The evening world., 1892-02-15
FEARED BY THE COAL TRUST,
Gov Pattison's Record Gives Mo-
nopolists Sleepless Nights

The stupendous coal combine, engineered
by the leading financial houses OF New York
and Philadelphia and the managers % the
corporations engaged in the anthracite coal
trade, is the most absorbing topic In Wall
street to-day.
President A. A. Mcleod, OF the Philadelphia
and Reading Company, which is at the head
OF the big deal, came to town yesterday, and
his movements are eagerly watched by
thousands Of spectators.
There will no doubt be important confer
ehces to-day in the private ofrices OF down.
town bankers and fnanciers, which will have
great deal to do with perfecting and carry
ing OUT the arrangements already made for
controlling the entire coal business OF the
East.
Wall street has become nervous over the
possibility that vigorous stand may be
taken by the state authorities OF Pennsyl-
vania against this gigantic monopoly. IL Is
known that Gov. Pattison Is no friend OF me-
nopolies, and IN 1886, during his iirst term In
several railroads and other corporations
which had combined 10 control the anthracite
coal trade, and which had at that time arbi-
trarily advanced the price Of coal.
These companies were the Delaware, Lacka.
wanna and Western, the Lehigh Valley, the
Philadelphia and Reading, the New York.
|
Hudson Canal company, the Pennsylvania
Coal Company, the Lehigh Coal and Naviga-
tion Company and the PENNSYLVANIA Railroad
Company.
Al a Joint meeting OF the representatives OF
these corporations the Anthracite Coal Com
pinatiOn mad been organized, which pledged
Nself 10 restrict ana regulate the production
OF coal and 10 maintain and advance its price.
In his letter to the Attorney General or the
State at that time GOV. Pattison said "They
can mark up coal prices to any figure they
please, thereby subjecting the public 10 their
mercy. inturiously ana unwarrantably taxing
every fireside. and imposing upon coal con-
sumers the financial burdens which the
speculat,ons OF some OF these companies have
''The charges are higher to-day than they
were twenty-slx years ago. though the cost
OF transporting ton OF freight does not to-
day amOupt to more than ohe-third the cost
ut that time.
against such combinations the individual
Is helpless. Tie Commonwealth or PenGsy!-
vaIia, In creating corporations tnat are men,
Uers OF the an hraCite coal combinations,
vested them with the right OF eminent do
main ana other franchises or public nature.
They owe certain duties 10 their Crea' or.
Their Interference with the natural currents
or conditions OF trade has been IN violation OF
what Ia believed TO be sound public policy,
and against The best Interests OF the state.
II prejudices the public and oppresses indi-
ylduals II Is a peryersion OF the purpose Tor
which they were created
IL Is believed that Gov. Pattison holds the
same views to-day that HI did when he made
tins telling arrangement In 1886. The oAly
difference Is thar the situation Is now much
more alarming than II was then. The cont
bination Is much more powerful and It's forces
more concentrated than II was then, and II Is
believed 10 threaten The rights OF the people
with greater danger than ever before:
Wan street Is now anxious TO see what Gov.
Pattison VIII do 10 the present case.