New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-08
ADVANCE IN COAL PRICES.
SENATE INVESTIGATORS At WORK
EXPERTS GIVE 1nrIR TrsI1MoNY-THE READING
nFAI. NAMED.

| EXPERTS GIVE III Ih TiSIl MN - A''i '''-'D'-
DEAL BLAMED.
The committee appointed by tie state senate to IN
ve.ticto thc .ubiect Of the Reading Railroad deal'
met Yesterday morning At the Murray I'LL Hotel
General Martin T. McMah,n Edward p IIaGan Jacob
A. Cantor Charlie T. saNton. Matthias Endres. George
T. Erwin and rrtIca u. Mctarron are members oi the
| committee WHO we're present Martin T. Mcmahon
acted as chairman. q. g. Griffin acted aS counsel ana
| Tbome, Jackson rs his assistant. The first witness
before the committee wa Frederick f. saward Editor
| OF The Coal Trade Journal VINO suDih'''eu p'i'c'
| from January TO those now current
| Early in the year the coal trade was mucn oe'
messed he said due 10 an overstOch remaining from
last year. on January 10 Of this year IN oraer 10
re establish schedule, the Leigh ana "iihc'o'r'c
Coal Company issued circular giving net prices al
loading points 10 wholcsal. dealers Broken coal was
quo cd At ~ - per ton egg nj 30 81. stove NJ ~ ~
and chestnut at 81 since then the prices haa been
raised by successive steps un they arr no~-brDk'h
g, 90 egg - 20 stove ~ and - 40 for chestnut
Size The difference In prices was 90 cents III oroheh
coal S. lii egg, 81 in stove and I'll 4" III che~t
nut. The opening prices, made about MARCH, "Heh
compared for the last three years, showed ms year
prices 10 be higher than those of 1880 ana 1871. Mr
| earard added that the first advance the original
January prices was msdc ut II meeting OF the sales
agents repre- sentns the companies in the combination
Oh January % and that then the prices were raised 10
So Co. 10 49, - 80 and So 40 for the grades OF coal
! In the order mentioned.
During FEBRUARY and March there only a
slight change that in chestnut grade 10 81 %, but
Oh April - the prices again went up to 50 10 for
| broken 90 so for egg, - Is for stove and *3 90
| for chestnut. Then came an advance, on May ~,
In chestnut grade TO ~ % per ton, and on June 20
the prices were raised for all grades To ~ 80 for
| broken 81 90 for egg ~ 80 for stove and ~ 40
for chestnut. The stove and chestnut grades were
tho,c which entered largely into domestic con
| SUMPTION The decrease In consumption anticipated
I'm these grades said Mr.. Saward, had not yet taken
! place Retail prices had remained nearly the same
| since the advance BY the combination as before
The reasons gned FOR this were that the retail
merchants had hand large supplies OF coal, bought
,efore the advance, ard besides competition among
themselves had kept the increase down to 20 cents
on all grades. which IN some cases was only onehaf
| OF wholesale advances.
| II was likely, said Mr.. saward that the further
advance In prccs would have n pTomhtory effect
He could see 10 reason for this Increase In prices cN
| ccrt as a consequence Of the combination OF coal
| mines and railroads.
The "equalI7lng prices spoken Of by The combna-
| ton meant that all buyers would have to pay tho
! same for their coal Mt the mines, and t. this woull
be added the freight charges Thus the difference in
price between coal ut Philadelphia, New York and
Chicago w0nld be Of freight chargcsthc cost Of
the coal being the for all three places at thc
mihcs The advance in price Of coal had benefited
hc miners in some regions whore WAGES. after GER
tain point. based upon prices obtained for the
| output
Tho next witness Henry j.. Herbert, Of II. L..
Herbert & Co.. Wholesale and retail coal merchants.
lie corrobOtcd the evidence given 10 retail prices.
Tic retail dealers had cheap coal in stock and thus
| could afford to sell without Mt once making an In
crease I'm price. Mr.. Herbert expected further adj
vance I'm prices OF wholesale quantities. md q cor
responding rise In the retailers prices when their old
| stock gave ont
Peter De Witt retail coal dealer ~ No III Broad
way testified that thc reason given for the unequal
| advance Of the wholesaler and retailer lad boon ex
| planned Just he understood them. lie added that
I'm order q demand large Cufltvlcts
times filed, 10 Keep men employed. NJ much lower
figure than during the busy months. but he could give
| no reason for advances mad" Since January-a> he
not familiar with cost Of 1nSpoTaticn or cost -
| pOiuction Of coal He had been coal dealer for
| twenty and lad experienced such EuCtua
| lions before: ~ a business man he would not buy
| coal now, he expected the prices 90 como down.
Judge Daniel VI. Guernsey WIS next called upon
lie the referee cint3d b. sell the poughkecpsic
Bridge. He said That he had received 81. opOrop fpr
| the bridge and that the purchaser was John W. Bmck
| who at varOus times bad been contested with the
Central New England Railroad Company. There vonld
n small amount Of cash only had been paid over. ard
the bonds and coupon, had been Transferred Instead 81
| the remaining amount stipulated In the sale.
Judge tIlcrnscY said TINT Il LAWYER from
Philadelphia the sale, but he did know IN whose
| Interests there was but one offer. tn" Judge
understood from current rcpof that some OF the oes
If the Philadelphia and Reading RAILROAD Also appeared
in the board Of directors Of the Central New England
| Railroad Company.
The committee adjourned NJ p m. until thc morn
| ing Of July II, when II viii come together ~ the
same place. President Mcleod. OF the Philid plia
| and Reading Railroad Company, invited to APP
| pear at the next meeting