t
$4.40 @ $4.60, b u t th e re a r e fe w s p o t b u y e rs . O n c a rs a t B o sto n a n d P ro v i
dence q u o ta tio n s h av e s a g g e d fro m S6.50 to S6 a n d S5.85.
T he N ew Y o rk b itu m in o u s m a rk e t is
“ s h o t to p ie c e s.” S p o t d e m an d h a s w e a k e n e d a n d p ric e s a r e on th e d ow n
g ra d e . R e p o rts o f co n g e stio n a t th e lo c al p ie rs a n d en r o u te b r o u g h t m o re c a n c e lla tio n s. R e je c tio n o f sh ip m e n ts in th e te rm in a ls on th e p le a t h a t th e to n n a g e w a s o f in f e r io r q u a lity added to th e c o n fu sio n . On L o n g Is la n d alo n e it w a s an n o u n c e d t h a t 575 c a rs o f s o ft co a l a n d 407 c a r s o f coke h a d been r e je c te d . T he r a ilr o a d s a r e b e in g a p p e a le d to to ta k e o v e r su c h coal.
S om e f o r e ig n co al w a s re c e iv e d la s t w e e k a n d a d d itio n a l c a rg o e s a r e on th e h ig h se a s . C o n sig n ee s s a y t h a t th e y w ill be a b le to m ove t h a t to n n a g e w ith o u t tr o u b le . S c re e n e d b itu m in o u s coal
fro m P e n n s y lv a n ia a n d W e s t V ir g in ia h a s d ro p p ed o u t o f th e lo c al p ic tu r e .
P h iladelp hia Turns to C ontracts A s a t N e w Y o rk , th e P h ila d e lp h ia m a r k e t f o r b itu m in o u s coal f o r d o m e stic co n s u m p tio n seem s to be on its la s t le g s. T h e re is m o re d is tr e s s to n n a g e th a n s h ip p e rs lik e to a d m it. B a rg a in - h u n tin g s te a m coal b u y e rs h a v e a b so rb e d c o n s id e ra b le coal o f t h a t d e
sc rip tio n . P ro d u c e rs a r e co m b in g th e m a r k e t in a n e ffo rt to p e rs u a d e co n s u m e rs to e n t e r in to c o n tra c ts f o r th e new y e a r o r to re n e w e x is tin g a g r e e m e n ts . A lth o u g h th e m a jo r p ro d u c e rs a r e h o ld in g o u t f o r a $2.65 b a s e , th e re a r e o th e rs w illin g to ta k e on to n n a g e a t $2.20@ $2.25.
T h e c o lla p se o f th e d e m a n d f o r sc re e n e d co al h a s fo rc e d m a n y m in e s to close dow n b ec au se th e y c a n n o t p ic k u p en o u g h in d u s t r ia l b u s in e s s to j u s t i f y c o n tin u in g o p e ra tio n s . T h is h a s s tr e n g th e n e d th e p o s itio n o f sla c k coal, w h ich is due f o r a f u r t h e r in c re a s e w ith th e r e - e n tr y o f c e m e n t m ills in to th e m a rk e t.
D u lln e ss c o n tro ls th e B a ltim o re b itu m in o u s m a rk e t. B u y in g o f p r e p a re d coal is a h a n d -to -m o u th b u sin e ss. I n d u s tr ia l co al m o v es th r o u g h n o rm a l c h a n n e ls a n d does n o t s t i r u p th e s p o t m a r k e t. B u n k e r tr a d e , f o r th e m o st p a r t, h a s s h if te d to th e V ir g in ia p o rts . D e sp ite t h a t fa c t, h o w e v e r, th e r e is no p a r ti c u la r sn a p to th e m a rk e t a t H a m p to n R o ad s. D u rin g th e p a s t w eek an e ffo rt w a s m a d e to c le a r o u t old sto c k s
in a n tic ip a tio n o f A p r il 1 c o n tr a c ts . D u m p in g s f o r th e w e e k en d e d M a rc h 4 d ro p p e d to 414,270 g r o s s to n s .
