Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-03-10
New York, March 9.-The CONNER

cial Advertiser says:
The coal men to-day express them
selves as well pleased with the situa-
ton, which, they say, is very satisfac-
tory Beyond this they will not go,
and definite news as to the alleged COM
binatiOn of interests representing $780,
100000 of capital, is not procurable at
this time. So far as can be learned the
situation is this:
''An arrangement seems to have been
reached between the leading railroads
engaged in the coal business; that is,
between the Morgan roads on the one
hand and the Vanderbilt lines on the
other; the Lackawanna. which has
heretofore occupied the position of a
free lance, making and cutting rates
without regard to the other interests
having been whipped in.
Simpson & Watkins, the largest OPP
orators in Scranton, have merged all
their coal companies into one large
concern, to be known as the Temple
Iron Company. These companies have
an aggregate capital of nearly 500, 000,-
900, and mine about 100000 tons of
anthracite yearly.
THE arrangement between the COM
panies-for it cannot properly be called
a combination-will have far-reaching
Il off h11t II in
sures complete harmony of action by
them. The retirement of Samuel
Sloan from the presidency of the Lack
awanna and the change IN the position
of vice president Z. R. Holden, of the
same company, are said to have been
steps in the arrangement which were
necessary in order to bring the Lack
awanna into it. No new company will
be formed, nor will one be necessary
or desirable. The results of the pre-
vious attempt to form coal trust were
such as to discourage any renewal Of
efforts along the same line.
I'm brief, the situation may be summed
up in the words Of the president of one Of
the coal companies, who said:
There are no papers in any formal
consolidation to be signed, no combination
in the sense of a trust, and no new COM
pany to take over the present coal com
panies, except in the case of some individ
ual operators. There is simply a commu-
nifty Of interests among the holders Of the
coal stocks, which enables them all TO
e FL,
ton, thereby ;nsuring better business for
all the coal properties.
NEW YORK, March 9.-The Times says:
Wall Street has recently done much figur-
ing and calculating on the benefits which
the several coal carrying companies are
to secure through the new anthracite
deal. 1t is estimated by coal trade author
tiles that through the general agreement
about 40 cents a ton will be saved in the
production and marketing of coal. Upon
the bdsis of a 5000 ton annual output
this means a $20OG0000 annual saving for
the companies. This calculation does not
take into consideration any advance in
the price of coal.
NEW YORK, March 9.-The Journal and
Advertiser tomorrow will say j. Pier
pont Morgan has now absolute control of
the Lehigh Valley Railroad Company
Since March, 1897, he has held an option
on a block of 5000 shares of Lehigh Val
ley stock belonging to the Packer estate
The right to purchase this stock was ex-
ercised yesterday and 10000, the cash
covering the entire transaction. will be
paid to the trustees Of the estate in Phil
adelphia, Drexel & GO.
At the time the option on the Lehigh
Valley stock was given TO ]. P. Morgan &
Co. and Drexel & Co, the Packer estate
was heavily in debt and the Lehigh Val
ley railroad found it difficult to meet It's
fixed charges. Certain improvements were
necessary, which would increase the earn
ings of the road. and these banking firm
undertook to float an issue of $4,000 Of
collateral trust bonds out Of an authorized
issue of $4,000. The Packer estate
gave an option on it's holdings Of 1900
shares and other large blocks of stock
were purchased by the banking firm.