New-York tribune. [volume], December 17, 1912, Page 4, Image 4

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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T
DEFED Bl L
New York Broker Refuses to
Reveal Syndicate's Profits in
Petroleum Stock Deal.
MAY BE HELD IN CONTEMPT
Two Witnesses Tell of the Oper
ations of the Hocking Valley
Poolfor James R.Keene
and Others.
1 IT4AU.1
^V;: . Dec. II ti ?? Pujo money
ttlng committee itruoh ?
?aaa when ll reeumed Itfl heartagfl this
afternoon. and
rned untll to-m<
?? hi Lea
Brotbera, New Tork. ln a more oommu*
iv<- mood thaa he waa to-day.
rlaohn decllned to go into the
detafk- of tha anrdUoatfl agreementa whlch
. ;,, M the llsting OB thfl KeW Vork
koMgo. in O tohar I iet. of iw.000
m of tha itook of ihe CaUfornla Pe?
troleum Cfempaay. The wi '<> p?
only a certaln dlfltance In hl
Uaa of MmakJ * ? m rkef foi Cl Ifornla
jvtr,.iruni. and the oommlttee adjourned
ta thlnk over a courae wlth n
_1r. [.ewisohn's attitude.
rhiliwa Pujo mfonned th? wltneaa
that he tell Um ? *?*? hv Boxauel
Tntermyer. the eouaaal, muat bi
awarad to-morrow. uniess anawertag
wouid peraonally Incrlmlnata Mr. Lewi
eohn. The latter and his counsel. Martin
Yogel. of NOW York. wore told to confer
aivd mforn tho committee to-morrow ol
the decision n l
Mr. Lowiaohn aald nfter the hearing
that ha waa dtatnclined to dlsclose the
prtvatr bua neaa afbttn of hhi aaaoetotee.
but lf they deetred to ilve tha oommlttee
the information he ha<l no objection. He
indicatorl that he would agaln drcline to
enawer tho question to-morrow. Mr. I'n?
termyer may relent. as lt ls understood
be can etataaa the information deeircd
fmm oth'-r aota
Mr. Ontermyer took up tho Cattfornlaj
Petroleuni operatteafl ta show how new
Btaokfl may he hoomed In Wall Ptreet and
a market made for them. He brought out
thfl fact that within thirty days after the
MMM lharea of stock were listed on the
exchaaga eorly la Octoher, threa times the
nmount of capltal st >< k was deult in. Thfl
nltium aeknowledged that ho had fljlvea
many buylng and selling orderfl lo "make
e mar
Won't Tell the Profits.
m,. Lewtoohn aald there a
fll-Afl in the syndleate whlch handled th*
launchlng of th? itock. Ia addltloa la
hli own tinn. BolomoB a\ Oo, and Hall
. -n * CUv aMfld in conductlng the syn
?.. and there were two mh-ayndi*
Mr Unteraiyer'fl que-dtoui regard*
aated
a, v . . ...... itamon
?took, -urptoaaed Mr, Lewteoha, and he
,-d \n tell the fluppeafld proAta.
I w '.'. ',.. ?. ohn'fl aetlon doefl not
' >.t conatltute ooatempl al the authority
oi th<.ualtti ? rloua ooaapllea*
fOItow ii" ha paraletfl in his re
ui by thfl com
i,uti ? Ib this evant, Um
committee will have the right to aak that
Alr. Lewlaoha ba broughl before tka b_r
af the Hot. ' rapt.
f dlaputed queetlon wai aaked
after Mr, Uatenayer had led Mr, Lewt*
aohn through a tong dtacueeloa of thfl ?P*
erattona whlcb preced4*d thi liettng of the
CaUfornla Petroleum atock on tha ex*
charig.- lu Octoher. Mr. Lewtaohn Bakl
the three Brma had formad a flyndlcaU to
handle the bl Mi m
(>.?' common st.. h lai l ? CaUfornla
eaatpany. Ha traeed thi atock thi
two Bubfecment with whlch he
was connecieo. oy uie <<?si ?->i winen the
ptOOk waa apenfld to purchaslng inveBtora.
lha itock wai tteted oa Un Naa fork
|>tock Exchange on Octoher 3, and Mr.
l>'Wi?ohn sai'i he oonduetad markel op
rrationa ln thn BlOCk, whlch rOM during
the next month from ' ? te around 7".
'i*wo of the lyadlcataa, Mr. J.ewisohn
BaOflfltfld, iOld 11"." "?" WOlth of thfl com?
mon *tock aml MktMUM worth of the
ptoforred. at al and M, reapeettvely. This
was out Of $10.0,*,.?"?o nf pref'-rred and an
aaaounl of common whieh Mr. ?ta
did not remember. but whlch Mr t'nt'-r
rnyer suggested wns $"',0''0,,X? worth sold
to the onginal sjndl
Mr Uatenuyar Mad to nring eut that
the rexnaining t5.WO.fioo worth of 00?unoo
?-.ent to the ayndloatfl as proat Mr.
3-twlnohn sald he could not remember
the flgurea
Refu?e? to Answer.
