The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-07-12
INDUSTRIAL. NEWS.

The fact Tor fancy that Junius Pier
pont Morgan will shortly assume the real
management of the Lehigh Valley rail-
road gives him. says New York dis
patch, control of more lines of transpor-
tation than any other man in the world.
His word alone is law as involving the
spending and operation of millions of cap
ital. He controls the New York Central
and Hudson River railroad; the West
Shore railroad; the Harlem road; the
Rome. Watertown and Ogdensburg road;
the Reading road: the Erie road: and
now the Lehgh Valley road, as is told
below. He therefore controls all but two
of the great roads that lead from this
city to the great West. He controls a
huge percentage of the commerce car
rying ferries of the metropolis; his mines
delve into the black depths of the earth
for coal, and it is this man who sud-
denly looms up as the most gigantic
figure on the financial horizon. lie was
a power several years ago, when he ne
gotiated the notorious bond DEAL but to-
day, controlling these great railroad cor
porations as he does. and even reach-
ing out for the absolute control of the
St. Lawrence river traffic from Clayton
to Montreal. he stands alone and unique
among the money powers of this land.
o.
Says the New York Sun: The condi-
ditions of the present great strike OF
bituminoUs coal miners are very easily
understood, and there has never been a
moro graphic illustration than that al
forded by them of standard economic
truths which are often misunderstood and
which it is the fashion of demaeogu TO
misIepre sent and assall. Seventy-five
thousand coal diggeIs have stopped work.
ing because, as they say, they cannot
get living wage for their labor. There
Is no doubt that, as general proposi-
tion, their statement is true. There is
just as little dout that at the price at
which bituminout coat Is now supplied
to consumers, the coal mine owners cam
not pay higher wages than the present
scale Cut.throat competition applied to
| productive industry in which the nor
| NAL supply Is far greater than the nor
NAL demand has worked its natural and
inevitable result The coal mins owners
| have recklessly underbid each other. This
spring, for instance. contracts were made
In this city for bituminous coal to be de-
| livered from Ohio mines at far poIuts on
Lake Superior for 81 per ton. a price
| which barely covered the cost of the
production and transportation of the coal,
/ If, indeed Ii did not actually fall below
| 1t. The bituminous mines are largely
| owned by railroads and these railroads
| as the result of this war, are on the
verge of bankruptcy or already in the
hands of receivers. The situation will
| probably be relieved by some agreement
| between the coal mine opel ators 10
| charge consumers a higher price for coal
| or such price at least as VIII afford some
| human motive for continuing to mine
| and sell the product. Such an agreement
| 1t is well known has been found neoas
| sary in the anthracite coal business In
| the East, and If such an agreement is
not applied to the bituminous coal bust.
ness, the bituminous coal business will
have to stop. And when that agreement
is applied, and the men go back to work
| at higher wages, the newspapers that
| have been bowling about the wretched
| pay that the plutocrats have been giving
| their miners will scream themselves black
In rhe face over the Increased price OF
| coal 10 consumers"
Charters were recently issued at the
state department at Harrisburg to two
big coal companies TO operate in north
| eastern Pennsylvania. The companies arc
the Mt. Hope Coal company, of South
| Bethlehem, with capital of 500, 900, and
these directors, q. b. Linderman, South
Bethlehem; s. ID. Kynor, Pottsville; ]. ID
| Bishop and 8. ID. Luckenbach, Bethlehem
and ID. II. Reese, st. Clair. The Plymouth
Mountain Coal company, of Kingston, Lu,
zerne county; capital, 10000; directors, q
Murray Reynolds. and Edward Gunster
Wilkes-Barre; r. b. Vaughan, Christian
and A. G. Hoyt. Kingston.