The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-17

! when, discouraged by the constant Vio-
/ lations OF agreements to maintain tar
| if rates the presidents of the various
roads met on board j. Pierpont Nor
gan'S yacht in New York harbor and
adopted the far-famed gentlemen s
I agreement" This was pledge that
any official, no matter how high in
rank, should be promptly discharged if
| found violating an agreement.
Rates continued to be cut. however,
( just the same as if the presidents had
not pledged their sacred word OF honor
! that rates should be maintained
| On that occasion the suggestion was
| made that the leading railroad COM
! panieS between New York and the Mis-
! souri, river relinquish the financial con-
! troll of their roads to the firm of J. Pier
/ pont Morgan 6 Co.. and that the Of
/ ficialS of the various roads should be
/ responsible for their conduct to ].
| Pierpont Morgan. The power thus
| placed il Mr.. Morgan's hands. it rias
/ claimed. would enable him without
much effort to whip recalcitrant roads
! into line.
CONDITIONS NOT RIPE FOR THE
DEAL
Conditions. however. were not ripe
! then for the contamination of SO colos-
! sal combination, and but few OF the
| presidents were then willing to place
! so much power in the hands of one
man.
The seed thus sown fell. however,
| upon fruitful ground. 1t has sprouted
| and grown until today the great con-
! solidation scheme is found to be prac-
ticany an accomplished fact, and J.
Pierpo2t Morgan is the master mind
! who controls the roads.
! AS Wili he seen nv the above list Of
roads MIR. Morgan now controls every
| thing between Chicago and New York
except the Pennsylvania and the Balti-
| more & Ohio.
No ATTEMPT will be made to get the
! Pennsylvania under his control. That
this company viii work in unison with
| his plans there is not the slightest
! doubt, as it is already doing SO.
| The fight for the control of the Bal
| timore 6 Ohio has already commenced,
| and with the power MIR. Morgan is able
| to WELD he win no doubt have it in his
i grasp before long, Notwithstanding the
efforts of Receivers Cowan ard Murray
and certain Baltimore and New York
! interests to defeat him. Mr. Morgan
| viii try to seize the road through fore
| closure proceedings lately commenced.
| The stake is a magnificent one. as the
! acquisition Of this road will remove
/ the last obstacle in the way of Nor
! gan's absolute control of all the rail-
roads between Chicago and New York,
| Philadelphia ard Baltimore
The Vanderbilt roads have been con-
trolled by Mr.. Morgan ever since the
| death of William H. Vanderbilt. The
! illness of Cornelius, the head of the
| house, the disincllnatiCn for business
/ of ". Is, and the withdrawal from
| business of George almost eliminates
| the Vanderbilt family from active par
! ticiB1tiOn in lines reaching New York,
! though they stin hold in firm hands
roads in the interior Of New York.
CONTROL OF ANTHRACITE COAL
ROADS.
Through the acquisition of the Lacka-
wanna, Reading and Lehtgh Valley
! roads, Mr. Morgan also gains absolute
control of the Pennsylvania anthracite
! coal mines, which makes him as power
ful factor in coal interests as in rail-
! road Interests of this country Not
only can he dictate what rates coaI
shall pay the railroads, bat he can alb
soluteiy fix the price people must pay
for their coal
In the south 9Ir. Morgan is getting
stronger from day to day. Lately he
| has achieved another victory in his
project for the control of ali tha rail-
roads and steamship lines in the south
eTn states
he has won his Ions fight fer the pos
session of the Central of Georgia rail-
road, which controls the ocean and
New England steamship lines which
ply between Savannah and New York.
Boston and Philadelphia.
The chief competitor of the Central
OF Georgia has been the Southern rail-
way, controlled absolutely by J. Pier
pont Morgan 6. Co. The Southern rail-
way has Brunswick. Ga. for its sea
port, and connects there with the Nal
Tory Steamship company for New York
The Central Of Georgia. with Savannah
TOT lis port and the Ocean Steamship
company for it's water line. has heeo
the chief competitor of the Southern
railway in Georgia and Alabama In
gaining control of the Central system
MIR. Morgan can run it as he chooses
and wreck the property if he desires in
order to give the Southern railway fuN
swing in that field.
WHOLLY AT MORGAN's MERCY.
Thus the whole east and nearly the
entire south are practically at the
mercy 81 .. Pierpont Morgan. His sys-
TENS OF roads in those sections reach
Out IKE the tentacles of AN octopus.
IN every direction. touching nearly
every important point.
IN the west and northwest the Nor
gan consolidated plan has NOT nr71-
crossed quite so far as in the east.
! out good start has been made hero.
Iflila before long. Judging by present IN
1lca.tions, Mr. Morgan viii as abso-
iutely mold the destinies of the roads in
the west and northwest in his hands
as Ne does those Of the roads in the
east and south. He is to5az-
| IN absolute control of the chi
cdso, Milwaukee s. st. Paul. and IN,
consent Of the Vanderhilts Of the chi-
SaGo d northwestern and the Cbicaro
81. Paul. Minneapolis & Omaha roa5e
That he controls the Northern paid
railways is shown by the recent eJec-
lloh OF :. 8. Spencer, the railroad ~
pert OF Mr. Morgan's firm, as one ut
tle directors, and also by the ahiIitI,
" VT morgan in securing the eIectio,
OF M Meilen as president Of This road
When President Jim Hill of ths C,re9
northern and his friends wanted Dan
lei >. Lamont for the position NJ
! Morsan compromised the matter nv,
| letting them nave 8Jr. Lamont for vice
president - We
The Oregon Short Line and the Ore
Gon Hallway & Navigation fosn9,a nv :
roads were reorganized later unffer Mr.
elotEah erection. and the chief ex-
ge'4liNe ollcers OF those roads have.
been selected by Mr.. Morgan.
me reorganization committee which
= 10 GUY the ohlon Pacific railway al
| the forthcoming foreclosure eaIS =
composed partly Of Vanderbilt and
partly OF Morgan people, and a. ~
Vanderbilt people permit Mr. 1Toro me
TO direct the financial affairs Of tS e..
roads the whole commute. - eilClL