' Will voj fun.:? thfl OM
etuttmont of ymir ...utiona ln thls
etock in the Btock nuuuet when, during
ootober. wltb Mf,1hl fcharee llated,
? haree were tradod li,. aad with a state?
ment of the syndicate's pndh <>n thfl aale
<,f the piockT* aaked Mr. Ontermyer.
"i win not fhralet ? fltatenMnt of the
piOflt," sald Mr. Lewisohn.
"Do you refuse to furr.lsh lt"" asked
A good cigarette must
be the purest of to
bacco and most
choice in leaf. Such
is Fatima Cigarettes
? the popular, mild
Turkish - blend now
smoked universally
in this country!
"Dittinctivtly Indlvidual"
r^*Zt+fa*A>
^VUm~,<2r
20
for
15^
THE DAY IN WASHINGTON
I Krom Th"
. w aahtngton, ll
Still Ducussmg Whitelaw Reid's Death.
Tha '?? ?? Am" ri. in Aml
il Britain contlnued to be tha i blef
to|.i. ,11 in Waablngton to-?lay.
an.i 4-\(,r?-.-j-h"iis of eorrow wera hea
aii Btdea The Preddent aenl foi tha
ol Bl .'? tba 0i al thlng thla
mornlng, and, after a brlef eoneultatlon,
II Immediatc goet .
ing Mi ) eaaor at the Court of
st. Jaanea'a by anaoundng offldally thal
ha woui.i mak.- no ?ppolntxnent Mr.
Taft eaid be would be wholly nnailllng
l t,, oonaldei .. nitceaaor untll Mr.|
Reld bad been placed ln i.is laat reetlog
place, ar;,i aa thal would probably be ;>t
ll ast thr, ? nre. it WOUld ba
I,, cbooae ? buo aaeor. Fui ll i
preferred, ea ? mark <>r r, pod to Mr.
Ihe plae va.ant untll a
.-?a, < ? ld i..- named b;
ny of hla calli ra the Pri -
d> ol expn a* 'i hia aoi row and iila
of lo.-s. gtving evidence of a deep
tonal ? ? : ;?? late \
Mr. Knox Pays Tribute.
Secretary of State. Bpeaktnj i
dellberately knd aotnewhat more Intl
mately than waa poaalble when ha gava
his puUiahed statement to Tba
dated Preea on his arrlval Ln
last night, paid hlgh tribute to-da
the lata Aml taaador'a ability as ? dlplo
mat, us u.ii ?? to hia charactei aa ?
man.
".Mr. Reld : ...i a neverfalllug
b delloaey of touch whlch madi I I i
the Ideal diplomatlst, ' a ild Mr, I
?ln .,? - f.-it thal any matter lo
tru.-n.i to hltn would ba handled ln pre
. the rlghl way. With perfeel loyalty
to his country he COtnblni I a "i. ith ot
ithy aml B breadth of underataod
? .i.i, (i hltn to pn ?? I U"
views of his countn la a i ? ?! t'li"
to vx
he waa i ? ttaln neva r to ? sdte thi allght
?.tagonlsm, however dlffli ult tl I t"wk
ned him. In a country wl i re mt n
are oo1 tralood in dlplomai t at tbe]
in other profi adona, hla waa ? mi
\,.i .ni he conflna his effortfl lo promote
the welfare of the Unlted Btat< I Bl
n.-si-t the Departaaaent of Btate to thoae
mattera whii h ceate within his eapedal
provln.e. Wltb an aleitoeee ?
probe . ? ? ? ?*
paper training he aaa q deh to apprehead
tho apparent tritlee?Whleh often afford to
the dlplomatld dever to graap tbeli
nincanoe the hrst IntttoatiOO ol i 0
events, aad he never Called to glve hla
govcramenl tt..- bi nefll t"r
cept: '
-The value ef Mr. Reld'l ? t? hlS
t.,,v... . never ba ?ppredated
,,,. ,..,, f, m tn ? ;.., iton to know
full aatenl end to have learned from
close oban rvation thi exti nl or h a
! I
? ni- reports and hla ;. rsonai
re wrrtten ln a jraceful, I
Ing style, the latter nd tufrequeotly |
puod ' !_2_____
Mi. Untermyer.
??i da"
Chalrman Pujo took a hand ln the pro
eeedlnge, bul Mr i^wtsohn decllned to
nnd the eommlttea
then ndjourned
Qeorce n Ken-alV pr< si.ient of tha
New Y,,rk Bank Note Company. WM the
first arltaaao ealled to-day. Ba oor
ih. teatlmony of Georgi \
Fleld* rke-preeldenl of tba eomi
wno _ * : -,,i tne difhcultlea between the
New v,,ik company and the Nen 1
st,? k |.. forfl thl ' "ii.mitt"'.- on
I-'ral.-.v.
??Why ii your work dla
a~au. tl Bl >. ESxehangi "" aahed
Mr. Uutearmyer.
"Bluntly Bpeaking
rlth tha. Amerlean Bank Note
, .my." anawered Mr. KendnU.
