The Providence news. (Providence [R.I.]) 1891-1906, 1896-02-06
GREATEST OF TRUSTS.
J. PIERPoNT MoRGAN'S NEW DEAL
m COAL.
Coal Advanced 80 Cents Per Ton as a start
or by tho Trust-Controls Over $4,000
O 600 of Capitai-sso, 900, 600 Annual
Tax on Consumer.

A new trust, greater, richer, stronger,
moro important than any other trust now
In existence, has been formed n actual
operations begun.
Involving thousands OF miles of railroad
and moro than e., 900, 000, 900 of capital of
the Vanderbilts and J. Pierpont Morgan,
IL Is far ahead Of the widest dream of
wealth and monopoly which the late jay
Gould ever conceived. j. Pierpont Morgan
Is tho master spirit and originator Of the
new trust, the magnitude of whose opera
tions makes the profits of q gold ring seem
Insignificant and tri1ing. The anthracite
coal mining md railroad companies sold
last year 40, 600, 900 tons of coal at an aver
age Wholesale price Of s3.0S. 1t Is proposed
by tho new trust to raise tho price to "a q
ton. On decreased production an increased
profit of $3S, 600, 900 is assured and will DO
divided among III companicS. 1t Is easy
To estimate what u per capita tax this
means upon the country.
The great Coal trust began operations
by advancing tho price Of coal 35 cents a
ton. This increase is only the first step,
but ID means over Si5, 000, 600 increased
cost TO consumers and an evon greater
profit to tho trust, as many middleinen
and selling agents arc to DO dispensed
with.
The p%ermancncy and success of The trust
are not doubted by tho most skeptioal in
Wall street, because the companies which
have broken every previous trust agree.
ment are now absolutely controlled by Mr..
Morgan or the Vanderbilts. Tho new
trust is a giant, compared to which tho
Standard OIL, the Sugar, tho Tobacco and
the Leather trusts arc mere pygmies. A.
A. Mcleod, during his meteoric career as
president Of the Reading railroad and coal
mines, tried TO form such q trust five years
ago, but tho New Jersey legislature an
nulied his lease Of two rival companies,
and j. Pierpont Morgan finished his career
by shutting him out Of New England and
forcing the securities Mcleod had pledged
to carry through his Boston and Maine
deal on to the market i'm a panic.
Now more than 80 per cent Of the Read
ing railroad stock has been deposited with
Mr.. Morgan for reorganization and q vot-
ing trust created for five years. Tho
Reading railroad and It's mines have thus
passed into an alliance with capitalists
whose board OF directors are all SO closely
commingled and interchangeable that their
board meetings might DO held simultane-
ously In q single room without conflict or
confusion.
The magnitude Of these interests since
the monopoly Of anthracite coal mining
has now been added TO the enormous rail-
road interests already centralized is so vast
and farreaching that bankers and railroad
men cannot estimate its ultimate effect.
Excluding bonds, the new coal and rail
road trust stands for nearly 81, 900, 600, 900
capital and 1880 miles Of ysailrond. This
capital stands for 2L TIMES the entire
bonded debt of the United States. Here
is a list of tho Leading companies, with
their mileage and capital stock. There
are many smaller companies controlled alb
s~olutely by the Morgan Vanderbilt inter
ests: