New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-18
TO CONTROL OF READING
RrMoRs OF THE FORMATION OF A COAL
TRUST
,r &c SAID THAT THE ACQUISITION OF READING
STOCK BY THE MEMBERS OF THE ALLEGED
COMBINATION HAS BEEN GOING

srocv nv THE MEMBERS OF THE ALLEGED
COMBINATION HAS BEEN GOING
ON FOR MONTH
Talk about the formation OF Coal trust 10
,eoreanze the Philadelphia and Reading railroad
and control the anthracite coal trade aroused nut"
,,,ros, IN Wall street yesterday. The recent heaVy
transfers of Reading stock have caused no HUE
anxiety In the Street and every aVaiiaoe sou'.o
NJ Information has been worked IN an enor' "
discover the meaning OF the transactions Men WHO
have been most active in the pursuit OF Information
nm,d yesterday that they had learned who were
~ the deal to secure control Of the railroad Inc
ACQUISITION of the Reading stock by mempers OF 'he
Coal Trust began about month ago. II Is saio anu
about ZOO 900 OF the 100000 shares OF Reading s'ock
have been acquired up to date The STOCK cos' 10
at an average. about &,5oooW
,rna control of Reading is being obtained by men
uho are already in control Of the Delaware LacKa-
wanna and Western Railroad the Delaware "".
Hudson Canal Company and the Centrai Hai','"u
,f New-Jersey. Notwithstanding me dehia' %
Chauncey NJ. Depew that the Vande-pilts are j" ."s
combine to get control of Reading, 1t was assel'eu
IN Wall Street again yesterday that the WANDER
bits were in the syndicate to get controi Oh "'e
road and it asserted that other memoefS %
the syndicate President George \. bahe' a
yice-President Harris c. Fahnestock, OF the Firs'
National Bank, and President j. Rogers Maven
of the Central Railroad OF New-Jefsey' l. was
eoid that the Vanderbilts had been interested TWO
,,oars ago in securing control of the Delaware anu
Hudson Canal Company in the combination 10 keep
up the price Of coal. J. Pierpont Morgan was saiu
10 have been consulted recently IN ree"'u " VI.
mans for obtaining control OF Reading, and he had
bought much of the stock for the men Ill 'he oo''-
binaton. 40. 49,,
The four railroads TO be controlled py 'he Noa'
Trust had nearly So per cent of the coal 'oniaso
last wear Mr. Morgan Is powerful with the. new
York Lake Erie and Western. which controls 'he
Erie and Wyoming Valley Railroad, ana the rem"
svlyana Railroad may be brought into the trust ny
the influence Of Drexel & Co.. OF Philadelphia o'ne'
roads are expected to come to terms win the
svndicate when the Reading can De reoi sa,.'~
and taken out OF the hands OF the receiVsI' ~, "a
Man 10 fund the Reading debt is said 10
issuing of $4,000 900 In bonds. which had peen pio
vided For hui never issued. 20 pay the BACK
on outstanding bonds The outs tanains o p"''"' anu
stock OF the road now amount TO sloo,s.oVS, 20 az
The control OF Reading is all that Is nee1e" ~
cure the control Of the anthracite cohi raost "ai
would mean many millions OF dollars Tor tne e" az
Trust The anthracite coal production oai has
over 40 900 600 year. Ine price VI '"nai ~.
been Il or 81 q a ton less than last year hhu ,'a
railroads carrying the coal nav, mn ,he price OF
coal 10 the feure OF last year woua mean d 90
OF over SaOOo000 year one-hai OF whi.n a.
10 the railroads Ii In believed ',' nnms,aIisd Nv
herence to circular pricoh cnuh PC 'on,'e" ac,usi
consumpilon The Philadelphia ana kchdng n''ii
,,oaI aiono would benefit by such ch"hse' "
IN aid 10 the extent OF SWo,"n year, 49,, ,r.,,s,
The reports about the formation OF ,n' ."a az
-" ,h"re was nm advance IN tho stock OF thc Inia'
Jo,nhia and Reading Raroad; or the i,c'aF~".inr.
1919 and Western Railroad. ana OF 'ne
Delaware and Hudson Canal company