Mr. Kendall testlfled that the i
' ? New v..rk company were about 10
, ? under the pricea quoted
hy tbe Amerlcaa Bank Note Compaay f(>r
aaigiaviag ?'?- ntti I
He calculated thal the Uolted states
gteel Corperatlaa had naid $1,01
? ngradng of its stock oertlflcatei I ?
data
"Any independent .ompany, tuck "?
ours," sai'i Mr. Rendall, "orould havi
been gled te dO thnt work for half that
sum."
Barred from the Exchange.
Mr. Kendall Identlfled a Ild ot atoi B
bddera ln the American Baak Note Com
?Im ii." ini" Nen
york Btoek Bacbaage He aald b<
told by .!. P. M I be. Mr.
?toi kholder lo the Amerl?
caa compamy. He tdd bow the late Rua
I ,v- had wained fa m that unl<
aiio\se,i the Amerlcaa compaay to abeorb
ihe N.w lork compamy tba latter wouM
irred from the exchange
"I refuaed," ha aald, "aad tea dayi later
?
Bdward Popp ';r'!| "f '''
&? Btdnbach, thet eoadueted lha o
tions of the Hockteg vaii. y po..i ln -
? ared
the .iaal t"i Jamea B Keene Througb
0,u t , ? ratloaaa, Mr, Popp< r aaW,
],,. ot ... lockloi aud
. . He reoi Ived lf.M- << rtifl"
an.i daUvered VlJtW) eertldeatea He said
? ? -,; ,[,.?- ' .?:? 11 rled 0 it hy
twenty-flva dlffereal brokt
The first purchase \ | in Marcn.
nl tt, aad the la Da eml 11
.a M%. Wben 11 ?? atock bi gaa to
break, Mr. Poppei i ild, be aoM Bboi l
?hafefl, whli h he di llvered out ol
WhlCh he had on har I for Mr. K" W
iu- sohi ibal itoch mi ,the way from vx
dowp to Zt The aritnem BaM he sold to
proted hlaaadf froai Mr Keen". erho
owed him a coaiaidemble sum.
Hugh v Crtaa, d tha brokeraf Brm
, ? n iberta, Maii aV Crtaa, deocrlbed hla
i operatious oo the floor for Lathrop, Hae
uii, | Co., membera ef the Hocklng pool,
and placed Lo the record aa ae o u I
Hocklng during
tha pod eperatioua
a Bpeetal meetlag d the board ol gov?
Ni w v..ik gtock Rxcbaoga
\K;iS held lat. yeeterday afternoon t..
?Ider Ihe advlaabUlty of maklng i atate
ii,. ? t coverlng tbe polnta broughl out In
Iti n lai: areek before tba
Pujo oommlttee. Nothing waa glv? n ? I
? nbtlcatlon, hut n ts h, llen A I
?a.-ai wlH he aaada lati r, aa there
. ?,,. | fa lii | i" 'he board tbat
Bomethlni should he said. nnd without
undue dala) Tboaa who took ti.is dee.
dedan d tl M tba ire itment <>r wttm
1,. fi ?? gtttee was uiiiair, ? - th' "
were od peranltted tu offer aaplanatioti
., hiie deteM aboarl methoda of dotng
bueiaeoa whlch oould not i*- dlepeaed el
by aoewera t" cetegortcatl queatlona.
?
BOSTON TO PROBE COAL COST.
l',.,.-t..!i. I'? c. ifi - An Inquiry Into tha
hi?h prlea of nathaadte coal in thla dty
was deelded upon to-dey by the eaeeuttva
eommlttea of the United improv.iii.nt a?
?oeiatloa Arrnogementa for a ooufer
between Oovernor Pom, Attorm
Oeneral Bwlft and a Bpeclal commltti
the aasociation were madi
? ft ? di licbt la raci ? tt
bfl har.i n> oi < n rtlmate tbe loss
ahleb hM death d to hi< oauntry. Few
can ever ri-n\\7.t how s"<l a tOM it is 10
ma peraoually. l baa knowa hhn slnce
loaa bctc.ro i eatered pubUfl llfa, and
iab all thfl peflwa af ?i*r Mendehip
my raapeCt for bla abtlttj an<! regard for
hli i barrn tar i.a-i ateadil) u* reae*d
May Come Home on Battleahip.
Unleaa for pereonal rea oa lha raem*
bera ..f blfl f-tnlly Bbould object, tbe body
... |fr ReM will ba brought I
battleahlp. elther Brltlabor American 11
:.:,,! U proba I lhat ,;" '; '?'
n IM offei tbe * rvteee of an Bnglii h
tleahlp, thal betng a ?
the i bi ? of an Aml oeaador, and one ?
waa gratafully ecoepted from this
trj when Lord Pnuw ? toti dled 11 trom
ai y rea-..1.. howevi r, Gr< al Bril dn
i,..t make lh? offer, tbli governmenl win
..ti American b ittleahlp t.. Bi i
the i urpuei . aa 11 Le d Ired t the
admln borf>r
Bbould b? flhown the late Au
Then drawini ol
tne Capitol In th.' ?
ovi r Mr. ReM'i leai i i ln Ihe ixproeaed
estimatei of I la abll l
The Bntisli Panama Protes*.
