Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-09-03
PUBLIC REBELLION AGAINST
PRoFlTEERIilG ABOUT TO
HAVE ITS EFFECT.
CONGESTION At COAST
CITIES ENORMOUS
Richard SpiIIane, Economist, De-
soribes Methods Of Manipulation
Before It Reachos Consumer-Coal
Worth 81 Sold st $40 and $12.

Philadelphia, Sept. 3.-Richard
Spillane. celebrated economist. writ
ing in the Public Ledger. says:
Somebody good at solving puzzles
might tackle the coal problem. Here
are some of its features: A few,
months ago there apparently was
coal shortage everywhere on earth.
Here in America. where as much coal
Is mined as in nearly all the other
nations combined, there was alarm.
New England Industries were threat
ened with stoppage because fuel was
unobtainable. Railroad manufaetur-
ers and small consumers were pay
Ing unheard of prices for coal. At
the same time, Hampton Roads was
crowded with ships awaiting coal
cargoes for France italy. Sweden,
elsewhere. Foreign buyers were will
Ing to pay any pric If they could
get prompt delivery. Coincident with
the flocking Of vestels in Hampton
Roads. fleets OF merchant ships were
tied up at Cardiff and elsewhere.
awaiting coal. The fuel problem ap-
parcntly was not alone one Of dis
tribution but OF getting the stun to
distribute.
Today what do you see? A pro-
nounced drop In COIL prices and a
sudden absence Of urgent buying. Not
only that, but the bottom seems 70
be dropping out Of the export mar
ket What makes this latter feature
peculiar Is the fact that Great Britain
is facing general coal strike. which
threatens not only to check its al
ready limited exports but create =
pronounced domestic shortage. As
suredly there has not been enough
coal exported from America (our ex-
ports have been considerably less
than 2.o00. 900 tons monthly and from
Great Britain, (whose exports have
been considerably less than 1000. 900
tons month) to meet the de-
clared needs Of the various
countries, and yet Trance which had
been paying from $50 to $50 ton.
recently put a maxirnum OF $2s as
the price her Importers should pay.
What other Europeail nations have
done in this regard IS snot stated.
There must be O great shortage In
coal In continental Europe and IN
Africa and South America. For the
export market here 70 slump in the
face of this condition, added to the
threatened strike in the British
mines is difficult TO understand.
Reaction Against Manipulation.
It Is not unlikely the slump Is a
violent reaction from the unbridled
manipulation to which the coal mar
ket was subjected and which At
torney General Palmer now Is investi-
eating. The findings M the federal
trade board show mine costs, includ-
Ing a fair measure OF profit. below
81 per ton, vet some operators have
heen charging all the way from IS
to SIS ton at mouth OF mine To
cover up manipulation there have
been no end OF "wash" sales, John
selling to Jim aud Jim to Tom. and
Tom to Dick ana Dick to Harry. and
80, on, each transaction at q higher
price and each transaction fictitious
and designed only to conceal prof.
teering. Some operators whose books
would not bear scrutiny would not
show them to the Federal Trade
people.
It mush be understood that this
prof1teering has not been broadcast
Those well informed give a clean bill
In this respect to the large compan-
les. They have protected their pat
rons, It Is declared, and played the
game honestly and pro perly.
But the Independent operator, gem
orally speaking, seems to have run
wild. In his race to "get It while the
getting was good" he was favored by
the exhaustion of coal stock in New
England, owing to the extremely SCI
we're winter followed by disorganiza-
ton on tho railroads. In their frantic
efforts to get coal not only New
Englanders but middle state manu-
facturers and others, gave orders
right and left. in the hope that some
one Of the orders would be filled. This
duplication or duplication 6f one
actual order made for an appearance
OF shortage or demand far beyond the
actual situation, bad as that was.
At the same time the British shut
down on exports in order to take care,
first, Of their domestic needs and to
supply their foreign customers, de-
Es'Ea