The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1896-05-14
THAT COAL COMBINE.
MAGNATES WILL REMAIN INACTIVE
TILL THE STORM is OVER.

Directors Hope the Dear Public VIII ut
Last Become Reconciled to Their Plan
Morgan's Scheme to Consolidate Inter
That the big anthracite coal monopo-
" is becoming frightened is evident
from the fact that the permanent organ
ization, which was agreed upon at the
meeting of railroad presidents, has been
given up for the time. 1t may be form
ed if the public becomes inactive, but II
the fight is continued vigorously, the
railroads will discreetly keep their per
manent association in the background.
To run up the white flag has been a
hard blow to the plans of the railroads,
for the permanent organization was
pet scheme, and had gone SO far that
the name Anthracite Coal association
had been decided on, and steps have
been taken to make it on the same lines
as the Joint Trunk association, formed
by the trunk lines and their western
connections. 1t is now understood that
the Anthracite Coal association will re-
main under cover until, as the railroads
hope, the people get used to the present
arrangement.
If this can be continued, the coal men
believe they can eventually get together
on q permanent basis, thus forming a
trust in fact The farreaching effect OF
the "gentleman's agreement, under
which prices are now being raised, is
shown by the statement of Robert Good
body, broker, at 80 Broad street, New
York, who said with reference to the
combine:
"It would seem as if the anthracite
coal agreement was very likly to be sta
BILE. 1t is based largely Oh ownership of
stocks by few big men and therefore
does not depend ON any official, for if
these gentlemen feel it to be to their in
terest they can dismiss the offender, and
probably will because they want fair
return for their money. They cannot,
however, exact high prices on account
of the competition of bituminous coal.
This anthracite combination seems GER
tain to help our market to higher prices
in the long run"
By this and other expressions of Wall
street men it is made apparent that j..
Pierpont Morgan is counting on giving
strength to the combine which his finan-
cial skill created by joining the inter
ests of the various lines. The way in
which the roads in the combine are al
lied is shown by the Implications in the
boards Of directors.
A study of the personnel Of the d.
rectories of the various roads will show
how closely the interests are allied, and
therefore that "gentleman's agree
ment" is as binding as if a bond to keep
the agreement were signed by each rail
road president. J. Pierpont Morgan is
the moving spirit, and with the Read
ing under his control he is in a position
to give advice that carries weight. He
and the Vanderbilts and the First Ma
tional bank party always work hand in
hand.
The Vanderbilts control the Lacka-
wanna, the New York and Susquehan-
ma and the Delaware and Hudson, while
the Erie is under their influence The
New Jersey Central is controlled by the
First National bank party. A large
part of the stock of the Pennsylvania
and the New York, Ontario and Western
is held by the English, and the impress
sion prevails on the other side Of the
Atlantic that J. Pierpont Morgan is
about the only thorough financier in
this country. This gives him influence
that was made apparent on the day the
combination was made, when President
Roberts opposed the terms until he got
the tip from some one during the lunch
hour that he ought to be satisfied.
Although the Lehigh Valley is indie
pendent, Mr.. Morgan can get his opin
ions into the directory through Thomas
Mexican, Reading man. Mr.. Morgan s
influence is made apparent by the pres
ence in the Jersey Central directory OF
Edward D. Adams, who represented the
Deutsche bank in the Morgan bond syn
dictate Other directors are George F.
odhS1y p1SSluCub VI tHO LOU 4S0t1O4loI
bank; James A. Garland, vice presi
dent of the First National bank, and
Samuel Sloan, president of the Lacka-
wanna.
With Chauncey M. Depew and Cor.
nelius Vanderbilt in the Delaware and
Hudson, the Vanderbilt and Morgan in.
terests will be looked after, and Alexan.
der E. Orr, a director of this road and
the Erie, will try to see that the inter.
ests of both lines are looked after.
The president of the New York, Sus.
quehanna and Western, A. L. Hopkins,
is known as Morgan representative.
In the Erie one of the directors is G. 81.
| Coster, partner of Mr.. Morgan in j.
P. Morgan & Co., and others in the
board are Abram S. Hewitt, owner of
the New York and Greenwood Lake
road, and Francis L. Stetson, the per.
sonal representative of Mr.. Morgan,
who gained fame by drawing the con-
tract between the Morgan Belmont bond
syndicate and the government.
1t is reported that one Of Mr.. Nor
CAMS plans is to get the interests of the
various coal roads still further inter.
twined, and to keep on at the plan un.
til the system is SO complete that the
coal carrying roads will be practically
one corporation. with power to raise the
price of coal to the limit of the people s
endurance. New York Journal.
To Invest . Million In Irrigation.