Wltb that dellberatlon whlch la i har
acterlatlc of dlplomacy, end aomewhal
rej ugnanl to lournalletli Impal
ng haa been don? ln i on action
wlth the Brltlab Panama proti r?t.
end the adminlatraUon la atill "rn ill
over" the communlcation of .v'ir Bdward
ii la perhapa nol too much to
aay thal ? aecond readlng of thfl pi
encouragea, rather than tl
hope tbal tha pn aenl dlfBcyll
yield to tht proceaaea ol ne*
gotlatlon. Ai I ted out in
dlanati hee, tha avidenl apprehen*
-rion of Oreai Brltaln thal free tolla for
?hlpa engaged la th? Amerlcan co
him. trada wM reaull la Increaaed tolla
to ?aaaela of oth< ? ound*
nd thia li i lej "f demi
when lha Ui
That tbe flrel atep to
wiii be an Informal dlai
?Ituatlon wlth Mr. r
hut bayond thal ? pi ? dl llon i i
There ma] prova no occaaton for re*
f, : i Ing the flul ? '
form Should dlplomal i tioni
fall, thi attention of I
douhtleea bi ? alled to
manner, i ul autta poi all Ij ? '
aubmlaalm tbe forn al
rJ agraement, deflnlna lha flooi
tha dlfferem ? with ? i laa to Iti
?ton to ai bltratlon, fo ifl bai I aen told
i? xhi I ? Idi nl Taft
,:. to do all ln
arl Itratlon lf dlploi ? itlona
full [n vlew of lha afow pragri -
whieh tbo negotiatlom are ma Ing,
ever, thfl queetlon of arbltratlon. if it
aver doefl ariae, ia cei laln to be i
for ? eonalderable !??
.; Q H
BRITISH TARIFF REFORM
Unionist Leader Outlines tho
Policy of His Party.
?
London. Dee. it. Tha q i
taxini food la glvlng greal rn to
**a number of a eak?l
of the Onl > vlea ol l
at
th. II. -XI fl
ght nnd to axplaln
I'tiionists int. nd I do Wl
-fi i bai ii Into power Mi ' ????? h La
ti,,. i. ? ? ar, went 1 tahtnn*
Ondi r-Lj fhl and d?d|*4 r*red i
ln t" i -1 ? ? ?
widi ii- ild:
?Food dutlee, if lhay ate imi o
wiii aoi adii to tha coal of li h
thlfl ??"?.lliirv. slie <? 11 ll OUI polll
to bnpoae fo id dutlee untll after i i
tlali'.t.s wlth thi efl it mai
aaked, *?*? by nol go ? ati
? i mll the negotlat iona when thej
complete, bul before i? int- ntrried m;.?
lum It ii aald by
Bome of our opponenti thal In declln*
ini; io make g roferendun oa thb
j. ? t ,i j.art of our i ollcy '?.>?
broken laith with
that poaaible?
??lt wi uld Indeed
with them to havi l
going t" havi lum and tl ? n
cairy oul the propoa il ??? Ithoul it, bul
bon ? mu it be a breaeh <?! falth t.? tell
our oountrynr.en before the el<
actry what w< mi tn to do and to obl
iii.-ir sanctlon for It?
"The reaaon why we an nol ailling
to BuhmH the reaull of the negotlattona
? . i referendutn i thal we thlnk iuc)i
an ai i ingetni nl would no( bi
toward the colonli i n ra< h a
<],(o tn. t the colonlea would <
pledged and ready, ii an agreemenl la
. t... t.i cai ry ll out, aubji cl t.. the
approval of their parliamenta. Would
lt be falr to aak them to come bound
to ? ueh ? confi ran i whlle t* o u i
fr.-< '."'
NO PRICE DROP. SAY COAL MEN.
; B T<
s. ranton, ''? nn., i>? ? I Coal comi
cifthilala iald to-nlghl tbal tba deelelon of
Um Supreme ' 'oufl In th? anthrai it'
would nol nu in chaapei < "-ii i ':?? man
thought tbal tha reaull would be "a
in price aad no oomforl t<? Ihe p bl ?
CHRISTMAS APPKAL
HE CHILDH E VS
All) SO< 1ETY ailci
> ? ur 1k l|i t.. make ?
Merry Cnristtnai foc
the children ol tbe
p >or, I [andredi oi
ins and homelesi
. hitdren I nd ihelter
ii our Lodging
Houaei an<l Tempo
rai i i lorw I l 00
I.r i hildren of the
tcnements uttend our
I n il ii | tria! Schoola
We eipecially aak your belp in our
work of reicuing orjpbani and home?
lesi childrdn and of giving them Ihe
happineifl of poiseistng real homei
and tlie lovfag care of lOlter par.nt-.
\ Chriitmai aifl 6f PIFTY DOL
LARS will enable the CHILDREN'S
Al!) SOCIETY tn place i little waif
in a country bome and dcfrayi the
cosl of uipervision uatil the cbild i-<
tirnily eitabliihed ia it- new family
circle.
Gifta large ?>r imall are welcome
and will be twd jn accordancc with
tho witbei "! the donora
Edwin O. Merrill, Troasuier.
