New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-23
pLlIY W0rDS AEOUT C0IL.

l
Issue. "
PLAIN WOEDS ABOUT C0AL.
II is time TO speak seriously of the conduct
Of the coal companies. Certain OF them are
managed precisely as if the deliberate intent
WIS to swinde the stockholders and the public
The attempt to frighen and broWbeat, 10y
means of the buc-ribbon Grand jury, persons
who believed the stock not safe for invest
/ mcpt has been treated with deserved CON
/ tcmpt and ridiculc. But there are certain per
sons who ought TO be arfaigncd at the bar OF
| uuhic opiBion namely, those who are rcspoh-
sjble for Il management emincntIy calru-
lated. if not intended TO swlndle hold
crs. buycrs, and sellers, both OF stock
and of coal. For some months there
have been rumors every week that new
mopopolv was presently to be established.
These rnmors have been indnstriou>ly c1cu-
/ lated. in the face Of facts almost conclnaiyely
proving Them false, and by persons who, bet
ter than anybody else. ought to have known
those facts. The blacklist feature o. the bust
ness is that week after week, these lumoiS
have been sustained by official declarations or
actions of persons connected with the COM
panics although these persons must nave
/ known that the various forms OF combination
which they pretended to expect were each and
all impossible.
The report which was sent over the wires
( by a certain agent on Monday, though quickly
proved to be untrue, would not have been
credited bat for The conduct Of the coal barons
themselves. 4 week before they had met and
taken care TO act precisely as if they expected
that Nr. Gowen of tie Reading Company
would consent TO suspend production. Yet
they knew that Mr. GowCn, in his announce
mrEt to lis stockholders just before ms de-
parturc had ayowcd as the settled policy OF
/ the road determination 10 work ont OF aim
/ entities by securing greatly increased sales mt
| low prices; they knew that hc had persist
/ emily acted upon that determination for
I months; they knew that he had just es-
/ tabiishcd q new agency at AcW-llayen,
with public announcement that he meant to
sccl. in honorable competition traffic cXccrd-
+ jn., 10000 tons IN Npw-Eug gland: they knew
/ that hc had gone TO London to effect financial
aranecmont- based entirely upon this new
policy of the company and It's prospect OF
success la free competition at low rates VIII
ANYBODY suppose that the other compalics
really believed that the Reading would aban-
/
mcnt for reduction Of quantity mined? Yet
/ ;hc managers took pains to act precisely rs if
| they did believe it, and thereby accomplished
what?
For some weeks, stockholders who had be
! come di>hcartcucd, and wished 90 escape fun
/ Their 10 Is, were seduccd by false hopes to hold
On. For some weeks, if there were men In.iic
/ the ring who wished to unload, they We're given
! better opportunity. For weeks holders OF
coal all over the Eastern States were cncour-
I aged to charge for it more than its actual mar
/ lct value, in expectation Of Iisc and thou
sands of consumers were compelled 20 pay the
difference. Is il wrong to dcprccatc the value
/ of securities but perfectly right and hOnorabl"
/ 10 fleece stockholders, to impose upon the pub
/ lie, To dcudc holders and plumber buyers OF
| coal, by pcrsi,tcnty pretending that IN impos-
siblc combination would be lormcdl
! We call the promised combination impos>i-
be, for reasons which are perfectly understood
ly The men who promised it, They know right
well that, although the great companies may
resolve 10 suspend mining, they have no power
TO stop the work of private operators. Mora-
over, they have known for weeks that Judge
/ Packer Of the Lehish Valley holds that his
road cannot refuse but can be legally com
! PEELED to transport for any operator who may
| demand the service and that lac has never
! admitted that he could control or pre-
/ tended that he would try to control such
/ operators Under .thcsc circumstances, any
agreement to suspend work, even though it
should be adopted by every consulting COM
plny would prove an absurd farce, and would
/ spprdily be- abandoned. Nor is here tine slight
est reason for believing that Mr.. G0Ucn means
/ 10 abandon the deliberately formed plan upon
| which hi. negotiations in London are based.
/ I'm fact, ne positively refused in his first dis
/ patch. But the other companies said that he
| could not afford 10 have a sharp war break
/ ont while those negotiations were pending,
and chat, if they threatened he would
be compelled to tcmporilr, and thus
/ ..lye a chance for some weeks longer to hold
| the stock mp by weekly meetings and promises.
| They threatened; Mr.. Gowcn tcmporil.d; and,
q. fine immediate result, suudW persons were
numbered on Monday 10y another false and
.urtoundcd umor' that the combination had
/ been Ic.siabIi.hcd.
MIR FOR 7HE LIIILE OWES.
o., =: III ,,lirh l. NOW l.iur ursrgI