The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1904-05-27
DIVINITY ON THE STAND
What He Knows About

New York, May 26.-The interstate COM
merce commission today renewed its in
quiry into the anthracite trade. based on
the complaint of w. r. Hearst against the
Philadelphia and Reading Railroad com
pany and other coal carriers, which was
continued from last September. The first
witness called was President I3aer OF the
Philadelphia and Reading.
Baer produced the contracts between
the Temple Iron company. of which he
is president, and the several railroad
companies, which indicated that the
latter We're guarantors of the payment
of the bonds of the Temple company.
He continues:
1.-The Lord, though it may shock you,
was responsible for that. 1t vas one
of the things owe which we had no
control"
Mr.. Baer earlier in the day produced
the contracts with the Temple Iron
company (the sales company made by
different coal carrying railroads. as we'll
as the Guaranty Trust company of
New York, indicating the railroad COM
panies as g%uaranteers of the payment
of bonds, principal and interest of the
Temple company.
Mr.. Baer could not recall the present
cost per ton of mining coal. He said
the cost varied from month to month
and year to year, but a been higher
since the strike commission decision
than before thu. time.
Bituminous prices had decreased, he
said. and anthracite prices had been
reduced to meet 1t.
Mr.. Baer thought the Temple Iron
company was a very good business
the guaranteers' companies should ev-
err be called pon for funds, except
possibly at times of strike or of UNI
foreseen great disaster. In the event
Of ordinary losses the Temple Iron
company should be able to care for
The Reading company, said Mr..
Baer, pays approximately SS75,00O a
year fer repairs and in other ways
upon it's collieries, without increasing
their value. and the cost is about to
be increased to more than 1000, 900.
He mentioned this in connection with
other items following a question by
Mr.. Shearn. purporting to show that
the $7TO,244 published as the Reading
coal profits for 1903 was incorrect.
For the fiscal year 1902 (the strike
! year, and 1903. ending June 80. next.
COMMISSIONS Shearn endeavored to
show there was no consistency in the
Reading company's published reports:
that the operating expenses were re-
s~pectively SLIPS, l07 n 2 $50 900 or
else the reported earnings of $172,24
for 1903 was incorrect.
MIR. Baer went over the details of the
report and showed abnormal losses OF
accoun of damages lone to colleries
by floods early in 1903 and which more
nearly explained the apparent discrep-
ancy to which Mr.. Shearn had re-
ferred.
"On a A per cent. basis the Reading
ought to make $4,000, 900 u year. said
MIR. Baer, and until it does reach that
figure will not agree that the price
of coal is too high"
The only other witness today was
former President Walker, of the Lehigh
Valley. His memory was at fault as to
many details connected with the
Temple iron company contract. His
company, and, he presumed the other
companies. entered into the Temple
r company as a protectionl from the
so-called railroad that was being
planned by the independent operators.
The Lehigh Valley, he said, was threat
ened with a loss of Image. and 1t meant
to hc.d on to at least the tonnage it
had.
Mr.. Walker said the tonnage agree
ment was not binding on the Lehigh
Valley, nor any of the roads. 1t was
an understanding, based on the terri
tory and the number of colleries nat
urally tributary to the various roads,
and was not entered into to restric'
| trade