The New York herald., 1879-10-03
A NEW COAL COMBINATION.

JUDGE LATHRoP's AGREEMENT SIGNED BY ALL
BUT TWO CoMpANIEs-coNsEQUENT RISE IN
STOCKS.
Notwithstandi tho statements of the managers
of the coal companies on Wednesday that further
progress had been made toward any kind of agree
ment to advance the price Of COAL and although it
was stated that tho possibilities Of combination
were very remote. something happened yesterday
that promises to forcc Che consumer. who has not
already purchased his winter COAL to pay what
over price may be demanded by tho producers.
Wall street was excited throughout the morning by
the reports OF a combination having boen formed.
and the actions OF some of the coal managers gave
strength to tho rumors. President Franklin B.
Gowen. Of the Philadelphia and Reading Railroad.
accompanied by Receiver Tillnghast of tho Le-
high aud Wilkesbarro Coal Company, were noticed
calling at the offices OF tho other coal companies;
and later. in the day Judge Lathrop, Of tho New
Jersey Central Railroad. was tho companion Of Mr..
Gowen in those visits. Shortly before ono o'clock
tho coal stocks began to advance rapidly. and it
then stated positively on the "street" that
the managers had wheeled into line and signed
the agreement On investigation 1t was learned that
this was partly true and that the paper prepared by
Judge Lathrop had received the signatures OF Frank
Reading Railroad Company; w. J. Tiilinshast. re-
cever Of the Lehigh and Wilkesbarre Coal Company;
Judge Lathrop receiver OF tho New Jersey Central
tho Delaware and Hudson Canal Company; George
Hoyt. president OF the Pennsylvania Coal Company;
Ii. j. Jewett, president OF the Now York. Lake Eric
and Western kailroad Company. and Samuel Sloan.
president Of the Delaware. Lackawanna and West
erin Railroad Company. Tho only parties
whose signatures wanting to make the
agreement binding Harry Packer. presi-
dent of the Lehigh Valley Railroad, and
tho manager of the Pennsylvania Railroad Company.
Judge Lathrop expressed the opinion that their sig
natures would be easily obtained. He said the orig
ipal document was forwarded to Philadelphia yes
tcray afternoon and refused to Eivo the full text OF
tho paper. 1t learned, however, from other
sources that tho following were the important
points,
Tho companies agree to restrict from time to time
the production OF coal to tho demand, and in allot
be determined by thor output from October l. 1879,
up TO the time the restriction Is determined upon.
Each party the agreement Is tp dispose OK its pro-
duction ut any price II may please. When restric-
ton il be determined upon 1t shall be by two
thirds vote of tho entire interests. The agreement
Is not to be binding unless signed by every interest
before tho 10th day OF Oc,ober IL also contains
visions for the formation of IN Exchange. to bo
composed of the sales agents OF the different compa-
and it provides that prices shall be advanced
or before October TO- The sales agents are to meet
daily Whenever required.
THE ExpECTED ADVANCE.
It was stated that there will be advance In coal
fifteen cents per ton every fifteen days tor several
months and that the combination will last for three
years. 1t reported that the Lehiah and Wilkes
barre Coal Company and tho Philadelphia and Read
ing Railroad Company intend to advance their prices
twenty five cents per ton to-day.
The signing OF tho agreement had marked effect
on the coal stocks. or Delaware and Hudson 10000
shares wcro dealt in tho opening price being GOls
and the closing price G44 of Delaware. Lackawanna
and Western, 1850 shares were dealt in, opening
price, Gss6 closing, &c; OF New Jersey Central,
a. OVu shares. opening price, G0s closing, G5 OF
Erie, shares opening price, So closing, SO.