The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1892-12-03
The READING COAL TRUST
Testimony to the Effect That 1t is
a.Blessing.
The Disguise is Perfect Small Operators
Are Protected From Crushing compes
tition and Wages Are Kept at
High Water Mark.

AMisADELfHIA, NOV. SU.-Ihe con-
gressional subcommittee which is in
yestigating the Reading combine met
| in the chamber Of the United States
circuit court of appeals at IL o'clock
Monday President Mcleod, OF
the Reading railroad system, was the
hrst witness Being asked to state the
effect OF the tidewater meetings of the
conl agents on tho periodical oat-
put of anthracite coal, whether
or not the meetings influenced
| sales and ifsthe meetings tended to eff
fect concert of action, President Nc
Leod sold thattso far as he knew the
sales agents met to inform each other
about the condition of the market. The
point was pushed as to whether the
tlaewater meetings Influenced prices.
/ Mr.. Mcleod stated that the demand for
coal made prices and he did not believe
prices were otherwise Influenced by the
agents
Charles 7. Beach, jr., of New York,
counsel, who conducted the examinn-
ton, then added: as it part of your
scheme, Mr.. Mcleod, to effect any fur
ther advance in the price of coal?''
Mr.. Mcleod replied: 1--WE regu-
late our business according to
the conditions we have from
month to month. We certainly have
no intention of raising the price of coal
for December -
"how about January?" was asked.
| MIR. Mcleod replied: 81 could not
raise prices in january if / wanted to-
Mr. Mcleod disclaimed any cosopera-
ton on his part toward the election of
Reading directors in the Delaware,
Lackawanna and Western rail-
road and said that the elec.
ton had no connection with
the Reading leases. Mr.. Mcleod fur.
ther stated that if there were no meet.
ings to regulate the output of coal and
every producer went his own way the
smaller ones would be crowded to the
| wall and the more powerful would com
bine and raise the price of coal. Many
producers who We're on the verge OF
bankruptcy were saved by the Reading
management, Mr.. Mcleod continued,
and should the output of coal be un-
controllahle labor would suffer. The
wages OF miners on the Reading
system arc on sliding scale
when prices advance, so do wages.
ASS"aItois utc Gtheu not 10 overload
the market, for producers would have
to carry the burden themselves. Mr..
Mcleod denied that the agents who
meet monthly have any authority ta
bind the Reading company. In re-
sponse to queries of Mr.. Wise, pres
ldcnt Mcleod said that substitutes for
anthracite coal would be used by the
public If the price of the latter should
be fixed too high and that too high
freights by the Reading would shut of
shipping by the operators. Mr. Nc.
Leod said that the Philadel-
aphiannd Reading Coal and Iron com
pany had never paid "A dividend and
that the Reading today is not getting a
reasonable profit on the output of coal.
We want reasonable price," said
he" but we do not propose to go SO far
as In. any way to injure our trade
Elisha p. Wilbur, president of the
Lehigh Valley railroad, was the next
witness. He said that anthracite
coal rates are somewhat higher
since the lease than before al
though such rates have always
been profitable. Anthracite coal,
Mr.. Wilbur continued, is the most de-
sirable traffic from a remuneratiye
point of view. When asked wha,
would be the result if there should be
absolute free trade in anthracite, Mr..
| Wilbur replied that in thirty days every
shipping point would be full and coal
traffic stopped,