Iti Beal iti W . Now r/ork ''ity.
Wllliam Chnrch Oaborn. Prealdent
Cbarlaa _orlnf Braca, Secrctary.
CULM PILE A GOLD BRICK
Witnesses Testify That the
Katyclicl Dump Contained
Little Marketable Coal.
WAS NOT WORTH WORKING
Commissioner Surpriscs Senate
by Stating He Might Have
Packed Juries in Interest of
Railroads, but Didn't.
w i i ?? Teatlmonv ln d
. Roberl w. Archbdd was
a by thi aumn
,,, u,', . to prove thai the Katydld
,,1, whlch he obtained an op
,;,,,,, the ESrla Rallroed araa nd .so
- ?litgi ,i by th.- mai
? - , .ut of the Houae, and thal bi I
: had I. "gold brlcked" ln?
nt. ,1 by tli" tr,
tlon in whlch he U charged with havtag
?'
i i:.-. ii -,.n. a i " oan i ?? part
? Law, who
formerly owned an n lt. and
of thi ? oal c.
; n, W nt il- ""1 1 nl Wl r< CB I
tha ataad ??? ghw h limonj regai
unount of ouufcetable coal ll con
talned All of Ibeaa t. attfled lh tl 11
i ol !"? k aad n
pport "I the cooteotlon made ln
i ,i
?ooetrued
. . rlbe froni tl t railroad.
gtreral atlorneya ol ncranton, Penn.,
?II, ,| to testify i" p.u.ii" | thdr
i fund praaented to
: thal ba mlghl t*
trip abroad Among ll |:
\\.|wi ii. lui
triet, .-??!!.i
ared i" be ror
. mi Hm methoda he adopted la
1 ? oaaa tion arlth Ihe
I wa laed.
I,, r. a he pra< tl -ii
lv ?dmltted thal he coul
?
te to ivdd
Irksoi
lar Impeachmenta In I
?
ti ii thla n .?? I- ?! i
nate Commltta.> :
o.Iwnrd. ol
i . : tbe Uehll
? .
comn ? -? - ? "l f"r """'
... , t Juds* Arehtw
??
Mi We
i ? ? tba Im
?
ild. M r.
? I" b* ?! ln
?
led wil
B
Wh. n Judge Archbald Utorneye
II '
? i ??
igera, ln
I tl it lf a
tO ll:'
?
itlon
. ? ??
loi ? i h I ? ' '"r
I
I
. I lo
...
? I
would
I
?
G. F. BAER UNDISTURBED
Always Indifferent to 65 Per
Cent Contrac.ts. Ho Says.
I I ?? ??:.-'.
? . ? .
menting on lha d< I ? of tha Bu| ?
., i coal caa ild
The d ?
n ,.f ihe
. ,! 'i th.- huldlng of
Iron < i a
l have lilwaya been Indifferenl aa t,> Ihe
i ,,nin.,, ta Thi | wen made
? , ;?? join
ln th< ? ,it ,.f the ti Ike of
to ne be?
ll trade wi ha
. ? ind it< re II and In Hme
, r .,? i . ? tradi thi havi a i ?
? .. ? .i ..-. i , dellverlng tha
coal i"
,\h lo tha Temple Iron I'ompany deci
j.,,,i, ? ..iu. ? ..r indlffei enee, The
i inj ,,f tha
, ,,.,1 trafllc from theae mlnea. The prop
.. i lable one and wt aill
...ir atock al i laurgi profil t" an
WbO V.UI.1H .1
Independenl coal operatora were gen
trail pleaeed arlth UM ruling thal tbe
65 ],, r .. r.i . ? ntra< 11 weri I legal boma
. i. vt ?! ii pai i "i the di
, i-iufi w :11 have an important bearlng on
the i i and pi l< ?? oi hard i oaJ
, i, .. , ? ii the i ard coal trade
tiij wnuld rel irn lo ihe cond I
thai exlded before the coi
wera m ide, yt ara ago, whi n aome
Inili |, , " ? ntiv fouKbl for mon
. md lowi i frdahl mt< ? In order to
with tbe ua ge opel prod
in,.-.
COAL C/ASE BOOMS STOCKS
Reading Goes Up and Other
Roads Share in the Rise.
\. m "i tha Bupreme i tom t's deciaion
in i! . .; nil.r... i 0 . ? enl up pr;. I
?tocki wlih a ti rdaj. Bsclti d
i,i,i,im. for Ri adltia followi d lha flral
word frotn TVaahlngton, and for i (ew
mlnutea tl ere ? I ea unUe of
: iu| ii ? Readlui poi t on I .
