The Providence news. (Providence [R.I.]) 1891-1906, 1898-01-15
PAGES
9 to II.

an extensive bituminous coal territory
in West Virginia. The Pennsylvania
railroad owns extensive mines in Penn
sylvania. The Baltimore and Ohio has
large mining interests in both West
Virginia and Ohio. and the Hooking
Valley road, which the financler IL re-
organizing, is ono OF the chief owners
OF coal lands I'm Ohio. These examples
serve to illustrate the interests that
ara at stake i'm the bitumlnous districts.
which are also identified With the an
thINcite trade.
Mr. Morgan began 10 arrange the sit-
uation in Ohio and eastern Penrsyiva-
MIA several weeks ago, and the settle
ment of the situation in the so called
Pittsburg district and West Virginia
districts is under way.
The Ohio coal trade was placed on
firm basis about Dec. 10 at "a meeting in
New York city OF the presidents Of the
railroads covering that territory. The
managers OF the Ohio railroads met in
| Columbus on Dec. % 90 complete the
/ details OF The new trust, which rs SIM
| ply new company TO purchase the en-
! tire product of the bituminous district
and which shall have absolute charge OF
I the marketing and sale OF the output.
I There will soon be a radical change in
Ohio, at least, where the demoraliza-
tion OF trade has driven four coal roads
/ into the hands of the receivers.
The railroad companies interested are
the Baltimore and Ohio, Cleveland.
| Lorain and Wheeling. Columbus. San
dusky and Hooking, Columbus, Hooking
Valley and Toledo, the Pennsylvania
road. Toledo and Ohio Central and
| Wheeling and Lake Erie.
The financial world marvels at this
| plan, which is to rescue great anthra-
cite railroads from their long period OF
embarrassment and place them on a
dividend paying basis. The merit
claimed for IL in Wall street is that II
will not necessarily increase the price
of coal TO the consumer, but allows the
companies interested to reap great ad-
ditional profits. 1t is supposed that the
attention of the different state legisla-
lures will not be attracted to this new
trust and that il can so perfect its plans
as to be firmly intrenched in the vari-
Gus states as is the Standard oil COM
pany. which has long since been ena-
bled 10 feel indifferent to all attempts
at adverse legislation.
1t is declared TO be the most far
reaching project Of the sort ever de-
vised. and yet so simple in character
that il is believed the result Will be to
place the coal industry on a solid and
paying basis. The most difficult factors
are to be found i'm the Pittsburg dis
trict but when the demoraliZing ele-
ments i'm that region are eliminated
there will be steady progress toward
complete success, since elsewhere the
bituminous coal lands are i'm possession
OF the railroads. and they are disposed
to settle what little differences may ex'
list as soon as possible
The Philadelphia and Reading, with
which the Morgan interests chiefly He
is the principal beneficiary of the plan
as OF the entire A., 600. 900 tons to be SEN
to market it will supply 2o,5 per cen
and will receive. on basis of $4,000.
600 annual profits of 81, 100000 in addi
tion To its receipts.
The folowing>outline gives an indi
cation of the vast profits IN coal involv
ed in this new plan:
sst,tr