Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-11-28
BIG PROFITS IN COAL DENIED.
The Congressional Inquiry Into the Read.
ing Railroad Deal

ing Railroad Deal.
NEw YORK. Nov. 25.-The congressional sub
Committee which is investigating the Reading
coal combine resumed It's hearing in room 121
o; the post OEee building at 1880 this morning.
The onlt members Of the committee present
we're Congressman Patterson OF Tennessee, who
acted as chairman. and Congressman Wise of
Virginia.
Lawyer Chas. =. Beach. counsel of the com
ml;tec. was on hand early President r. VI.
plyphant Of the Delaware and Hudson Canal
Company was called to the stand first. Mr..
oivphant said the principal business Of the
company l. mining anthracite coal. and the
quantity produced last wear was about 100000
tons large portion OF this came east to tide
water over the Erie road. Mr.. Olyphant said
he never had attended any of the monthly
prices were discussed as well as
tn" oCtput. For the Last forty
-cRTs. M sand ,hf price Of coal was ALWAYS lower
from January to July than during the rest of
The y,ar. From July On to the beginning of
the wear prices always held all advancing ten
dency.
The witness thought the advance during the
present wear in the Price OF coal had been about
30 cents He made some objection TO furnish
ing the committee with table of prices per
vcHr. and after some discussion refused point
blank 10 farrish the Information
Mr Ovphant said be thought that the COM
mittce had 10 right 20 make him give up
the private business matters of the
COMPANY. We are opposed TO the
combination which the committee is in
ve-ticating. he said 'apd have nothing to do
with II. our company never in the com
blne. for aur interests are opposed to those of
The transportation companies which are IN the
deal"
Congressman Slower came in during the ex-
animation Of Mr.. ELEPHANT and the committee
IL l. Al IL Il
witness answer the qaestions BY SIR. Beach or
not. lie had refused TO answer any further
Questions. insisting that he had nothing to do
with the combine or the coal deal.
Mr.. ELEPHANT finally said be would ask his
sales agent to. make any statement that the
Committee might want.
Don't YOU think that the coal companies
and coal dealers of this city have been making
excessive profits during the past year." asked
Mr. Beach
II think that the coal business is about as
poor business "a man could go into In this
neighborhood. replied the witness.
He was excused from further investigation.
Smith u. Mackey. D jersey City retail dealer,
was the next called. He said he bought his
coal from the Pennsylvania railroad. At some
seasons of the year he would be obliged to pay
dollar more a ton than at others.
The prices were always higher in the fall.
In last October he paid 60 70 cents more a
Ton than he had paid in the spring.
Are the profits of the retail coal dealer ex-
cessive?' asked Mr.. Beach.
'Thev are not. Al least they were not last
year. II was hard season for every body. Our
profits were larger the year before"
"m- F. Street. secretary of the Pennsylvania
Coal Company. testified that he usually at
tesIded the monthly meetings of the western
and tidewater sales agent.
They are very informal ." said Mr.. Street
land the subject of the trade is discussed
TeTr~ aFFFT Of
called upon TO express their views as to the
situation in the trade and make reports as to
the demand IN the different markets. The pur-
pose OF the meeting IL only for n general con-
sultation as to the condition of the trade. and
TO secure peace and harmony if this is posi-
ble"
Let us hear something about the peace and
harmony. That's what we are after" re-
marked Mr.. Beach. They are always pretty
harmonious, aren't they?'
No. sir. they are not. just the contrary in
most cases.
Mr.. Street declared that no one was bound
by anything that was done at any Of the meet
'lngs. but that each company fixed it's own rates,
depending upon the demand and the scarcity of
the commodity.
One of the main objects of the meetings. he
said. was to discuss tine probable demand, so
accordingly. None OF the companies
wanted to produce any more coal
than il could dispose of, for it
was a commodity that could not be stored
easily and deteriorated when not immediately
sold. At each meeting it decided when the
next meeting should be held. There was no
obligation on the part of any of the interests
represented to attend the meetings and there
was no regular time fixed for the meetings.
Mr.. Street did no: think that the retail coal
dealers had made excessive profits during the
past year.