New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-19
THE vANDERBILTS NOT IN 1T.
NOT INTERESTED IN THE REPORTED
COAL COMBINATION.

AUTHORIZED pExIALs BY CORNELIUS WANDER
Bu.T AND cHAUNcEY NJ. DEPEw-THE LAT
TER SAYS THERE PROBABLY WILL BE
TRUST IN THE NEAR FUTURE.
Tho report that the Vanderbilt interests are NOV
inc in mysterious way to secure control OF the Phil
adeI,bia and Reading Railroad. in order that they
NAV rot n hand In the coal-carrying trade. led
to a concerted denial yesterday from every pranch
OF the Vanderbilt interests and, Incidentally Cnauh
cey NJ Depew told some things about methods IN
Wall Street that threw some light upon the present
chaotic condition of affairs in the coalcarrying
trade.
The renort was that there was in the process OF
formation a coal trust to reorganize the Philadel-
phia and Reading Railroad. and controi ,he an
thrache coal trade. The story aroused great III
terest In Wall Street, and Reading stock was per
ceptibly strengthened. A sembance of truth was
given the story by the recent heavy transfers OF
Reading stock Every available source OF In
formation was pumped In effort TO discover the
meaning of the transaction but nothing tahglo'e
could be learned The report went on TO say that
the acquisition Of the Reading stock by members
of the Coal Trust began about month ago, ana
about 10000 OF the 100000 shares OF Reading STOCK
have been acquired up date The stock cost IL at an
average or about A5OOOO0 1t was asserted that the
In the syndicate to get control OK the
road and that other members OF the syndicate "e'e
President George f. Baker and Vice-President Har-
ris c. Fahnestock OF the First National Bank, ana
President J. Rogers Maxwell, OF the Central Haii-
road OF New-Jersey. 1t was said that the Wander
bilts had been interested two years ago In secur-
ing control OF the Delaware and Hudson Canal
Company In the combination to Keep up the price
of coal. ]. Pierpont Morgan was SAID 10 nave
been consulted recently In regard to the plans Tor
obtaining control OF Reading and he had bought
much OF the stock for the In the combination
ffa tha haf
the Vanderbilt interests. Cornelius Vanderbilt yes
terday personally denied the report. 1t Is unusua
for him talk for publication but he authorized
the statement that there were absolutely no truth IN
the rumor lie said: Neither Cornelius vanderbilt
nor any of his brothers Interested In this ru'
mored coal combine We never have bought any
stock in such an organization and know nothing OF
Its workings"
Mr.. Depew was quite annoyed by The fumor, Ito
said mir Vanderbilt has personally denied the
report. ana have again denied Tor him As nc
result of this denial The stock foil two points IN tho
Street to-day. The Nandelbi,is never have bought
4 dollars worth OF stock ~ ne lhlladelphia ana
eHl with tho eoaleaifying trade ana have no desire
There arc Soma fellows down In wall Street who
are handling That stock to attain their own ends !
1o1 9w VINO my Are or wna, su hG p" nnI cir
ouatcd that report about the Vandcrblta being lf
Eve @ I be the or prese of hnvns the vanicrbs in
portnsrshlp Ar Vanderbilt u ndigrsn' .t 1vSr ns
boon doomed. and the conldlng public. as usual,
Will pay the bill"
MIR Depew was asked II he had heard anything
about this reported coal trust. and said; There
Is no coal trust now. That fact Is demonstrated by
the knowledge that the coal-carrylng roads are
cutting one another'S throats They are selling coal
almost ut the price OF production. But 1t strikes me
that the report Of the formation of coal trust Is
far wrong. 1t f. simply In a line with the
old truth that large moneyed interests don't continue
10 cut one another's throats long.
"The Reading Railroad is a great disturbing factor
I'm the formation OF such n trust. To acquire Its
stock Is something Ike gathering the sands OF the
when you have the stock there Is nothing to show
for t. 1t consists mostly Of some fine pictures and
Autographs and that Is about all The Reading Is
will not recognize. and Judge that i will continue
TO demand. The Reading stock may be passing into
the hands Of men who Intend to use this power to
work out a reorganization. and 80 think coal
trust will be completed in the near future"