The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-06

Atter prolonged STUDY OF tue Nilson
bill, the Washington Post has come TO
the conclusion that AS u remedy for ex
isting or fRncied ills it is decidedly
worse than the disease. 1t especially
antagonizss the income tax and the
putting of coal on tho free list. UUon
this latter point the Post trenchsntly
sayR:
In theory, free fuel is unassailable. III
practice, it will be disastrous, To open
our sehports to foreign coal at this time is
to strike cruel blow at laber--to complete
the paralysis of the railroads, already dis
tressed 10 the last point Of endurance by
the operation Of tue interstate commerce
act aud the experimentation Of doctrin-
aires. The railroads furnish livelihood to
millions of our people. lmpoverish them
aud we precipltate wholesale calamity,
Free coal is a beautiful metaphor where
with to tickle the Imagination OF the work
ingmAn, but free coal ut the cost OF idle
ness and famine is too expensive even
for the wealthy There is such thing as
enriehing one in theory and at the same
time destroying him in fact. The states
nlanship that blesses the cl tizen with a
tignre Of speech but strips him of the
means of enjoying realities Is like the hos
pitality Of the Barmecide 1t will make
Of every laborlng man Schacabac What
the country wants is legislation that will
start the wheels OF industry and keep
them rolling merrily-nOt legislation that
will clog and paralyze them, Better high
priced necessities Of life and the means Of
obtaining them than visions Of Utopia in
the novels OF the starving poor.
High. priced necessities" however,
ia another beautiful metaphor. u
Under protective tariff prices have
declined until the purchasing power Of
dollars wage was greater in 1892
than during any preceding year in the
past thirty years.
The anthracite coal trade 10 dnllsr a
present, according to tho StocEho lder,
than for many weeks, not only in this
section, hut at other points, especially
in New England, where the market is
reported as stagnaut There is no de
mand, and even offers to shade prices
fail to stimulate trade Reports from
Boston indicate a period of depression
for anthracite for the next three months
or longer, unless prices are reduced to
inform to reductions made in other
lines of business. Trade is also very
quiet in the west, and the stocks on
hand are considered menace to future
prices. Considerable cutting ia already
ia progress, dealers apparently having
one end in view--to sell coal. Up to
Dec 20 the increase in receipts at Chi
cago for the year we're 2lS, 655 tons viz
an.Tail, but decrease in lake coal of
81 $40 tons, thus making net increase
In receipts of 164, 804 tons. In Phila.
delphia only hand-to-mouth business
is being done. dealers keeping their or.
ders we'll within the limit Of demand.
Prices here, however, have been fairly.
we'll maintained, but the feeling among
coal men generally is not sanguine for
their continuance, unless production is
kept down to market requirements,
1t Ia said that the Erie plan il not to
have clear sailing. Dissatisfied hold
era of second consolidated bonds ufe
organizing to protect their interests
and to protest against the terms Of
fered by the directors The fact that
tiSed charges have bsen reduced and
that tho stockholders have not been
called upon to pay any assessment or
bear any part Of the burden OF reor-
garization Is the chief basis OF dlscon.
tent The latter argue that their
money has year after year bsen ex
pended on the property in improve.
ments, and that the bondholders have
derived all the benefit from the same.
Well informed people. however, be.
lisve that Drezel, Morgan & Co. would
not undertake the reorgang1ti un-
less previously assured OF support OF
a majority Of the bonds. 1t IL hardly
possible, thersfors. that any opposition
to the plan will result ia better terms
TO holders OF the second consolidated
bonds. Should the plan fail holders oI
the seconds would stand to lose l5 per
cent. in interest before foreclosure pro-
seeding could be instituted A pro
tracted and expensive reorgauiSa atior
would follow, aud the result would be
Uncertain