New-York tribune., 1922-08-10
Bankers Syndicate to Ar
range Financing g of
City's Allotmenis So No
Fuel Can Get Away
Must Be Paid For
AT the State Line
Gov. Miller Assured Week
Ago That Money Would
BE Available for Plan


An emergency syndicate Of banks has
been formed. Il was learned yesterday,
to provide funds for bringing to New
York City every pound Of coal allotted
TO II by the Federal fuel administra-
tion as soon as sufficient coal has been
brought above ground to make appor-
tionments possible.
The syndicate was formed n week
ago, few days before the conference
at Washington with the President. at
tended by Governor Miller and +. II.
Outerbridge. It's purpose Is TO make
sure that New York loses no fuel
through lack OF immediate funds 10
guarantee delivery at the time any al
lotmcnt Is made.
Governor Miller was assured Of n
financial pool" Mr. outerbridge said
yesterday. that would be able to han
die all the coal the government should
banking institutions has been organ
was tentatively formed on the Tues
dag before the Washington conference
10 provide AZ once certain means for
assuring New York City OF all the coal
the government allotted 10 IL without
danger Of IL going 20 some other state
because Of failure TO accept IL prompt.
Is. II the Federal Administrator had
100 900 tons for New York and we were
not ready 70 receive IL some one else
would get IT,"
Must Pay at State Line
Under Secretary OF Commerce Her
bert IIooyers plans, the government
will not be responsible for coal dcliv-
cries beyond the state line. Reaching
the border, the state must AZ once re-
ceivo IL, pay for IL and distribute IL
in n way that viii prevent profiteering.
The Chase National and Irving Ma
tional banks are understood 20 be
members Of the syndicate. The ulti-
mate oonsignee will get his coal by re-
imbursing the syndicate.
Il was also learned yesterday that
the state fuel commission, Of which
Mr. Outerbridge is chairman. was or
ganized especially for the purpose Of
taking care OF the coal requirements
OF New York State until such time as
a duly empowered authority could be
created. According TO the program Of
Governor Miller, the Legislature will
be called together in special session
on Monday and n state fuel admins
traitor and emergency legislation pro-
vided not later than next Tuesday. The
commission headed by Mr.. Outcrbridgc
will then rolinquish It's duties in IA
vor OF the administrator.
No Anthracite on Hand
Regarding the supply. Il was said
Yesterday that there was scarcely any
anthracite coal available. All reserves,
il was said, have been distributed. and
mot a hatful" has been mined since
April. Some small sizes. pea and buck
wheat. are all that can be obtained, and
the prices run up 20 Si5 and SIS ton.
The government is not ready 10 allo-
cate any coal now. Il is simply taking
care OF priority classes-public utili-
ties. institutions and essential indus
tries District organizations are rap
idly being perfected in the coal dis
triets, which will place all orders ap-
proved by the fuel administration. Let
iers Of credit must accompany all or
dcrs. and these will pass through Wash
ington to the district organizations,
which will assign them TO the various
coal operators.
In the mean time coal will be doled
out here in New York in small quanti-
tics. as the dealers can scrape II to-
gether. This will not amount 20 more
than day-to-day supply q. present
10 those who need il most.
With the country 10000 900 tons OF
coal short OF It's normal supply at this
period Of the year, less the non-union
soft coal mined during the four months
OF the strike. Secretary Hoover, Il was
said, will expect the Fuel Administra-
tion 10 continnc not less than three
months after the strike Is settled.
Even IL the strike were settled at
once Il would be impossible, Il was de-
clared. for New York 10 get more than
half OF its 5000 000-ton requirements
for the winter. This means that dras.
tic economies must be enforced IN all
directions 20 insure an even distTibu-
ton and avoid suffering.
The New Jersey Coal Commission
announced yesterday that Chairman
William T. Grier and John J. Farrell,
the secretary. are going 10 Washington
10 obtain data that will enable them 70
fix prices for the New Jersey allot-
ments. The banks there have re-
duested that prices be set before
financing arrangements are made.