The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-01-24
another BIC Coal deal
An Effort Made to Control the
Anthracite Output.
READING MANAGERS WEAKEN
Officers of the Road Arc Tired Fighting
the Entire Anthracite Ficld-Au
Important Peace Convention
In New York.

New York. Jan. 23-The kings of the
anthracite coal trade met in the rooms
of the Trunk Line association in the
Central building, on Liberty street, to-
day. The meeting was secret. 1t was
called week ago by the presidents of
the Lackawanna. Lehigh Valley and
Jersey Central roads. 1t Is held in the
interests Of an attempt to raise prices
in the coal trade by restricting pro-
duction, preventing competition and
apportioning to each road it's fair
share of the trade According to a re-
port that is widely credited an organi-
cation Is to be modelled after the Joint
Traffic association. the legality of
which has just been attacked in the
Federal courts.
j. Pierpont Morgan Is credited with
the origination OF the latest plan,
though this combination has been an
object at which the anthracite people
have been aiming for two years past.
The representatives of Morgans idea
in the meeting today were President j.
s. Harris of the Reading. J. X. Max
we'll of the Jersey Central, whose
proper title is president Of the Lehigh
and Wilkes Barre Coal company. and
George B. Roberts of tfse Pennsyl-
vania. These three roads carry about
AZ per cent. of the entire output Of an
thracite Of the country.
The meeting was not a conference
of the presidents of the roads only.
Each company had two or more Off
cials present. President Harris brought
with him James Henderson, general
manager OF the Reading Coal and Iron
company and Thomas r. Richards. it's
general sales agent. President Rob
erts had w. II. Joyce, general sales
agent. +. p. Wilbur of the Lehigh
Valley. was accompanied by II. S.
Drinker. general counsel Of the road.
and w. Fl. Sayres, general agent Of the
coal company. President Robert Oil
phant and Director Cannon represented
the Delaware ana Hudson. President
Sam Sloan and Vice. President Holden
the Lackawanna. President l.. p. Fow-
Ter and G. nj. Childs the Ontario and
Western, President A. l.. Hopkins the
New York, Susquehanna and Western,
President f.. b. Thomas and H. IL.
Crandall the Erie, President A. Wal
ter, the Delaware, Susquehanna and
Schuylkill and the firm Of Coke Bros.
& Co., and President Samuel Thorne
and ]. Hodson, general sales agent.
attended for the Pennsylvania Coal
company.
Question OF Tonnage.
The question Of division of tonnage
was the chief subject before the meet
ing at the start. Each president had
L,,., x,,;x hi th.,
statistics of tonnage for 1895 as COM
Siled by William w. Ruley.
Mr. Ruley formerly had charge Of
the bureau of statistics of the trade
when all the roads worked together in
comparative harmony. Each coal COM
pany sent the figures of its monthly
production to him and then they were
published or given out for the benefit
of the trade so that the companies
could regulate their production to suit
the market. For year past the fig
ures have not been published, and the
producers have been going ahead with
out these monthly reports. The first
step toward restoring harmony was the
comparison of monthly tonnage reports
for the year past which took place to-
day.
1t was shown that the market is at
present greatly overstOcked and that
production is from 100000 to 5000, 900
tons per year in excess of the normal
market. 1t is asserted that several Of
the roads have produced and sold their
entire output of coal for year at a
loss. and none of them has conducted
a profitable business.
President T.. p. Wilbur of the Le-
high, was chairman of the meeting
After discussing tonnage for two hours
a recess was taken at 1.20 o'clock for
lunch.
Nothing but Talk.
President Sam Sloan, of the Lacka-
wanna. was seen for moment as he
was leaving the board room. He said:
There was nothing done. The whole
session was devoted to statistics
Was any letter from Mr.. Morgan
read?"
II heard none. No. there was no
committee named"
President Roberts said: Nothing
was done but talk"
1t is generally understood that ].
Pierpont Morgan is the arbiter of the
entire situation, and until he Is heard
from nothing definite can be accom-
plished in the way of combina ton.
During the past year it has been the
Reading against the field. The Read
ing refused to go into any combination
to sustain prices unless it was guar
anteed q per cent. in a reapportion
ment of tonnage. This the other roads
would not allow. With all the mines
working in free competition the market
was overstocked, rates were cut, and
Reading. when it summed up results
at the end of the year, found that it's
net loss on the product of it's mines
was 81 cents for every ton of coal with
prices still falling. the decline in six
weeks being about so cents a ton, the
Reading reorganization decided that
some thing had to be done to stop the
competition. and this meeting of presi
dents was called at Mr.. Morgan's de-
sire.
CASE OF HAMMOND.