The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-02-11
THE GOAL TRUST.
Organization Of the Greatest Combine IN
the United States.

PHILADELPHIA. Feb. 10.-Tbe negotIa-
tions that tor some time have been IN
progr ess, designed to place the coal pro
ducing and carrying interests upon a more
stable foundation, have been competed.
The primary object in view has Deen 10 Sc
cure more economical management I'D the
coal trade by avoiding expensive
selling agencies and heavy commissions,
SO that the coal producers and carriers can
get better results and secure profits pI
saving expenses. The combinations ana
complex agreements heretofore mace nave
seen generally found TO be inadequate 10
accomplish the object sought, as the DInd-
ing force was insufficient There mas now
been carried into practical elect plah
formed by President Mcleod, winch
embraces the most extensive fnancial
enterprise yet undertaken IN THIS couh-
try, and which be thus briefly outlines
The voting trust now holding the STOCK
of the Philadelphia and Reading railroad
will shortly expire, and the control OF me
stock of that company has passed already
into hands that are friendly to the keau-
ing management. The Reading railway
has. by lease, acquired control of the lie
high Valley railroad. a corporation IN
New Jersey, the Port Reading railroad
which is under Reading management has,
by lease ACQUIRED control OF the Central
railroad of New Jersey. This practcally
places IN JHG IAtdtll5 NOlAlljcahg
Tbe conduct Of affairs of the Reading, the
Iehigh Valley and the New Jersey Cen
Jral railroads, and also Through the latter
the Iehigh and SuSquehaDna railway
and the Lehigh Navigation company.
The great benefits of the new arrange
ment are obvious. In addition to the
Reading terminal now constructing In
Phiiadelphia. the Reading will acquire
the magnificent terminals of the Lehigh
Valley and the New Jersey Central lnNew
York harbor Through the Lehigh Val
ley's western extension there will be pro
vided a direct route TO the lakes at Buffalo,
with a spacious terminal there. In the
carrying on of the coal trade the saving IN
commissions, agency fees aud economies
of traffic under the new arrangements are
expected to reach several millions OF dol
lars annually, divided among the various
railroad companies Interested.
When il is further known that the con-
troll of the Delaware, Lackawanna and
Western has passed into hands that are
friendly to the Reading management, the
investing public Will recognize that the
new arrangements will tend to secure
harmony in the coal trade, and by saving
unnecessary expenses and promoting econ
omies throughout the various railroad
systems concerned, will make more stable
the value of the coal companies securities,
without adding to the cost OF coal TO the
consumer.
The financial arrangement herein out
lined has the active support and co-opera-
tion of A. j. Drexel, J. Pierpont Morgan
j. Lowther Welsh, and also J. Rogers
Maxwell and George i. Baker Of the New
Jersey Central The latter gentlemen and
their friends have become the largest hold
ers of the Lackawanna stock. This coup of
President McLeod's is the greatest in the
history OF railroad financiering and makes
the Reading as strong corporation rs
there is IN the world. The gross receipts
of the Philadelphia aud Reading system
will hereafter be $S0, 900 annually and
the number of It's employees will approx
mate 100000