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Newspaper
Charleston Gazette
Location
Charleston, West Virginia, United States of America
Date
Jun 29, 1925
Page
12
A US Geological Survey report shows Pennsylvania boosted bituminous coal by 142000 tons in the first week of June, but West Virginia shipments still led by 246000 tons. West Virginia produced 2226000 tons that week, averaging 359300 tons daily, narrowing Pennsylvania’s prior lead.
Reports from Pittsburgh indicate major efforts to hit a 3,090,090 ton weekly coal output while nonunion mines boost production and uvlam mints lag. National output rose in mid June with a 0.61 percent week rise to about 4.244 million tons, and 1928 levels remain higher daily averages than 1921 and 1924. The first 19 weeks show near yearly totals but lag 1923, with rising tidewater shipments and Coke output up about 6,000 tons. May bituminous shipments total 36.474 million tons at 1.297 million daily, vs April and 1924 benchmarks.
Island Creek Coal Company reports first half profits per share above $6 after charges and depletion, aided by contract fulfillment, non union operations, and strong sales leadership. Despite coal scarcity, the firm retained customers while rivals struggled. T. S. Davis’s illness delays the midyear report.
Island Creek Qual company reports about 225000 tons produced in Q1. After reserves, depreciation, depletion and dividends, nearly 50000 shares as preferred earned 32 and Stertin of 1 on Me T1880 shares. If the trend continues, June could beat prior month records with output approaching 200000 tons, and the company notes good domestic demand and rising sales in the west.
A fragmented report outlines long term payments and earnings estimates, noting a $42 yearly payment, a 25 year horizon, and a $9 per unit price alongside $5.79 million in assets including over $4 million in cash and government bonds. It cites strong reserves and a vast production history of 44 million tons, implying greater security value than many securities.
The Pennsylvania Coal and Coke and subsidiaries report a deficit of 61419 after ordinary taxes, depreciation, and depletion but before federal taxes for May. A deficit of 49540 is noted for May 1924. The five month period shows a deficit of 8682 percent compared to last year.
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