N o C hange a t B irm in gh am T h e B irm in g h a m in d u s t r ia l m a r k e t sh o w s no m a te r ia l c h a n g e . S p o t b u y in g o f th e lo w e r g r a d e s o f co al is slo w a n d r e s tr ic te d , b u t m e d iu m a n d h ig h g r a d e f u e ls find a f a i r m a r k e t. W a s h e d coal is in a c tiv e d e m a n d b y t h e c o k in g o v en s. B u n k e r tr a d e , to o , h a s b ee n h e a lth y . D o m e s tic d e m a n d h a s s e ttle d d o w n to a w e a th e r p ro p o s itio n .
T h e g r a d u a l a b s o rp tio n o f th e la r g e sto c k s o f s u b s t itu te s b y c o n s u m e rs a n d r a ilr o a d s h a s h e lp e d th e m o v e m e n t of a n t h r a c it e to th e N e w Y o rk m a r k e t.
A s th e sto c k s o f s o f t c o a l a n d coke d im in ish e d , o rd e r s f o r h a r d c o a l i n c re a se d , b u t th e o p e r a to r s a r e n o t p re s s e d to m a k e d e liv e rie s . U n d e r th e s e c irc u m s ta n c e s , so m e o f th e in d e p e n d e n ts a r e fin d in g i t difficu lt to e x a c t th e p re m iu m p ric e s th e y a s k e d w h en m in in g w a s f i r s t r e s u m e d .
W ith p le n ty o f s o f t c o a l on h a n d o r u n d e r c o n tr a c t, so m e o f th e p r o d u c in g c o m p a n ie s a r e c o n fr o n te d w ith a c c u m u la tio n s o f a n t h r a c it e s te a m siz es.
C o m p a n y c ir c u la r s a r e th e to p fig u re s a n d so m e s a le s a r e m a d e a t le ss. T o
w a r d th e en d o f l a s t w e e k b a r le y w a s offe re d a s low a s $1.35.
P hiladelp hia W an ts A n th ra cite P h ila d e lp h ia r e t a i l e r s a r e c la m o rin g f o r a n th r a c ite . I n d e p e n d e n t s h ip p e rs w ith p re m iu m c o a l a r e n o t d e a f to th e s e c rie s. T h e p e r c e n ta g e o f p re m iu m to n n a g e b e in g a b s o rb e d is c a u s in g som e d is tr ib u to r s to c h a n g e t h e i r id e a s o f r e t a i l p ric e s . W h ile t h e r e a r e m a n y d e a le rs w ho a r e h o ld in g e g g a n d n u t a t $15.75 a n d sto v e a t $16, o th e rs a re a s k in g $16.75 a n d $17 a n d in a few ca se s $17.50. P e a is $12 a n d $13. R e
ta ile r s c o m p la in t h a t th e y ca n n o t g e t e n o u g h o f th is l a s t siz e. B u ck w h eat also is in good d em an d .
I n a n e f fo rt to m o v e som e of the s u b s t itu te s on h a n d , r e t a i l e r s hav e in sis te d t h a t c o n s u m e rs t a k e coke and a n t h r a c it e in e q u a l q u a n titie s . D u rin g th e cold s n a p l a s t w e e k m a n y w ere able to se ll th is id e a to t h e i r cu sto m e rs.
R e ta il coke p r ic e s a r e $4@ $5 u n d e r th e y a r d c o s t o f t h a t fu e l.
B a ltim o re d e a le rs a r e t r y i n g to d is
t r ib u te lim ite d r e c e ip ts o f a n t h r a c it e in a m a n n e r t h a t w ill ta k e c a r e o f th e
4 18 2 16 30 13 £7 11 25 8 22 5 19 3 17 31 14 28 12 £6 9 23 6 20 6 20 II 25 9 23 6 20 4 18 1 15 29 12. 26 10 24 7 21 5 19 £ 16 30 13 £7 13 27
Apr. May June Ju ly Aug. Sept. Oct. Nov. Dec. J a n . Feb. March
1925 1926
M a r c h