St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-06
THE COAL COMBINE,
Sidney Dillon and Russell
Sage Testify as to the Big
Reading Deal.
The Dynamite-Proof Million
aire Says 1t Will Control
Prices.
AtchisOn and Rock Island
Differences May Result
Disastrously.
Chairman Finley Makes a
Decision Touching Ticket
Chairman Finley Makes s
Decision Touching Ticket
Reduction.

NEW YORK, March 5.-The inquiry
into the alleged combination by the bic
coal-carrying railroads. was continued
this morning by the state senate com
mittee. Sidney Dillon, Russell Sage,
and Messrs. Williams and Oakman, OF
the Central railway of New Jersey, who
had been summoned as witnesses, were
promptly OH hand. The testimony taken
today was more to the point than that
of Monday last, as something definite
was CLEANED in regard to the deal be-
tween the New Jersey Central, the
Philadelphia & Reading, the Lehigh
Valley, and the Delaware, Lackawanna
81 Western railroads. Both Russell
Sage and Comptroller Williams declared
that as far as their knowledge went
such deal had been effected.
Sidney Dillon told what little lie knew
about the change in the dictatorship OF
the New jersey Central and the d., l..
81 w. Messrs. Maxwell and Baker had
acquired 100000 shares of the D., l.. &
w., more than one-third of the whole,
and had therefore 10 have representa-
lIOII III Iilt OOdlN. WI. pbFC
and himself were retired to make va
cancy.
Russell Sage was examined on much
the same lines as Mr.. Dillon, and gave
the same reasons for his retirement
from the directory as those given by
Mr.. Dillon for his retirement. He
understood thats there was to be. an
exchange of directory. and two of
the Jersey Central were to be put in the
Lackawanna board. That programme
had been carried out, as he understood.
Mr.. Sage said that combination of the
Oal-carrying railroads would force
prices up. you think the intention is
to advance prices as far as the market
will bear?" said counsel. Yes, sir; to
advance the prices as far as they dare.
have no doubt oft. They are feeling
the public pulse at present" MIR. Sage
explained that there was no limit to the
prices. Such combination as he UNI
derstood had been made could control
the market.
S. w. Williams, comptroller of the
Central Railroad of New Jersey, was
the third witness. He understood there
was a combination between some of the
roads. He had not seen draft OF the
contract between. the Central and the
Port Reading railroads, nor had any
contracts between the roads been filed
with him, as they should IL such con-
tracts had been made. He knew Of q
contract between the Lackawanna and
the Reading, but he understood that
there had been an agreement of some
kind between the Reading and the Cen
trail.
w. B. Oakman, secretary of the New
Jersey Central, had seen what pur-
ported to be an agreement between his
road and Port Reading railroad. 1t had
been sent to Philadelphia and was now
in the hands of the attorney general OF
Pennsylvania, for his inspection. The
contract provided for the lease of the
Central to the Port Reading for a GER
tain consideration, 10 per cent on the
stock of New Jersey Central to be the
maximum amount and per cent the
minimum. 1t was practically a perma-
nent lease or transfer. He did not think
that the combination Of railroads would
affect the price of coal, as far as con-
sumers were concerned; it might raise
the price to the big buyers.