New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-22
can c0gBIN4lION POSTPONED.

The representatives of the coal companies
recently agreed upon plan for the manage
ment of the trade" A. yet. however, the
plan is not very threatening. These people
had hoped to arrive at an agreement by which
they could check the natural operation OF the
laws of trade rcprcss thc production of coal,
nurse the weak coal companies, and make coal
consumers pay higher prices. 1t would be Il
great public injury if such "a combination could
be made and kent Hundreds OF manufacturing
enterprises that now are worked on slender
margin of profit and ere producing goods
cheaper than they ever did, must at once he
stopped if the price OF coal Is forced up,
since at best trade is dali and can
only he sustained by the chcapness OF goods.
The recent successful cndeayOrs to extend
the market for our goods in foreign countries
and especially il South America, are al
based upon small margins OF estimated
profit lin all such attempts there must
be a competition with European manufacturers
who have cheap coal. Even in our domestic
markets for manufactures, competition with
foreign goods would be made 50 severe a. to
cxtiuguiSh some OF our industries and cripple
others, if companics could combine and put up
the price of coal. The result of Tuesday
meeting indicates that such combination had
not then been effected, and possibly may not
ne for some time to come. As it stands, this
is matter for congratulation to the public
whom it was intended to fleece.
one by one the extreme measures
originally proposed 10y the coal mag
nate. were rejected or modified at
that meeting. An agreement was indeed
reached. but it really left unsettled the main
point Of disagreement. \ heavy penalty was
TO have been inflicted by the com
biuation on any of its members that
exceeded the proposed restriction in the
output Of coal. That penalty has been re-
duced by more than half The fine was to
have been paid in cash; instead of that, the
new plan permits personal security to bc given
for the penalty ncuncd-which would
probably be shirkcd. But the main diff
Guilty in these attempts at combination
has been to determine what proportion
shall be allotted to each company of the whole
amount that is to be mined. That question
has not yet been discussed it las merely been
turned over to committee, and is conse-
qucntly, as far from settlement Us ever. There
is very little probability that any basis for
that will not he highly unsatisfactory to some
members of the combination. The scheme has
now within itself more elements of failure than
success.
Such combination plots have the character
of stock iobbmg pools and SpeculatiOn,, rather
than Of sound enterprise. They are gotten up,
not with a view to make money by doing Il
healthy, economical, wcll-managcd business
with small margin OF profit; but,
instead, to make money for a few
operators by causing other people TO
! lose money. Such schemes OF business man
! agemcnt rarely prosper, and usually end IN
heavy loss TO their promoters. They are of a
piece with the Acknowledgement of railroad and
coal companies which has recently been ex-
! posed; speculative Encouragement which has
resulted already in loss.