?
otatiooa m i
during lha Oi I ru i
i? fon i he tr idei iinuai ,i to take breath
del lled nforanatlon ,.r h..
t< i ma ol i hi decn Pei naai ly aa hour
\v.,ii Streel then ha Itated, la doubl aa to
whal axteol the anthrndte roeda arould
!?? la .,,!. .i bj tha d. ,'isioll. hut ill the
latti r pnrl ei thi ,:-' r'.llng the up
? rnor imenl was reeumed
i., .,.? >, .-..i.i ii.-aiij rn polnta nl ove the
/-,?? prlot of tbe day. Otber oeal eerrylag
aiso heneflted Lackawnnna galned
:?., point-. central af hea j,r.-.> ll end
Leblgh Vdley ?r.. The ni.uk. t an a
uhoi.?, which deeliaed la th.- motnlng
wltb ?? break af i polnta la Raadlng.
naoafed op adth u la the eftaanoon, and
i promhaeal laeuee edvaaced '.' to 5'
pdata ahove the krw prtei i of ik* day.
if
Inntinurd from flrxt pa;?.
only six membera. Juetiee Day 'ri<,k
no part in the dectekm bac luoa ot hU
abeence fro mthe bench when the oaaa
uas argued la Octobar, 1*11. t^Stiet
Hughee refralned trom partldpatlng ln
the action of tha eourt becauae he was
.. apectal aaalatanl to tho Attorney
Oeneral when the ooal bualnnm ojaa
ftral Inveetlgated by the go-erntnent
juatlce Pltney waa aot on the banch
when the case wai praaantadl to the
. ourt
The suit Wai mni back to the jndfres
of the eourt in whli h II orlglnatetl the
,t court for Baetern Penneyl*
vanta, for the enforcement "f the da< I*
Tha mlrroadi tioncarned In the eaei
, the Philadelphia a Readlng, tba
Lehigh Valley, the Delnwere, Lacku
wanni i vVeetern, tba Central Rall?
road of New Jereey. the Erle nnd Ihe
New Tork, BuequehaJini i Weatern.
Tho minor combinations not paMld
upon. but left for poealble future etm
r_tk>n were thoae aileged to buvi
i..(I1 created In 1888 by the ?*?-W
n,,n ?, .,,.. Neu Tork, BuaQuehanna k
hy tbe BTte; la I80t by tba
acqulaltlon by tbe Readlng Comi
whieh owned the k?hlladalphln i Reed
Ing Rallroad, and ? coal compnny bj
...nnii.tr name, of tne Central of New
jeraey, aitb IU coal compnnlaoi ln
1800, by the acqulaltUm by the Brla
of lha Pennaylvanla Coal Compnny,
whieh is aald to bave been projectlng
a now railroad, the Delnware Valk ?
m Klngaton
Statea Policy Liberal
A, ,. ??. i of hia optahm Juatl? ?
Lurtoa dwell upoa the greal ractor ot
the six railroadfl ?nd their coal oonv
panlefl in anthradte mining Over 80
per cent nf the entire nnmlned area
? w:iM owned bv them, he de*
clared, and ..-.or 75 per renl of the
aI1Mlli,, suppIv put open the ntarkei
mmm thelri He mld thal ?>,.? trei
doui Influen.I them cempnnlei ka
, . ... ti,.- II
pollcy of th- st:,t- of Pennaylvanla *.>
,.,?-,, ii |.: developmenl by author*
".' H."? '"'"'
? | and th.ii traniporttag i o n*
wtatlon ot
the coal to tldi wati
.. Lurton
I . menl or
ition, l ? r'"";'; vv??r,? ,n
undlaputed ? ontrol, Hi added
f b
monopol)
ma) " ?***' '
tlon outllned, the lue?
. whal had ? -
He An .
? ? apportlon
.
, h.?i^'.. i
?
verred !? .? ? fforti w? re
Ibute the . nal i-i!
ui on """?' ',:;
ii. pn ?. loufl ??" ?
?Thi wi ' '?*?"
that, whi b
?
Icmrted. th- - ? ???"'? i""^'1 i*b_,rJl '
?.r. II ton*
liled "
. , . harg< ot | ? ? omblna
?
I i ihe lo*
the Buj
,.,.!. it WOUld BOt
Thwarted Road's Construction.
Tb, Justiee then took up thi Temple
,. , feature of the ? - He
,]. tnlli d b<
the V ? '? "' ''' '
,. | iged their tonnage I
... tldi ' ' ,!,?,
, | Wyoml I rVeatern 1
.
... th of theae pl< i
. i^hi collli rlea of the Blmpflon ?
.: ?erlbed ai power
lui factori in thli projei I. He d< -
..,,.,,,,.,, how, through the ald of J P
I , the Templi Iron Com?
pany wai bought, eonvertad Inl
ompany, Iti obllgntloni guar
anteed by the iti ro id h proportlon
,,, theli innual - oal tonnage carrled,
.,,,,! ; ... the Ti mi le purchaaed
the propert) of ?'?? Blmpeon A vYatk.ni
ii,,.- The wlthdrawal of llu wp.I
of this iinit front thi propoood rallroad
held t" hav. thwarted tha road'i
tmctlon. Juatlce Lurton oontlnoed:
?|-..,,.. ,,,,i all tb. railroadfl reai hed the
?,.w , bul the preaervatlon >.f tha
mnnttpoly ol traaap u tatlon from tha
minea lo tldi water held b) the bIx llnea
W|,I, i, u i ervln | the reglon wh i plain
p a common Intereal Tbo extenl of tha
? ,,i each in the d-sir-.i reaull
,., have i" en ? i timated bi them*
Ktilvea aa fairly mi ? ??" by tha | er
, ? ntaga '.f total tonnage theretofon eai
tnnually -v it
Ti,,. cuiirt deall wltb th- argument
tbat no Injunctlon ahouid be laaued
agnlnal the Templi compnny becauae
th- aileged itmngulatlon of th- pro*
lacted road u...^ a thing "f th- pgat,
?a) Ing:
?fhe evll i in th- comblnation Bo lona
ns i!.fendanta ura able t<> exercifla the
power thua lllegall) acaulred n may be
mosl efllclentl) eaerted for tbe continued
and further Buppreaalon of rompetttlon.
