New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-31

| over its broken bones, because IL hao o@0h
trying to do business on stills.
The attempt to maintain an artificial prce
for coal, by creating an artificial scarcity, mas
| produced three effects each the result OF nat
| ural laws which are as Irresistible and sure
az the laws of gravitaton. 1t has caused a
dimnution of consumption; other things BENZ
the same human beings never will buy IA
much five dollar coal as they would of three
dollar coal. It has caused q higher cost OF
production when miners have to lie idle four
months in the year they are forced to
get twelve months wages and twelve
months living for eight months work. 1t
has caused larger production; hundreds of
men have bought or operated mines at the
artificial high price which they would have
been unable to work at all with coal at
reasonable figure. Now the advancing cost OF
production has made the combination pay more
for every ton of coal mined; the reduced con-
sumption has made it impossible to sell the
whole of their product; and the stimulated
production of outside operators, seeking TO
take advantage of the artificial price, has cur
tailed the sales of the combination still more,
and thrown back upon its hands the costly and
unstable coal which filled miles of cars at
many of the coal stations so recently. Thus
the coal business fell from its stills, and de-
cline of So a ton in coal, and $50 to 500
share in stocks, is the result. hundreds OF
operators are ruined, because they could WORK
only with an artificial price. Thousands OF
miners must learn to work for lower wages,
that the cost of production may be brought
within the market value of coal.
Two attempts have been made to put the
oil business on stills. Fortunately for all con-
celned, both failed. Once, when prices were
below a dollar, production was with difficulty
stopped for thirty days, but the artificial i'm
prcvemcnt in prices caused such haste to reap
the profits that instead of 81 wells going down
when the movement commenced, there were
225 only four months later. Again, in the
Fall of 1874, partial stoppage of production
was effected. but it failed because some of the
producers could not afford to suspend opera
TONS Thus every attempt to create an artl-
fetal scarcity failed, and the producers were
driven to seek that larger market which low
prices enabled them to enter They pushed
the use of American petroleum into regions
where it had been unknown before, stimulated
It's use enormously in Europe, reduced the
cost of production and transportation by many
devices, and at last the rapidly advancing con-
sumption has ovcrtakcn the yield, and the
price goes up not by artificial device, but in
obedience to those natural laws which promote
industrial health aud prosperity.
What the coal operators need is to learn
this lesson thoroughly. Already one far
sighted manager, convinced that low prices
are hereafter to prevail, is making arrange
mcnts to seek new markets for coal III South
America. In that dircctiOn-in an enormous
increase of consumption, at home and abroad
rs the consequence of natural prices-hes the
only hope of the coal interest. IL Is mere folly
to attempt to resist natural laws, whether me-
chanical or economic. They have their own
way IN the end, and their punishment is ter
ribe. The sure and safe way is to develop
our industries in harmony with those laws,
and to seek a larger more healthy, ana more
enduring business by reducing the cost of pro-
ductIor, and inviting all the nations OF the
world to share IN the cnjoyments of the
boundless resources of this land.