Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-12
this particular territory is con-

as tnls PARTICULAR pcrritUry = SoA
cerned.
THE RAILROADS WOULD THEN
BE ABLE TO GEORGE COAL OPE-
RATORS GENERALLY AND SEE
THAT THEY DID NOT UNDERSELL
THE RAILROADS THAT MINE COAL
ON THEIR OWN ACCOUNT.
Mr.. Morgan is said to be anxious to
place the bituminous roads on a better
footing because of the beneficial effect
that it would have on the anthracite
trade, in which he is still more largely
interested. He and his associates hold
| the anthracite business in their grasp,
/, and nov the only weak point about the
anthracite trade is the difficulty of COM
peting with soft coal; which is deliv-
/ cred at what the anthracite people call
ridiculous prices" The idea of this
| gigantic combine is, of course, to boost
coal prices as well as to establish a
| general pooling system that will easily
! evade the Interstate Commerce law n
bring all traffic in the various territories
! covered by these allied groups of rail-
roads under the absolute control of the
| gigantic combine.
All this, however, is as yet merely
on paper, although it is said the work
Of absorption of the several roads nee
essary to round out the project is go
ing on ION the quiet" as it must, of
| course, since publicity would give the
stock of these roads a tremendous
boost and cost the combine a pretty
penny to buy.
1t is hardly likely, moreover, that the
various State Legislatures will be
asleep during the formation of this gil
| gantic railroad trust. A general con-
s~olidation of railroads will not be re-
garded as a very good thing for the
people by many old-fashioned folks,
and there may be a decided veto placed
by the States on the proposed railroad
consolidation to regulate rates.
The would-be railroad kings, OF
| course, have their side of the question
to present. They point out with con-
siderable truth that at present all IS
| chaos regarding railroad rates, which
the Interstate Commerce law is power
less to remedy, the result being demon
alization and suicidal r~ate-cutting.
Still, it will strike the keen observer
that the railroads have a remedy IN
their own hands other than consolida-
tion-a remedy that the big fellows in
the railroad world have already taken
advantage of to a considerable extent,
namely, by the lodging of stock control
in the hands of a few powerful men,
who, without need of the leasing or
merging of lines, are able to control all
the companies in their grasp. Such has
been the tendency the last five years,
and William K. Vanderbilt, ]. Pierpont
Morgan, William Rockefeller and A. j.
Cassatt now have more power through
their numerous stock interests and the
shareholdings of the men they repre-
sent than any other industrial leaders
in the world.
To get some idea of the power these
financial giants WELD, look at these fig
ures:
The Vanderbilt railroads proper-in-
GLIDING the New York Central, Lake
Shore, Michigan Central, Big Four,
Boston & Albany and Chicago & North
western-have an aggregate capital
| stock of S427, 03S, 900 and an aggregate
bonded MISUNDERSTANDING Of the
bonds issued by the Central to acquire
the Lake Shore and Michigan Central
of S449, 100, 900, making a total capital
of 1876 2S, 900 in the companies men
toned. There are numerous subsid-
larry companies controlled by the Van
| derbilts not here included.
The Pennsylvania system and con-
trolled lines have a capital stock or
more than $272, 1859 900 and a bonded
Indebtedness of something like $685.
591. 900. making a total invested capital
of $40, $50, 900. The prominent rail-
roads in which Mr.. Morgan is interest
ed, Independent of the so-called Van
derbilt lines-namely, the Southern,
Erie, Reading, Lehigh Valley, New
Haven and Northern Pacifc-have a
| capital stock of $703,35 900 and a
bonded indebtedness of S494, GOA 900,
making a total invested capital of ST.
1877, 957, 900.
After perusing these tremendous fig
ures. it will strike the average OBJ
server that American railroad interests
as they stand at present are quite suf-
fciently under ~monopolistic control.
1t is a pity some of the imperial gen.
try OF Washington and Wall street
could not be made to share the de-
lights of the rainy season in the Phil
ippines with our gallant and patient
! troops.