The sun., 1892-03-06
NO LIGHT ON THE COAL DEAL.
GEN M'MAHoN's INVESTIGATING COM
MTTTEE MIKES LITTLE PROGRESS

some OF These Witnesses Expect to Know
More when the Contract Gets Back from
Philadelphia Russell sage's Disapprovai
of Combination. to Advance tho Price Of
Necessities or I.uxuries.
Sidney Dillon. with Russell Sage beside him
and ready to follow him upon the stand was
tho first witness yesterday morning before the
Senate committee for investigating the coal
combination. The committees room present
ed very businessllke appearance. and the
four committeeman prcscnt-Gen. Mcmahon.
Chairman: Senators Cantor McCarren. and
Saxton-lookcd solemn and suspicious. They
were aided in their search into the hidden mys-
tories OF railroad combinations by two law
ycrs. Mr. Grlfrcn OF Watcrtown and Mr.. Jack
son OF this city.
Mr.. Dillon said he went into the Delaware.
Lackawanna and Western eight or ten years
ago as n director that Mr. Sage went In at the
same time. and that both had been quietly
pushed out of the Board Just before tho deal
was arranged. He did not find this unjust.
because hc was a small stakeholder and had
made room for mar having large block OF
stock. He was not III possession OF any in
formation as to the details OF the deul but he
thought its chief advantage would be In the
economy to tho various roads Interested. He
was OF the opinion that tho rise in the price OF
Delaware. I.ackawanna and Western stock was
due to the combination and tho prospect OF in
creased earnings.
Russell Sage was the next witness. lie
seemed to be in excellent health, and was ap-
parcntly in hearty sympathy with the investi-
CATION But he had no Information to offer.
only expert opinions upon the effects OF the
combination. lie agreed with Mr.. Dillon as to
thc cause of the rise in the price Of stock.
sny sM %2p.a M M NJ tSs,s here
iso1. The earnings. therefore. do not JUSTLY;
the the rise IL the & price OF tho stock 1t must be
What do You think will he the effect Of this
ccombination upon the price OF coal Z" asked
Il have no doubt" said Mr., Sage. that the
Wl the pfee 9i coal to the
public sentiments strong. upon the subject.
passes away. And il they put up the price q
takes - TONS Of coal to make one @ ton Ths Of iron.
You gentlemen hive a big task before you in
ing consequences are not apparent at first
glance. do not look upon these com binntions
to advance the price OF necessities or luxuries
Of S stSsks," Isl said Gen ms MGMHhen M on
s's Stephen M E23 Wams 9r Comptroller o, the
Jersey 4, Central mt was M ths next witness. and
hour he shed no light upon the deal. he was
aware that q contract had been made between
the Jersey Central and tho Port Reading road.
He was not familiar with the terms OF this. as
It had been sent m pimmSdIias to the At
now. He would see il when II came back. as a
company, He was not disposed to think the
meant an advance In the price OF
coal. but that 1t was simply II means OF in
between roads hitherto competing.
William G. Oakinan. Vice President Of the
Jersey Central: had knowledge OF the contract.
there he did not know This contract gave
compensation to the Jersey Central Of per
cent; on it's stock as II minimum. Until its last
been earning u por cent. since 1883. He did
not believe there was any guarantee upon the
Reading stock. He thought the chief motive
for the com binAtton was economy. There were
also advantages in the way Of terminal facili-
ties.
Samuel Knox. the Secretary OF the Board OF
OF the Jersey Central, was the last
had heard nothing worth spcaking Of; and he
the snstodv e De he contraa H whee o Il got bacs
from Phi lade ,lpIia; but he would be its custo:
the compnny's finances.
As there we're no more witnesses the COM
mittee adjourned until 1D!. o'clock Monday
The committee has had their men
Iryine 10, sery. snbprnas. They have watched
[erryboats, offices. and private houses. They
have tried to get about fifty witnesses. and
The chief difficulty in serving subpTnas has
been the fact that the thrc. servers do not
know the faces Of the men they want. The
only definite idea it has is that that contract,
either in fact or in substance must be got be-