Through 11 the defendanta, ln comblna?
tion, ma) abaorb tha remainlng output ..f
llldepeiidenl pi-.b
Wlthoui it the ??? vi i ?1 groupa of eoal
earrylnf and coal-produclng companlea
have the power au.1 ntotlva to compete.
Thal each may roi Itaelf advance the
M i oi .| oi cul dou n tbe productlon
is trua Hut ln the pewer whlch each
group would bave to compete would be
found a corrective. The Btatute forblda
the concerted action whlch haa alread)
broughl aboul lha Btranalina ol a pro*
? i competlng railroad and the com?
plete control of tbe aali of an Immenae
tonnage of Independenl coal, whlch bad
prioi thereto noi onl) been ? menace b>
their collectlve contral of the meana of
tranaportatlon t" New Tork Harbor
polnts, hut i large competlng factor ln
aalea al theae polnta, Tne Temple com?
pany, therefore, afforda ? powerfui agency
bs raeani of whlch tbe unlawfu] purpeei
whieh Indueed the acrquialtlon ma) i?
i ouiinii-d beyond the mera operatlon of
the Blmpeon and HVatklna ootuarlea.
jnaUaa Lottan mpicially oaUed at
tantJen t<> tha Eael tbal >h? rallroad
preeidenti were m< mben of the Tem*
ple*l board Of dinctors _nd aald that
thla relatlon afforded "the time. place
and eccaelon for concert of action."
After disposinpr, of the Temple com?
pany fcature the jMQtJCB tOOh Up the
contracts with the liid-p.-ndcnta, re
ferred to nn the "ll per cent" contracts
becauae the railroad conapantog were
to pay that percentage of the price
of coal at tldewater to the Indepeu
.l.nts" for their coal. Tho Justlce dl -
dared that it was "plalnly established"
that these contracts were made by con
. rt and that the "plain dedUCtlon" was
that the contracta ardre leetgned to
control the sale of the independent out
put
The old custom of independents, sell
log to railroad cumpaalee was <ie
s.rihed. Jusiice Lurton told how the
entry of the New York. Bneauehaana
i Weeti rn into the coal carrying husi
ii. ss raeulted in the pereentegapald by
the railroads to the independents being
ralaed from M per etnt to _?'> per eent
Tbe proposal t" huild tbe Wea York.
Wyomlng <s.- Weetern, hiter prevented
by the Temple Iram Company deal,
threatened to raise the pricea similar
trouble was descuhed as throotcning
throuKh the proposed con-struction of
the Dehtorara & KinKston.
in siiort. Juatlce Lurton declared, tlie
proposal to l.uild a new road into tlie
?nthractte r.-Ki.-ns when larKe blocks
of contracts wltb Indopendenta were
about to expire was legarded as a
"menace" by all th" exfetlng roade, a
\ai of the contrai ta for ;i short
term of yeara was deeorlbed as a more
"poetponcment of the day of competi?
tion." Hence it a is, the court found,
that after the blg coal strik- in 1900
the rallroada In i om - rt led the Indo?
pendenta to s.ii their output to them
as long as tl.e-, operated th.-ir minea.
The opinion, regardtni the *>. per
eent ?ontracta, went on:
It ls not tB_rtntlal that these cOOtraaet-t
conddered alngly, be unlawful a-' in re*
?trniat or trade Bo conddered. they
i.e wholl) Innocent I ren ..? ta ab?
Holutely lawful ma) be atepe ln .. i rlm
plot, bul a ?erlee of auch rontracte,
??,:?. ,,t a concerted plan or plot
hetween fhe defendanta to therel
? ...,;!!,,1 ,,[ the Mile nf tlie ,11'i' BOO
dent coal in ti.e marketa ,,' other atati
?nd tbereby auppreaa competition in
pricea between tbeir own output aad
th.it of th.- Independi ore, ? ould
com ? plalnly within tbe teraaae of the
-i.ii .1. and parla ol thi .-? hema or pld
? ould '"? laa f.!
Dealing siiit further with tbe 60 per
cenl contrai te, Juatlce Lurton said that
an attempt waa made to defend them
as not an "unreaaonable reetraint of
trade," nt deflned In th<- standard 'Mi
? .-e ii.i,i inued
ln that ,.i.i,. ii w.i- ..:-.. sjni that thi
word ? ' nl "?(' trad ' khoutd be
iuld not deetroy
'. ial i ighl ol ? ontiai I ?nd reo
der dlttlc'iit, lf noi Impoadble, any mon -
ment whlch ll waa the purpoee of the
?tat ii.' t,. proti t
W* reafRrm
tn. anlng ol i1"
to th" inquiry aa
I er this pli ???-.,? . onti lds.
