New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-25


he became satisfied that Lackawanna was one Of
the best and most solid investments IN the market
His purchases were made that basis. ard Mr.
Vanderbilt believes that he has acquired owner
ship In a splendid property. lie has no idea OF
becoming coal baron or Of taking any part In
he regulation OF the price Of coal Nor does he
contemplate attempting any change in the man
agement Of Lackawanna, which H. conducted most
efficiently by Mr. Sloan and his officers
40 PLANS FOR \ C0NSoIIDAT1OS.
..The purchase has nothing 10 do with plans of
consolidation any new coal combination out
side Of purely investment considerations Mr Van
dcrbilt also lclt that person largely inter
egted in the Lake Shore and the Nickel Plate
roads IL would be advisable TO have an interest in
the I.ackawanna. which does most Of IT'S Western
business over the Nickel Plate. and has for years
operatcd under a traffic contract with that road
OF course Mr. Nanderbil:s interest in Lackawanna
4, regarded as Of advantage 10 the New-York CEN
trail system, because Of its tendency toward the
maintenance Of harmony among all the trunk
lines through increased stability in rates ana
traffic agreements. The transaction Is important
in It's favorable influence upon the railway s'iu"-
ton but 1t s. not intended io be the basis OF any
extravagant schemes or Interior combinations
This statement OF Mr. Dcpew dsposcs Of the
effort made yesterday In stock circles 20 cr-a-e the
idea that the Philadelphia and Reading would be
brought under the Joint ownership Of the new party
in Delaware, IdckaNdii.l ana N'"l'iH l4i'I' wa
an extensive speculation IN Reading stock ana
bonds but EXCEPT as il was founded on expected
benefits from future conduct Of the coal trade
IL had no substantial basis. according to wcil-In-
formed persons The status OF the Reading at
present prccludes the entrance Of new capital INTO
I'M. stock and the condition of It's finances End III"
uncertainty Of the reorganization sar IL rom con
sideration as importJnt element IN the SitIh-
ton. II is understood. however. that The rec-iy-
ers and the bankers Eho are SUPPORTING mon "i'
i'm thorough sympathy with the purposes or the
managers Of the Other coal comP'l'les me co.
operation OF Reading III any Iut1re poncy ai'p'"d
| by the Maxvcll-N anderblt interests would PROB.
ABLY be enforced by the necessity which VIII exist
ro attract the capital controlled by that powerful
combination when the plans OF reorganization
dnne toward the reconstruction OF Reading until
| Inc bondholders have Informed Themselves thor
| accountant. of the actual condition Of the com
| pany's finances.
pENNsYfNANIA PEOPLE SATISFIED.
The beneficial effect upon trunk line matters OF
the entrance Of W. X. Vanderbilt into lackawanna
Gas indicated BY the cordial spirit with which tho
pennsylvania Railroad people have received the
| news. Dispatches from Philadelphia quoted some
| of these officials saying that the new deal
will benefit all the truT lines I'm that rates would
| w. more steady and that nothing was To- be- feared
p he frst-ciass roads from the differeninl lines
| With the I.dckawannd brought into close accord
,";ih the trunk lines the solution OF the rate prob
| lem railway men say, VIII be near AT hand The
| New-York Central and the Erie have generally
| hen able TO agree upon harmonious lines Of ac-
| lion. ana the Pennsylvania Road has disturbed
| rates only when the weak roads have committed
| irregularities. W ith the Nanderbts exercising
| new influence in Lackawanna, the power 81 the
| Grand Trunk OF Canada a. IA diaturber Of rates
| and agreements Will be seriously curtdiled.
| ONTARIO AND WESTERN a BIC; FACTOR.
| The position Of the New-York. Ontario and
Western in the trunk line world receives new at
tention with the evidence just given Of the dis
position Of the Nanderbs to connect all the roads
| In New-York State In close alliance The ontario
! and Western. since the opening Of its Scranton
| extension. has LecOme an important factor IN the
| ,ransportatio OF coal It's traic has shown steady
| and lis friends believe that the time is nearing
,rhen the roads relations to the railway system ol
| The East must rndeigO definite settlement I'eI.
| ~ itself, there Is possibility Of development
| which may make IL an important factor OF future
| dieturbance In rates. There Is already however "a
! large interest friendly to Vanderbilt purposes ~
| relieved by well-nformed railroad men. viii be
| union with the New-lork Central's over-shadowlhe
m nni improbable that the Vanderbilt purchase
Va u, ~ the trunk line terminii 1t IS believed thai
w. control OF the Toledo. Ann Arbor and North
| s,utobcan Road Is being sought by the Lake shore
F'n rol has also been object of ambition 10
| 'ii'nce nj the East may terminate any cross puI
'n.os of the Lake shore ana the I.ackawanna Win
| prd 10 the Ann Arbor Road and the latter may
| IesnIu ~ feeder and ally OF both systems The fall
IN, snrng Of the Ashleys who were heavily in
| uic ,a en- the Toledo. Ann Arbor and North Mich
| oan carried the property into the hands of re
' -, Organization, but George W Qulntard anc
| way VI I, Iro members OF the bondhollers' com
| Amos arc now at the West looking over the prop
nrtv and measuring Its prospects. The Lake Short
onS reported to John Newell, president Of the Lake