New-York tribune., 1879-05-20
ABOUT A COAL OOMBINATION.
SOME EXPLICIT STATEMENTS.


PRESIDENT GowEN OF The READING GROWS Pun
GENT AT JOHN LIvINGsTON's ExPENsE-No COM
BINATToN UNDER ANY CIRCUMSTANCES.
That indefatgable letter-writer, Mr.. John Liv-
ingston, has recently engaged in a correspond
ence with the president of the Philadel-
phia and Reading Coal and Iron Company. Mr..
Governs share of the correspondence is crisp, and of
particular interest to all who have been specializing
upon the possibility that the coal combination
might be renewed. Mr.. Governs letters are printed
below:
PHILADELPHIA. April II, 1870.
JoHT LIVINGSTON, ESQ., No. lo4 West f0fee"a'Sf' Ne''
Ny DEAR SIR, have your favor Of 18th inst, and
bankruptcy by combination with the other companies
in the past. and as we are doing very
of this month will be about $1,000OO0 ahead OF what
they last Year., think. far az our own com
pany concerned our interest decidedly TO remain IN
an independent position. The New-York companies who
are needessy sacrificing coal In order to frghten us into
a combination will get tired Of II in few weeks, espe-
ciay of the fact that they are selling from 5Q
to 90 per Of their product against 10 per cent or
ours In the market which they made so bad, anu as
there is nothing at all In the present condition
Of the coal trade with reference TO supply
and demand to prevent our obtaining 81 or 81 %
per for coal than we are now getting: feel
quite confident that as the two New-fork COM
panes discover the folly Of their attempt TO control us
they Will cease their suicidal policy and be willing to
take the higher prices which the present condition OF
fuIy. F. b. GowES, President.
PHILADELPHIA April 81, 1879.
JOHN LIVINGSTON, esq, No. 154 vest FoMteens, Nete-
York.
DEAR SIR have to acknowledge receipt Of your
OF the 10th inst and am very much Obliged to you
for the advice so kindly rendered 10 me, but as my
experience In the coal trade has been very
much greater than yours, and L differ
with you in all the facts stated by you. and am firmly
convinced that present will greatly inure to
the profit OF our shareholders compared with COM
bnation such you advise, trust you will pardon me
from entering into further correspondence with you
upon the subject, and permit me and the Board OF
Managers who elected by our stockholders TO con-
troll the management of company as IL may seem In
our judgments best the interest Of those repre-
sent.
that the only difficulty we have is the desire
OF other people to manage the business We yielded TO
this last year. and placed the control OF our coal trade
In the hands Of board In which we
had "a vote of only 2s5s In 100. This management
OF affairs by other people last nearly drove us
to the verge of bankruptcy, and glad TO that
since we have resumed the control of our own
business we have largely increased in profits over
any year during the last four or five years. You
will OF course, agree with that 1t Is not part OF the
business OF the Reading Railroad Company to make the
traffic OF other companies profitable aud trust you
will acquit of any dscOurtesy In most peremptory
declining to follow the advice kindly rendered III
f. B. GowEN, President.