? .i im., b< cordlng to a concei ted
ol ?? ierate to unduli
pi. m . omi ? raln freedom of
re I.I i ' - ra exlated not
power t., compete ' ??
tween tl > ?- ii of Indi -
pendi t pro ured b. the bu
di fei '-?!-. after
the ' ontrai ta, Impractii able it li
-, obvloua that the law may nd
compel competition between theoa
peudenl coal operatora and tbe defen
but it may at leawt reaaaove Hlegml
barriera reaultlng Iron iiIckhI agr*e
ti wl l" h wlll rn il mpetltion
?
The annulment d the 85 per cent
. ontracta is important, aald Att< i
ral WTli keraham, n<>t onlj '."
u opena the way r<>r competition, i ul
"becauae the coud holda thal :,i
though b contracl may be innocent in
Iteelf a bundle of them may conetl
: ii. a -.ii.i.ition of the law."
THE DECLINING MARKET
for stocks and bonds has made ln
vestors appreclate the comfort of
holding our Guaranteed Mortgages.
There is no possibility of a loss
and the Interest return ls higher
than from any other lnvestmem
that is equally secure.
You can put out, at any time,
any sum from $200 ^ip.
At* nvestor tim ever iost a dollar
Capital 6 Surplua, #9,000,000
i 70 B'way. N. Y. 17*? ?e_n?en St,. D'arri.
?HO rulton St_ .J.maica
COAL PRICES MAY STAY UP
Court Ruling Not Likely to
Bring a Reduction.
The ?nthradte dada
ln wall Btreet yedardaa ai u Ihaiaenaaj
vtctory for th,- government, but bi _
praetlcal vletory for ttu
whom the guit a
?tatemeat waa made ? et om
ra ..i . tbe n ? oa bi n that moi
tini" waa dedred le dlgad lully l
in-:s of th.- gupreme Court, parl
ln relatlon to th ? tf per i
.lause. lt was -t.it. l thal thi iedaia
tion thal I
would mean thal
'. Wl.l.'i
has been furalabed i
nnd tbe aelltng of aii
been under the i ootro
truat, orBI oow ba Idl to .-??'-. a frw:
mark r
ii ii con ild
,,i, . the li depeadei t hard coal ?
wlll loaugurati ? ? ?
:.r. .-nt | . .' Of I "al. [t I
they, aa well ??
prod loare, will wa I to
obtainable, whlch would t- n<l to
diminate the probab ?
?
Th" deddon leavi - und
in-'' ? < ',.,!!"! of
Phlladeipbla .v I
? ? k ot th, .
phia Coal an i > I I
o$
an.i thi tli ?? ?- Cedral
,.| ol N' B I in tur.
control- .?>.!''i.1 ? ?
outstai
Barre i oaU ? !omp
iv- derk k B De Bei
th" invedlgating committee al
Iferch
. ?! the tlnu ol Tl
pool of the eoal altuatloa
ii. nt aam
Ing ..I' the 1'i.ui t '
n ere vlol itl<
antl-truat law. He au
Bo ti ' ?
ter. this declaion leaa
. in th.- air. If It I
er "ii the prlc. ol el lt ?:'l
:v be an ???
! ,1 ?
rallroada wlll noi
i ll trj lo get 1
?
?
there will I
in the aui i ?
Ir ls not likel) I
?
when i
iaj ? m i n ak
Lbram I. Ell
Iferchanta' I Wea, aaid
-
?
|.? \> I Traii*
Journal." eald that "II
i ?
?
ti,.n of the -
productlon i
Insift on
F. CHAUVENET'S
THIf NATURAL Rt-D SPARKUNO BURUl'NDY OF
fRA.NCE
II. I". lu.l.v * i.... I fl.. New Vork. .-? | -
0090
KRAKAUER WAREROOMS,
1? Eaat 14th St.
!
An execptiotial opportunity is offered to all
intending pureflasers of a Piano or Player Piano dur?
ing this month at the ahove Warerooms.
A very Speeial assortment of the most artistic
produetions in fancy woodf, in antique and modern
designs is on display.
An Exhihition of Rarity
"The Purchase ot a Krakauer is an investment
of a lifetime."
Pricei are not high. Terms at your convenicnefc
Of otber weD known old and reliahle makes *0
have Twenty-four New Pianos and Player Pianos to
ofTer, ranging in priee from $P.)0.00. Aii fully Guar
anteed. Terms very moderate.
Call at our spaeious Warerooms and inspeet this
beautifiil assortment of instrumeuts. Every courtesy <
will he extended you, although you make no purchase. |,
Krakauer bros. '
PIANO MAKERS ESTABLISHFD '3of
OPEN EVENINGS
Main Warerooms: 17 East 14th St
(Bet. B'way & Fifth Ave.)
BRONX: Cypreaa Ave. & 136th St. BROOKLYN: 350 l>ingatoa St
V..*4?*;?aa-******a*^
3