The times. [volume] (Richmond, Va.) 1890-1903, 1892-11-30
DANGERS or COMPETITION.
President Mcleod Points Out the Advan.
tage of Pools in tho Coal Buslness

PHILADELPHIA, Nov. 2s.-The con-
gresional committee 10 investigate the
Reading railroad combine met hece at II
o'clock in room % of the pOstofice build
ing.
President Mcleod, Of the Reading. said
that the meetings OF the coal agents
have no influence in the price of coal.
If the head Of the Reading Railroad Com
pany did not consider it TO the interests
of his company TO agree to the price
fixed by the coal sales agents at their
meetings he would not do so.
In answer to query from Mr.. John
son Mr.. Mcleod said that If there was
no concert Of action among the coal pro-
duCcrs the market would quickly be-
come glutted and it would only be a
short time when the financially strong
operators would drive the weaker ones
10 the wall. The result would be the ad-
vanccment Of prices to a higher rate
than they are now.
The Reading Coal Company had never,
Mr.. Mcleod said, gotten a reasonable
profit in the market for it's coal, and that
is what it is striving to do. Mr.. Me-
Leod explained TO the committee that
the main object OF the Reading Railroad
Company was to produce as much coal
as possible and create the greatest de-
mand it could for the same. Mr.. Nc
Leod said that the miners Of the Read
ing Company, as a body. were receiving
$780, 900 more now than in 1891, whether
they worked or not.
The next witness was +. p. Wilbur
president Of the Lehigh Valley railroad
He testified that rates for anthracite
coal transportation were higher than for
miscellaneous traffic, and that there was
more profit in moving the coal Like Mr.
Mcleod Mr. Wilbur believed that the re-
suit Of lack Of concert Of action among
coal producers would be disastrous to
small operators.
After General Traffic Manager Taylor,
Of the Reading road. had testified briefly,
the committee at 1915 took a recess.
At 2:05 o'clock IT assembled with Presi-
dent George b. Roberts. Of the Pennsvl-
yaIia road, on the stand. Mr.. Roberts
said that the Pennsylvania railroad owns
the majority of stock in the Susquehanna
Coal Company, and is interested in the
Lyken's Valley Coal Company, and also
in coal lands leased in the Shamokin re-
gion. The witness could not accurately
give the proportion of coal tonnage car
red, which was produced by coiiieries
owned or controlled by the Pennsylvania
railroad. "Our mines" he continued,
produce about 2,50000O tons per year. a
portion Of which is sold in New York
through sales agents who get so much per
ton in addition to a percentage" Mr.
Roberts was not prepared TO furnish any
statistical information, and retired.
Joseph S. Harris president of the Le-
! high Coal and Navigation Company. next
testified. He said the Lehigh and Sus-
quehanna railroad. which is owned di-
rectiy by his company, has a total
mileage Of three hundred and fifty miles,
and is leased TO the Central railroad Of
New Jersey. The tonnage Of the Lehigh
Coal and Navigation Company last year
was 100000, of which One-duarter went
to New York and was sold there through
agents. Mr.. Harris did not consider the
monthly tidewater meetings to have any
especial significance. Last year his COM
pany netted Clio cents per ton on the
coal it mined. The witness did not think
that higher prices were an element in
restricting the output, for although prices
have advanced since January 1st, the
output has increased. Mr.. Harris then
told how coal mining is conducted. etc,
and at 8 o'clock the committee adjourn
ed to meet in New York at 1890 A. NJ.
tomorrow.