The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-04-12
THE COAL
Rev. Nj. Dixon Speaks Of 1t In His
Introduction.


New YORK, March. 6.-Mr. Dixon
preceded his sermon R- Association
Hall this morning@a review of the
6 com01n3G1on of the anthracite
coal KHRSSo Of Pennsylvania. He said:
The most gigantic railroad deal in
the history of the world has just been
consummated in Wall street. The
anthracite coal output of America is
controlled by five railroads. Four of
these roads have entered into a COM
bination-the Reading, Lehigh Valley,
jersey Central, and Delaware, Lacka-
wanna and Western. The combination
represents a total of real and watered
stock to the enormous amount of $780,
900, 900. 1t is declared that the earn
ings of this trust will be over $780,,
600, 600 annually. We do not doubt it.
WALL STREET MANAGES.
The scene on the Stock Exchange
when the announcement of this deal
was made beggars description. Men
plunged and shrieked and jumped and
yelled like maniacs. Millions hung in
the balance of a moment. 1t was a
day never to be forgotten even on the
floor Of this daily pandemonium.
1t was enough to move men to mad
uCSS anu u dlS1O1L d uldIkCb u1LO d
hell of greed and speculative lust.
These stocks, in spite of the burden of
tons of water, leaped upward some
s., 600, COO within a few ticks of the
clock. Visions of imperial splendor
flashed before the surging crowd of
genteel gamblers. Nor was there any
decline IN prices. Fabulous fortunes
were made IN an hour. 1t was an hour
that should interest profoundly the
whole nation. Those who have best
reason to know declare that it means
an advance of fifty cents a ton on the
price of coal.
$50, 0t0, 600, ALL PROFIT!
This means that the masses of the
people will be robbed of $50, OOO, 600
more annually in a tax on their fire
sides to furnish the sinews of war for
I'LL NapOleons of finance as they walk
from throne to throne and dream of
new worlds to conquer. Yes, for all
this inflated stock, for all these fic-
titious values, for all these enormous
profits, somebody must pay-for the
men who have done this trading have
scarcely to crook their little fingers.
From certain quarters there ri es a CRY
about trusts, mOnOpolies, combinations
and conspiracies against competitive
trade. The power of law is invoked to
break up the conspiracy!
NONE OF YOUR BUSINESS.
But why all this noise? What has
the law to do with such a continuation
Such a deal is a perfectly legitimate
climax to our system of commercial
war. The inevitable end of CONNIE.
titlOn is combination. Combination is
the only possible fruit of such a system
At present our railroads are owned and
run by private capital. Have not two
roads the same right to combine under
one management as one road to com
bine capital in the beginning? Ger
tainly. What business is it to you o.
me if the owners of these roads ente
into a partnership The roads belons
to their stockholders. They invested
: their money for gain. They did no
build or buy those roads for philan
throp1c perposes. They went into
TO make money for themselves. The
did not invest for the purpose of furn
lshlng fuel to poor people who are cold
You allow them to own these n11hIi,
highways. They will charge you Jus
what they, please for carrying O
coal. If they feel like it they vii
raise the price of coal fifty cents a ton
The engines, tracks, cars, belong I,
the managers. They will advance Tn,
price GdOHdr atom if they feel inclined
1t is none of your business. If you d,
not like it you can whistle. ff vo,
don't want to buy coal, let it alone