New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-04-15
NO PROSPECT OF A COAL COMBINATION.

NO PROSPECT OF A COAL COMBINATION.
OFFICERS OF THE CHIEF COAL COMPANIES VERY
sKEPTICAL ABOUT A UNlON-THE FIGHT DE-
TWEEN PRESIDENT GOwHN AND JUDGE PACkhf.
At intervals since the dissolution of the comblna-
ton between the coal companies rumors have been
set afoat that new combination was about to be
formed These rumors appear thus far to have had
slight foundation in fact. and managers OF the
leading coal companies have expressed recently the
opinion that new combination is very improbable.
George A. Hoyt president Of the Pennsylvania Coal
Company in letter dated April l, invited con-
ference of the managers OF the companies to END III
some way the present ruInous competition. 10 thls
invitation Mr.. Hoyt has received several replies
which said 20 glitter with generaliies, but the
conference has not been held, and date has been
named for it. Mr.. HOyt declined yesterday to make
public the correspondence but declared that he had
done all he should do at present to bring about mar
monious action between the various companies
Among the letters received by him is one from Judge
Packer. pre- sident of the Lehigh Valley Coal Com
pany. upon whom Is charged the disruption OF inc
former combination. 1t Is understood that III MS
reply Judge Packer expressed Wlilnghess W az,
tend the proposed conference. Others VINO were
invited 70 take part in II objected TO turther dlscus
siOns without some assurance tnat plan OF coll-
bination would be adopted.
In referring Yesterday 10 pubnsneu dIsPa'ch
from HaZlctOn, Penn, announcing the early lorna
ton of new combination an officer of of the
coal companies said " 1t Is lie, and bears on ltS
face the proofs of It's fasty 1t Is the mere eco Oh
the stories that were atcat here last week. ana IL
now is teleTaphed back here as a piece OF news.
There Is no truth III the dispatch, although know
nothing, of course, about its source there Is no
prospect of an early combination" i,
here is "A wonderful feeling" said an officer OF
another company. between Pres dent GOwen, of
the Reading Company, and Judge Packer. How
the fight will end do not know but for Officers OF
stock companies to manage their trust so as con-
stantly TO lose money Is a grave TesponsiDhIy., L
do not think there IS any foundation Tor the HaZe-
ton dispatch. They know Judge Packer less thor
OuChly tnan know HIM who believe the nrst over
tuTes 10 peace will come from him; they may look
sooner for the Judgment Day.. believe III the ell
cacy of a restricted tonnage, but would not con-
sent simply 10 a restriction in price. / would 10. as
strenuous for moderate price, subject to no Wild
advances, as now am opposed TO dong business NJ
a loss. | have made recently a computation from
the actual sales of this company during the past ten
years. and the average prce oDtalned TOT coal ny
the port of shpment'has been seven mills over u 64
ton. 1t really makes little difference to the con-
suner whether he pays dollar more or dollar less
than cost The lower price is TninOus 10 the pro-
ducjng companies, and brings no satisfaction to the
consumer Every connected with the coal
business is now losing money the coal companies
are not the only sufferers .
The president of one of the largest companies said
with much emphasis will not again JON any
conference merely to disagree. We met nearly every
month"; and what did il all amount toy The report
bination only interrupted the business and de-
pressed the market. If there were no
stock Exchange there would be now no talk about
combination If the companies could be allowed
to pursue their own business, the natural laws or
supply and demand would regulate prices, and do
IL better than any combination could do. There Is
not the slightest prospect of a combination among
the companies"