coal trade bulletin - Clpdigital.org

WEST VIRGINIA MINERS ADOPT SCALE.
The convention of the United Mine Workers of
District No. 17, West Virginia, in session during
the fortnight was a rather stormy one. and among
the business transacted was the election of the
scale committee from the floor of the convention
instead of appointment by President Cairnes, as
has been the custom in the past.
The scale committee formulated its demands,
which are for a 10 per cent, increase in wages and
for a fuller recognition of the union. The convention
adopted the report of the committee March
28.
The joint conference of operators and miners
will meet April 14 to consider the demands of the
miners and to make an effort to adopt a wage
scale.
CONSOLIDATION COAL COMPANY'S RE­
PORT MAKES AN EXCELLENT SHOWING.
The annual meeting of the stockholders ol the
Consolidation Coal Co. was held at noon yesterday
when President Jere H. Wheelwright submitted
his annual report. This showed that the company
had had a prosperous year, with aggregate
earnings for the year ended December 21, 1913, of
$15,433,245. Of this sum the net after all expenses
was $3,826,702.
In relation to the development work of the company
the report says:
"The development work on your iiroperty in the
Elkhorn field, in Eastern Kentucky, which has
been in progress during the last two and a half
years, is rapidly approaching completion and at
this date the 14 mines that have been opened in
that field have a producing capacity of from 12,000
to 13,000 tons daily, or approximately 3,500,000 tons
per annum."
President Wheelwright makes a strong plea for
the granting to the railroads in the East the 5 per
cent, increase in freight rates, which is now before
the Interstate Commerce commission. On this
point he is emphatic as to the good results which
will generally follow. He says, in part:
"Your company knowing that the several railloads
which serve its mines are unable, under
usual conditions, to supply the mines with an
adequate number of coal cars to take the daily
output, the output of your mines has not increased
in ratio with the improvement and physical development
of your coal lands.
"Railroad executives, repeatedly urged to pro-
-•ide these additional cars and locomotives, terminals
and other transportation facilities, have stated
that they cannot provide the money necessary unless
they can sell stoek, bonds or other form of
securities. This they are unable to do under the
present rates.
THE COAL TRADE BULLETIN. 43
"Notwithstanding* the fact that an increase in
freight rates would fall directly upon your company,
we have written the interstate Commerce
commission urging them to grant the increase of
freight rates, for the reason that we believe the
facilities so urgently needed to be of greater importance
to the future development of the country
and the welfare of your company than the burden
that will fall upon us by reason of increase."
The balance sheet shows as follows:
Earnings from all sources $15,443,245
Operating expenses and depreciation. . . . 11,616,543
Net earnings from operation $3,826,702
Interest and sinking fund 1,366,973
Net surplus $2,459,729
Less dividends 1.500,000
Surplus to profit and loss $959,729
Profit and loss, Dec. 31, 1912 8,159,415
Total $9,119,144
Less discount, etc 344,892
Profit and loss, Dec. 31, 1913
fi8.774.25
Directors and officers were elected as follows:
J. H. Wheelwright, president; C. W. Watson, chairman;
H. Crawford Black, George C Jenkins, Van
Lear Black, S. Davies Warfield, A. B. Fleming,
J. E. Watson, William H. Grafflin, William Winchester,
S. L. Watson and Fairfax S. Landstreet
and George T. Watson, vice presidents.
Statement of the ownership, management, etc.,
of THE COAL TRADE BULLETIN, published semimonthly,
at Pittsburgli, Pa., requiied by the Act
of August 24, 1912:
Editor, E. K. Rupp; managing editor, H. J.
Straub; business manager. H. J. Straub; publisher,
The Coal Trade Publishing Co., 926 Paik
Building, Pittsburgh.
Owners: (If a corporation, give names and
addresses of stockholders holding 1 per cent, or
more of total capital stock) : A. R. Hamilton,
K. E. Davis. S. A. Love, 926 Park Bldg., Pittsburgh.
Pa.: A. E. Eckles, A. J. Eckles. 409 Curry
Bldg., Pittsburgh.
Known bondholders, mortgagees, and other security
holders, holding 1 per cent, or more of
total amount of bonds, mortgages, or other se­
curities: None. (Signed) H. J. STRAUB.
Sw-orn to and subscribed before me this 18th day
of March, 1914.
(Signed) CLARENCE A. WILLIAMS,
(SEAL) Notary Public.
(My commission expires January 19. 1915).