The daily banner. (Cambridge, Md.) 1897-2008, 1922-03-28
blAMES WALL ST.
FOR COAL STRIKE
GOnpers Says Financial Inter.
oStS Dominate Industry.
HITS SECURITIES ! ISSUE
Declares Mines Are Manipulated ano
Profits onceaIed-Points to Rail
road Dividends.

Washington. March 2S.-DOminatiOr
of the coal industry by financial in,
1ercst&. Including the United States
Steel corporation and some railroads.
is largely responsible tor the atti-
tude manifested by mine operators
and the danger of coal strike.
Samuel G0mpcrs, president of the
American Federation OF Labor. asserts
this.
Profits of the coal industry We're ma,
nipulated, he said in an interview, tG
hide the real earnings, and on this
false basis operators demanded low
wages for the workers.
"COntrOl of the mining industry has
been taken from the hands of actual
operating men and placed in the hands
of purely financial interests, said Mr..
Gompers. All things must give way
to profits What now is happening in
the mining industry happened de
cade ago in the railroad business.
THE Cnitcd States Steel corpora
ton controls vast hituminouS coal in
tereStS. Steel interests in Alabama
control vast bituminOuS coal proper
ties in that state. Coal mines Operat,
ed by such concerns are manipulated
as wheels in a great prOfit-makinS ma
chine, and it is impossible for prac-
teal coal mana cement to have any eff
fcetivc voice in the making of policies.
THE hearings hafore the commit
tee on manufactures of the senate in
1921 on the question of the publica-
ton of the production and profits in
coal revealed seven railroads control
led 90 per cent of the output of an
thracite coal in the United States.
Ninety per cent of this was by own
crShip and per cent by contract.
These railroads were the Reading
company, Delaware, Lackawanna and
Western railroad, Lehigh Valley rail
road. Erie interests, Delaware and
read, New York, Ontario and West
ern railroad and Lehigh Coal and
Navigation company.
IN this manner the financial inter
est of Wall street camoutiage their
ownership of the Acoal industry. The
profits from the operations in the coal
infuHtry are not to be found in the
f.pnrtS of the coal mines themselves.
:..r in the dividend reports of the
=" lruads. The ultimate cost to the
consumer is increased by eNhorbitant
freight rates.
"itrpOrtS or the year ended 1921
:il.N these companies made eXhorhi-
tamt profits The Delaware, Lacka-
wanna and Western company declared
stock dividend in AIG; st of 100 per
cent it paid SID share dividends
ON this watered stock. Its net earn
in@S for the year were $19,O0O,000
lis coal holdings made this possible
The profits of the coal industry
are manipulated so as to appear mod
craze These financing methods re
suited in issuance of $j00,00O00O Of
fictitious or unnecessary securities CD
the basis of which the coal industry
is MIXED for $20,OOO,000 in diyidenGs
annually.
"SuppressOin of these facts was thc
purpose of the injunction against The
federal trade commission Shics; vas
recently obtained by the mine owA
erS."
The geological survey says the sur
plus of coal is variously estimated at
upward of 6O,0O0000 tons, approx
mately a ten-v-eek supply for the coun-
try.
Anthracite production for the March
Is week was well maintained" the
S,Ivpv said with Il 'Otal of 9OI 900
tons, compared with 1867 900 tons pro-
huced in the same week year ago.