The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-08-06
GENERAL NEWS
Of INDUSTRIES

vi INUUUIIlILU
The complete text of Senator Chsud-
lers's speech proposing an investiga-
tion of the Nova Scotia coal syndicate,
otherwise known % the Dominion Coal
company, contains many interesting
points not found In the short summary
telegraphed at the time Of the spoeoh's
delivery. After explaining the watersd
capitalization OF the company, aud not
Ing that $4,000, 900 of the preferred
stock had boom rOIerved, ut the time Of
organization. 'for the futurs needs Of
the company" Mr. Chandler saidI
This Ia evidently scheme which is to
90 forward IN case Of legislation Of ear-
tain character by the congress OF the
United States. The whole glst and grava.
men OF this company IL that by reason OF
success OF soma other idea, or the election
TO office Of soma president Of some con-
gress, the duty on coal Of IS cents ton
Is to DO removed 10 that this coal COM
pany can make money. have also oeen
furnished with the prospectus OF the
Broad Cove Coal company, limited, who
propose to mines at Cape Breton, In Nova
Scotia the Dominion VI Canada. This ls
either q rival organization or atellow-or'
ganization Of the Dominion Coal company,
ana it proceeds upon tne same theory
that success is 20 DO given 60 tho CONNER
Cial venture by the removal by the con-
gress OF the United StEtes OF the existing
duty upon coal II the prospectus OF tho
Broad Cove company dad the following
statement; "rhu9 " can be seen that
Broad Cove coal can DO delivered alongside
-, p,r a laag than coal
from Newport News, Va, United States,
and 81 cents loss than from any other mine
fl Nova Scotia, with tbs duty on.
Which tariff viii DO reduced II not
removed entirely Ana tho pro-
spectus has blue hand printed SO as
10 call the apaclAl attention OF persons
who desire to invest In the stock Of this
company to this pai iagraph, (which tariff
will be reduced II not removed entirely"
The paragraph IN the Dominion Goal com.
pany's prospectus, which gives character
TO the wlole proceeding aud shows what
is called the motive Of the organization Of
this company IL ~ follows; Should the
United States duty Of % cents per ton DO
removed, II seems evident that this com
pRny will find largo market on the Now
England seaboard foT which lta position
at tide water would enable 10 10 compete
on advantageous terms" Now there !a
beyond all doubt, without going outside OF
the prospectus, the basis upon which this
company was organized. [! IL Ihe theory
upon which this company is being man
aged today. 1t 10 q corporation organized
with Sl5, COO, o0O Of common stock, which
is apparent is-only to be paid for II paid
FOR at all, TO the extent Of Il million and
u hall dollars, aud which STOCK Is subject
to be distributed IN all directions toT any
purpose which the managers OK tho COM
pauy may conclude to be w55 one.
This being the case Nj. Chandler con-
tinued, as he laid the prospectus on his
desk again, the Dominion Coal company
ought to be inYeSa gated Is congress had
before il revenue bill, Gud IL o eel, 600, 900
company was organized, with its prosper
ity depending upon the removal OF q duIy
through the passage OF tGrlh blu, thai
company was one which congress could
afford TO W, ch. The senate could afford
10 look and see what was being done by
those companies which were ready to hand
out their securities by millions III order
to influence the action OF congress 10 70.
moving the duty on coal
Goaded by the Democrats until he waa
compelled TO mention names Senator
Chandler said:
There is one name which will mention
in connection with this Dominion Coal.
company-that Of JoLn L. Russell, Of
Massachusetts, who was the Democratic
candidate for governor Of thRs state, and
was defeated. He Is an avowed partici-
pant in prospective profits OF the Dominion
Coal company, which is TO make the great
fortunes set out In this prospectus from
the removal Of the tariff duty Of 10 cSnss
tor on coal 4 few days ago Now York
paper stated that John E. Russell came on
here to give counsel and advice to Prssi.
dent Cleveland, tha. the president Of the
United States had written letter with
out addrsssing 1t to any body In particular,
and had dated 1t July 2 and that hS kept
it as a sort Of stock Ia trade OF dynamite.
In due course Of time, after an alonizing
birth Of some sort, It saw tho light one
day, to the CONSERVATION OF the world aud
tho CONSERVATION Of the house Of rspre.
sentatives and to the surprise Of every
senator in this chamber, aud particularly
to the senator from Maryland Mr.. Cor
man and the senator from Tennessee (Nr.
HarrI0.)
Mr. President, understand that John
E. Russell, q representative Of the Do
minion Coal company, was loud Ia that
conference was loud about the hotels of
of this city, and on ths cara coming here,
and on the cars going away from herS, Ia
his declaration that the president Of the
United States ought to plant himself In.
preguably upon the doctrine Of the Demo-
cratic party that we must have free coal
for New England, Far be it for me to say
that Mr.. Russell wGs not honast and siu-
cere In his proposed trsStment Of the
great political principles Of the Demo
cratic party, to which lie bsl0ngI. lie uB.
doubtsdly thought thgt it was good policy
for the president Of the United StatVa,
thsn, and there to strike blow for free
coal to protect the grand principle OF free
raw material for She Democratic party
and to carry out the expectations Of the
Dominion Coal company, Of which he was
representative, and in which Ls was n
partiCipator. Notwithstanding all this,
1t seems to me that John 2. Russell, IS al
adviser OF the PRECEDENT. IN rsHer0ncs TO
the removal OF the duty on coal, will bear
watching and investigating, and l re-
speotfully submit to the sanass that the
facts which have already stated not only
justify, but require IN investigation, such
as the resolution proposes.
The Stakeholder faucies 1t sees in pro-
coss Of formation continuous system oi
electric railways excelled IN extent only by
Lue pldHs OI UDe GenusyiNHula lThCIlOh
company and the New York and Philadal-
phia Electric Railway company. Tho
scheme as indicated at present is to estab-
lish line, or system Of lines which will
connect the principle cities and towns ia
the anthracite coal reg Smong the
number, Scranton, WIKI, Carbon
dale, Pottsville, Pottstowu. Nair, MIN.
ersville, etc The Pottsville and Sch1ylkill
Valley Traction company, which was In.
corporated only q few days ago, proposes
to connect Pottsviile, St. Clair aud Miners.
vile, and the same people inter
estod in this company are also
identified with thD Lsckawnnua
Valley Rapid Transit company, which ou
Wednesday secured control OF the Car.
boudale and Forest City Passenger Rail-
way company. AS tho laltsr's line OK.
tends from Forest City to Archibald con-
Meeting with the Scranton Traction com.
pany's line, which extends toward Pitts.
ton, the deal has peculiar Significance.
inasmuch as the Scranton corporation con.
templates extending its line TO Pittston.
IL Ia asserted that tho latter company and
m Ia