Show COAL EOAL GO A l YS Y'S I E B IGHT IS VIEW 4 4 4 SJ Special e DI IM T- T BABSON PARK lARK tol Florida Feb reh I 13 3 In in I lw ieso of ot Mr Ihl l la a r re To Cent nt c nt statement retarding tommo commo which are ara choa cheap eh p wt 0 ha haM hae e asked him hint to himself him s If on the th oAl 01 lion IV IS e are aro ar glad triad to 10 present hi f reply follows f this week k which So is 1 11 aj as to tel tel- fol 1 loss lows a I am bullish on th roal coal situa- situa lion It 11 Is 10 well we'll 11 enough for Cor lb tb bear bears to talk about water power and no alous Iou other n are r Competing with coal h hat t no one on onn onda ned n da to 10 tear fear an ultimate II oser- oser o or r- r production of oC o which supplies sup aup- plies power r or heal hat Tom T there er may be b a a of o f thes things but lint over any nv an n In the demand for power por and nd heat I Is Coil has alwO aiwas aliva been b n the tho th treat great factor In the th production of ot power and so 0 far Car a as we 0 can now nw sn miCe willbe will be b for tor many years yar to come rone onie Mot Most all heat i at I Is generated ir n rat d coal Lyon ven It 11 gas ax becomes become a great gnat Sac tac tor br In cooking and heating this is 1 I still a L bullish point on coal roal ha bo b cause Ih the 83 fail ga Is 13 made from rom roal coal CO COI tE I IS TS BAROMETER Bituminous coal consumption should hould rall really b be the best bt bar barometer of o general genral manufacturing Yearly Nearl alt al al our are ar r arun un directly b by coal while too mo moa of lC those thoe which are are operated Indirectly by cool coal co l The Tho Theother other best beat barometer of oC bun busIness bu ln i I Is bank clearings or check chack llona Ilona u as a they ore ar pr properly called that Is the th amount mount of oC choc checks cashed In inv In slew Iw of oC Ihl this situation the th Collo statistics c are aro ro of oC great groat I interest t Bank Clearings Coal Million of Doll Dollars Dollar Million ions loni Ion 1916 1915 l ll HIS 1415 1 1 21 5 1986 03 1917 1 17 30 1911 1 17 52 5 1918 1915 1 1 HIS 1318 73 1919 1910 1 19 S 1919 HI 1420 2 1921 1920 1 20 1921 1321 3 Hl 2321 1 1922 1 22 t IVil 1922 42 1923 1929 1921 54 I 1324 1924 41 I It n will be seen ren Scorn the tho o aboto table that ordinarily check transactions I Uon and co coal I co ro t tp p and nd down together but that has haa been an n exception to o the rul rule Either check cheol have bave been too healy hay compa compared compare to coal roal production or the Ibe lh coil produced 11 has haa been too little compared with th chec check transactions t lorn Personally P l 1 believe bellee that thai coal coa production e ab- ab abnormally b- b normally 10 low at th Ih the pr present n time those amil ahl ii f tIt that Ingher prices will wilt lie h e n durIng 19 1925 5 COAL OAL COSTS 0 1 G It 11 must mut be b d that In bu busing Ing a ton of Cor coal coat one on do does doea not really rally lIa pay much of for forthe forthe tort the coal Coal COllI tell sell under at as- as sf 08 five cents cent or I less le n It ton It ItIs ItIs Itla Is labor and transportation that we 0 re pa po for tor when bill lilt coal that I Is we w pay the he lie cost cot of ot getting the tho coal up opt ot of the th h min mine the cot cost ot of transporting It by rail rull and the cost coat of oC o dithering lell It to our hom Without doubt wages gel lire arc high hith In CT line today and wage wafe wal readjustment were started In 19 1924 wIll III continue during 1826 lit In many lIn line of y War Vage Ions lona In Inthe inthe Inthe the textile the th shoe hoo hoo In- In industry In Industry and e es en an n the Iha tl Industry are men lne Int lt bl It hap hap- happens hap happens pen pens however nero that mot moat all ill our nur mine workers hin hise h ronie roni trout Croll southern Europe which ia lion tion Is to now restricted by law 13 At- At ALthough Al Although though there her mav may be b some aOlIa I temporary ar ary reductions reduction's fn jn time th wages BAe ot of o coal miners ct et so 11 long lon ong as no I th thi p pia nt Immigration laws are ir In force torce ag wages 8 as a will be b higher lI lh than 10 lower r In the th coal roal In- In In Time The Th same me me c ial lal rca roa- applies to freight trel ht rate a AI Al- Al Although Al though the th eIght h rat rates ma mai be b me- me ic-duc ic e- e d on gums nn and 1 oCr CAr am ain aln other which hl h are ar ox x- x ported x-ported ported and which we w ml t amli 1111 ll In competition with foreign s et there Ibre ther r s little pr prospect of o is r duc d rI rates r t on coal Tf Tho cannot afford aCCord to haul baul coal oal for lor any ny 10 lower er th thin n the tume the now are ar nr hauling it itA A As our cities are re ar more is 1 t coating coating- and more mor congested It t more and ond more to deliver the th coal from the railroad railroads to our borne homes Our entIre Is It facing greater rater rather than Ihan labor freight and co coa- coa TO RISE In In view vl w of oC o th these the facts act T with Ih the ad additional al tact fact that gen Ien general ener eral l business is l I whit while coal oal I Is remaining pela- pela lively low one on Is II lead l ad to coal coat prices will 11 rise after atler the he seasonable low point pont ot of Ih him eor CAP Is I reached re ch d This mean man that wise wl wi manufacturers flier mer merchants chants chantl and ond r will buy coal heavily this sprint a as the th op- op opportunity op opportunity presents present from a seasonable point ot of otI o slow v I v the lh Ih low low- lowest low lowest est prices are re ar In In tOme the th sprint spring early arly summer there to is toan isan lan an extension of oC o this which seemed to be b time the case c s with the th throughout hout mona coal prIces sear ar of oC 1924 has h mad made coal bu bus ers era carels c re ss It t be remembered d however howver that th t such conditions conditiOn wIll not Because we could et It coal at low price any tin timms tini during durin 1524 1 is b no reason why hy this ill exist in 1925 or W 1926 1925 n The Th action of ot the tho th whIch now flOW At t 6 iS pr per cent above bov normal I U Is further r for Cor believing Increased td and prices s may be b exp et althe in inthe the coal No t-o audI luch ic can en long it If ita a e were now flow In tl tle Salter of ofa would say av Il v a period of oC 1 prosperity I that general buln business UI te 1 the by down rather than that f coal 01 1 would increase ner Such C D ho hoer err er do not no now mow enjoying the th re e we w nr nrc now situation The Tho Tb period ot of ot depre- depre reo clo nd ad Ion slon Ion I Is to a better period e of f entering a times are In hit 1 view 0 fIbs fact rett activity activity and hither higher r for r or bituminous coal rId una f tom anthracite also 10 ma Ins be b before un l 2 corn com comes to Ote e elos |