New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-13

over month. improved railway laclhues cnaoie w
produce coal under Our present arrangement at much
less cost than ever before, because We We. can can
mine conf at seasons when there Is no demand for
IT, II the people do not want tie coal at that time
Q.-iIas not the production OF coal been restrict
heretoforei A.Yes. TAey have been coming 70,
Q.-THey have not lived up TO their agreements
A.-They have not decidedly.
WHAT A BIO MONOPOLY MIGHT DO.
OIL your company regulated oil the transportation
of coal from the mines In the coal regions In Penn
sylvania would 1t result in bringing down the price
of coal TO the least possible minimum Al believe
be les 10 the consumer and save slOO000OO besides.
II controlled all the mines and all the roads lead
0.NAs ! understand IT, this, combination is in.
tended TO Increase the profit on the Sod tao on the
Can yon give IN round numbers the annual
tonnage 81 coal transported by the four companies
! involved in this comblnatoni Ayes Sir 24'ooo''
o%Le. the total amount Of coal so tTsnf 1Ds,
act passed the other day BY the Sew,Jersey Legs,
Ct giving 10 the minority stockholders the light 70
come in or II they did not want to come H. then II
sat they Shy SS p of isT
road cannot be leased to foreign cooperation wTs
dissenting stockholders 10 DO Pa'o "ha'e'0' ''o OWN
by senator Erwin: INV mar.
the people Of 'P tho pf state Of SeTYof
mentl Al think It VIII affect the them bencnca'ly
where Cur lines g tSaf TITO F NefS %sveey NJ
to Buaalo-that Is the Lohigh Valley. the line we
iss law. T " SGmR S sas
York were think, organized under the laws Oh Ne"'
from advancing tho price Of coal to the consumers OF
this state, hey 50 deere AogetE1a and
wc '9s l0 tRs II and tic Hd
son. 'ri,s Laclavanpa carries about per cent more
oH1ssamine that me policy Of your company was
accepted by the Lacwnnna wond ynerg T Ds n nat
then be able TO control the price Of coail A.WeI we
might to some extent yes to eonslderaoc eAf' home
So hope to have the power to make better returns
Senator CantcrIThat is one O, the cardinal reasons
for combining A.-That is the reason-to make bet
Chairman McMnhon-Suppose there was legislation TO
restrain the companies from increasing the price Of coal
S wSa@ eG S s fe viii pSs 1fS hs fG
prise fhs d %q b sae s the % no GaR however
business by legislation OF that kind particularly u
It would compel the o roads .ho 70 oPs at nroT fSs
Q. But II the public interest demands IA Then
you ought to take ~ but do not think there mas
:. ROGERS MAXWELL or THE STAND
g Rogers Maxwell. president Of the Central Rail
road Of Ncw-Jersey, next testified. lie was asked
more particularly 10 Give The reasons why he went
into the directory of the Delaware. L,ckawanna
and Western Railroad Company. He said he had
thought Of doing for some years. and bis election
mad 40 particular reference 10 tho leasing ~ the Read
.ng OF The New-Jcrsey Central. To some extent tie
Central was DESTROYS on It's own account OF esa is''
NC friendly relations with other interests. Ito AID
Mr. Baker, both Of the NcwJcrscy Central Directory
mad gone into the Iachawnnna but they were only two
ont Of thirteen members Of the board.
Asked as to his orlrton the price of coal 70
sult!ng from the Reading combination, he faid be
thought 1t would have the effect Of steadying the
price. lie stated the percentage OF the anthracite
coalcarying trade handled by the Delaware ach liud
son 10 be 10 or IL per cent, and that OF tie Lacba
wanna IL IL.
Q.-Do you know Of my agreement a.out being rnaho
between tie LacAawanra ard o'her roadsi A'-IheTc
Since the lease has t!,e Jersey Ccutral any voice
er N 5ayc 1hg GS OF 81 % c"n c %scy Central
*arheyer represented at the conferences here r hAhR
the service OF the NcwJcrscy Central. Mr.. Maxwell
replied that DOT a had been changed. There
might be change In train service whereby
greater facilities would bc afforded the public at les
cost aud this might rcsut In certain changes. Re
speeding the law recently pissed iy the Jersey
rcquihng unanimous consent q stockholders Cor
easlne to foreign corporatlo-. any holder o. say
ten shares, might blo,k the proceeding rs readily
AS the owner Of 1000 or more shares. The new laT
As he understood Il only extended the privilege 10
dlesenting minority stockholders Of surrcnd'rng the
stock either at the market price before the lease
was consummaed or at a price to be fixed by
commission
The lease hv tie Reading OF the New.Jerre
Central gave to the former The control Of tie terminal
(adlnle, Of the latter company at jersey City. which
embrace about two mile, u water front lie believed
the Ncw-Jerscy Central Company womb derive SUB
,tanal bcrcGts. 1t Il guarantee of buaneS
alliance resulting ~ larger traffic. The ooml"ut!"n
between the companies WINS confined to small
area Of country The Reading lad been using Tie
central wn.crf front for number Of years under nh
agreement or traffic contract Tic combination
means better facilities for 10th, and the faci-
ae, viii be sIll greatly enlarged here.
Previously the New-Jersey Central WAS hauling TIE
trains Of the Reading and doing their WORK now The
Beading Il doing IT all for Itself
TIE LEASES WE'RE KEPT SECRET.
Mr. Mcleod returning to the stand. said III
wish 70 expaln 10 the committee that Mr.. Maxwell
and Mr. Baker. representing the New-Jeriey 'eh'raI
did not know was negotiating With the Lehigh Val
ley for that road when made the arrangement Win
tie Port Reading road. nor did the LcAi6h Valley
know when / made the Arrangement, until 1t Was
COmpletcd.' -
O-Yon steadily kept that from thcm1 Al old
None OF them knew OF II until had made the arrange
mon. and tho preliminary agreement was signed
The object of the cOnceulmcnt was TO make as good
an arrangement as possible for the Reading Company
George +. Baker, president OF the First National
Bank and a director IN both the Central Railroad
Company OF Ncw-Jersey and the Delaware l@cHa
wanna and Western Railroad Company, snid that he
did not know just what there was for him to testify
TO- lie had been stocllholder IN the Lackawanna
Company fox ten years. Mr. Sloan told him he wanted
him 20 90 into the Lonrd a year ago. As
10 Russell sages declaration that In his
ounon after the public feeling aroused by announce
men Of this combination had subsidized, the roads wonl
raise the price Of COAL M Baker said he dd not think
that would follow. lie WINS not himself coal eH'
pert but a banker lie had been director In the
New.Jersey Central Company five or Six years
Senator McCamen wanted 70 know whether In effect
~ would eYentnailN lind ltscf w