The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-24
The COal Question.

The first tangible result OF the dlsrup-
ton of the coal combination is the an
nouncement by the representatives Of the
Philadelphia and Reading Coal and Iron
Company, the Delaware and Hudson Canal
Company, the Delaware, Lacka wanna and
Western Railroad Company, and the Penn
sylvania Coal Company, that they will sell
on Tuesday in this city SOC, 600 tons Of an
thracite of the production OF the several
companies. While the breaking up Of the
monopoly is Immediately attri buted to the
want OF cooperation Of the Lehigh Valley
Company and OF Mr.. ASA PACKER, the real
cause may be found in the powerful ex-
preston of indignant public sentiment,
and the resolute attitude of consumers
who refused any longer TO buy coal at such
prices and on such terms as the Board of
Control thought ut from month to month
to dictate.
The result OF the liable management "
which has increased from ISL. 1O2,5l1 In
1856 10 1855, 296,3T IN 1873, the aggregate
capital stock and debt of the five principal
coal roads, namely, the Delaware, Lacka-
wanna and Western, New jersey Central,
Lehigh Valley, Delaware aid Hudson Ca
hait bhh ulsuuClDIih INtdulUB, Is SHOWN
IN the alienation of the sympathies of the
public, the loss Of confidence of stock
holders, and the bitter luminosity OF the
miners throughout the coal regions of
Pennsylvania. Coal stocks nave been stead
lily pressed on the market TIL New Jersey
Central has fallen from Ill to IS during
the short space of twelve months, and
Delaware, Lackawanna and Western from
l2lL TO Wi.. these prices are based upon
the disruption of the combination and the
probable effect of lively competition
among the different companies. To some
of these companies, burdened with high
cost coal lands and non-paying roads, the
probable lower price of coal will prove a
very serious matter. They are, however,
in so desperate situation that whatever
policy is adopted they must ultimately
break down.
The combination has fiourished like a
green bay tree during the last three years.
Under the stimulating influence of ten p, r
cent. dividends the stockholders regularly
passed resolutions highly eulogistc of the
liable management which characterized
the action OF the presidents and boards OF
di ectors OF the various roads and com
pnnies. They seemed to have had every
thing their own way-owning the mines,
controlling the means OF transportation to
tide water and fixing on coal their own
puce from time TO time. and this pIloe the
public forcibly paid. There was, how
ever, one missing link III this almost per-
feet combination The coal companies did
not own the consumers, and the moment
they declined to buy, the whole fabric fell
TO pieces. The fall IN coal and transporta-
ton shares was but the precursor OF "a fall
in the article produced. Under all the cir
cumstances, II is matter of surprise that
the policy OF the combination should have
been so long successful. Each particular
consumer was too much engrossed with his
own private affairs to give this coal ques-
ton The attention il required. But the
moment public sentiment became conoen-
trated and found utterance through the
press, the whole community. as with one
voice, declared against the continuance of
such a monopoly. The GOAL dealers who
directly supply the consumers have for
their own safety adopted the policy of
their customers; they have bought from
hand 10 mouth, or in other words, they
have only bought TO supply actual orders,
and those orders OF late have been few and
Tar between. The question now is, will
they and will anybody purchase freely at
lhe auction announced for next Tuesday?
Just at present the public put very little
confidence in any utttranoes emanatine
nom the representatives, OF the oornpa-
mes winch formed the now broken COM
bination. They look with extreme dis
trust upon all those who consp,red TO
force up and maintain coal at unnatural
prices. Should the 10000 tons ad yertised
TO be sold on the 10Th inst. be really
knocked down to bona fide dealers or con
sumers, IT will most undoubtedly establish
much lower rates for anthracite than the
most aanguine believers in cheap coal at