The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-10
TUESDAY, MARCH 10. 1908.
:, 3. happy thing TINT time
.n.u. The IonEings of VENGEANCE
md bushes the promptinEs OF rase
and observation-disclosures.
pnEpICAMENT OF THE COAL
ROADS.


The receivership of the "cs'etn
n.rv,and Railroad has brought atteh-
4ion moro acutely than ever 10 '''o
commodities clause OF the Hepburn ae''
.hicb poes into effect on May LIST. ms
,, nrovides that on and after inc
aato named it shall be unia"lut ~.
INV railroad company to 'fahspo't
from any state. Territory or inc D's
trict of Columbia, to any ot''et
state. Territory, or the pls'iiot
of Columbia, or to any foreign
country. any article or COMMODITY eA
cont timber and the manufactured pro-
ducts thereof, manufactured. mined OF
produced by it, or under its authori's'
mr. which it may own in whole or III
mart or in which 1t may have any IN
4ercst direct or indirect, except such
,r+fc1es or commodities as may pe
necessary in the conduct oil us ous'
ness as a common carrier. me pen
el,,, of violation Is $4,000 for each
,eareo and receivers OF railroads, as
vol, as owners or lessees, are naoe
subject to the provisions of the Ia"
The coal properties of the I" es'eih
MARYLAND road are owned ana opera'eu
under charter of the State OF west Ni'r
,,;nia and the transportation and COM
meroial features of the company coai
business have been SO conducted that
no charge of improper methods OF
abuse of any character was forthcoth-
ing in response to the lnVitasioh io'
complaints extended by the federa
commission in its protracted inVesusa
ton of the methods and business
the coal-producing and coal-carfyint
roads.
"These coal properties" says TIL
president of the company, are ma'e
ria, mart of the security for the com
nanv,s mortgages, and the revenues
from its coal business cannot be sacrl
Iticed or seriously diminished withou
materially affecting INCOME applicant
Ia its Junior securities. The law can
not be generally observed IN the eN
IRENE construction of which 1t is sus
ceptible, WITHOUT either whoiesai
marketing of coal lands impracucaoi
EXCEPT at appalling loss to the Tue
reouirements of the road, entalllng vas
! loss Of revenue to them and inevitabi
exactions from the public.
How far these conditions We're IN
nucntlslsin forcing the road into tn
hands or d receiver VIC do not know
but it is certainly serious situauo
Tor all the coal-carrying roads to FAC
The railroads heavily involved are II
Pennsylvania, Baltimore and ON
Atchison, Jersey Central. Delaware al
Hudson, Delaware and Lackawann
Erie, Lehigh Valley, Reading, Lou
willie and Nashville, Chesapeake ar
Ohio, and Norfolk and Western.
The Chesapeake and ohio's holding
nf stocks and bonds In Industrial col
Germs, according to a recent publicatio
are:
Bonds-Richmond, Patch Iron ar
Ore Company, first mortgage. $1,000
Richmond STANDARD Spike and Ire
Company, first mortgage, $4,000.
stocks-Newport News Publish
Company. s1,5oO; Western Pocahont
Corporation, $4,000; total, s27li6oe
Tho Western Pocahontas CORPORATE
controls about 10000 acres OF coal la
on the Piney Branch extension Of
Chesapeake and Ohio.
The Norfolk and Western owns
entire capital stock of the Pocahon
Coal and Coke Company, The pre-
erty has been mortgaged by 10
and several mortgages executed by
coal company and the railway ca
pany 10 secure the issue of purch
money bonds in the amount of $.
600, 900. The railway shows in us 6
erai balance sheet for June 80, II
that it has made advances 10 the c
company TO the amount of 100000.
If the commodities clause ofsthe ii
rurn act should be enforced on n
list the supply of coal would be graa
leduced and coal famine would
threatened The Interstate CONNIE
Commission has lao authority to de
putting the law into effect, but II
understood that The railroads will C
finue their coal traffic as usual al
May LIST, Tile Interstate Connie
Commission Will then report the,yl,
lion of law TO the Attorney Gene
and he viii make up test case. /
also understood that The loepartn
of Justice will not prosecute the re
for failure to comply with the
pending the decision in the supr
Court.
Most of the coal-carryiug roads