Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-03-09
NFW YORK STMAC MARKET.
BIG COAL TRUST.
Eight Railroads Combinc-Capitni,
$3.50. los. T3G.-Na. Lines Not in II.

The return OF J. PierpOnt Morgan from
London on the Kaiser Wilhelm der Crosse
yesterday closed another triumphant
chapter I'm this financiers career. He
went abroad two months ago TO secure
assent Of the Readings English stock
holders to n gigantic scheme that the
Vanderblts, the Pennsylvania Railroad
Company; Maxwell, Of the New Jersey
Central and W. II. Truesdale, )f the
Delaware. Lackawanna and Western
companies, had formulated.
This is nothing less than a consolida-
ton OF all the great eastern coal in
tcrests under one management.
The Readings vast network Of coal
properties was such an important factor
in the plan that the genius Of Mr.. Nor
gan was almost exclusively devoted TO
bringing the Reading Coal and Iron CO m
pany into lire.
When Franklin b. Gowcn, in 1855, con-
solidated the railroad and the coal COM
panies and banketed them with one
mortgage, he rendered very difficult any
future separation of the two interests.
Several weeks were required by w. X.
Vanderbilt and w. II. Truesdale 10 for
mulate Il plan that reasonably could be
expected to be acceptable abroad. As
surcd of the support of the Vanderbilt
influence in the various coal roads they
largely control, Mr.. Morgan was In
position to argue seriously with the
largest English shareholders, and By
sturdy. persistent effort he brought them
10 his way Of thinking.
MR.. MORGAN'S PLANS.
Mr.. Morgan was seen yesterday after
noon. but was quite reticent regarding
his work in London. From men with
whom he had talked and who have been
in cable touch with him during his abb
sencc a general explanation of his plans
was learned.
The enormous volume Of capital in
VOlyed Is calculated TO turn the head or
any ordinary hnancier. Hundreds of mil
lions have been brought into one trust.
pro-rata division of the coal output
and of the profits has been outlined,
though months will be required TO finally
adjust all the details.
The cause of this gigantic combination
is due 10 the recent rate-cutting. for
which Edward II. Holden, coal manager
Of the Delaware, Iackawanna and West
ern railroad. is chiefly responsible. His
methods did not met with the approval
of "A majority Of the Lackawanna's stock
holders. and the retirement Of President
Samuel Sloan was insisted on by the
ant-Holden people.
MR.. SLOANS RETIREMENT.
The excuse Of age and desire for rest
given by President Sloan is not credited
in Wall street. For a tired man Mr..
Sloan still spends too many hours In his
Office. on the first floor of the Lacka-
wanna building. at the corner OF EN-
change Place and south William street.
He comes al the usual early hour, ana
remains until O'Clock i'm the afternoon.
What ne does nobody knows, but ne Is
believed To be chagrined over the turn
ing down" Of his son-in-law. T.. X. Hold
en-. who had grown TO regard himself as
the coal boss Of the country.
Holden cut rates Of freight as he
pleased. sustained, as he was. by the
powerful support Of President Sloan.
when that support was removed Holden
found that ne was I'm a decided minority
in the Iackawanna management
J. Pierpont MOrgan's visit abroad was
NOT generally supposed. until yesterday
to be concerned with anything affecting
the coal interests outside Reading ana
its leased New Jersey Central mines ana
rolling stock. When the full magnitude
of the consolidation was realized Nai
street had a genuine sensation. \ cause
for the recent strength In the coal STOCKS
WAS then apparent Insiders nave Deeil
buvinQ The coal stocks for several weeks
On the assurance that one great company
has been formed which VIII take over
an tho mines and relieve the railroads
80 ,bo Encouragement of the coal business.
Primarily. il is estimated that tuiiy
., 9oo ooD will be saved annually IN ope-
rs,ioo expenses and the profits Increased
rulv as much more by doins away WIN
AN rniddlemen-like Hollen OF the Lack
av.,nra and sales agents OF the othtr
railroad lines.
Tho virginia companies are not In the
pool because they are not wanted
and have 10 facilities for getting lheir
coal into competition with that OF the
allied eastern interests.
mo anthracite companies regard them
saIves as masters OF the coal siiua-
ZION The only exception made IS that
of tho PENNSYLVANIA Coal Company twhlch
mines soft coaD. because II depends on
,ba pannsvlvania railroad for reaching
III seaboard. 1t has no connection Win
III railroad. as the similarity OF names
would suggest.
MEMBERs OF THE BIG TRUST.
The companies already in the gigantic
trust are:
THE Reading Company.
Total property and assets, NO0s2'-'o
This includes the main line OF railroad,
all the coal and iron companies. and
twenty-seven leased lines operated by the
company.
1.-THE Delaware Iackawanna ana
Western Company.
Total assets. S31s,2p. -
In this property are included ede>fniles
Of double and single track railroad
eleven leased lines and branches (espe-
ciallv the Morris and Essex road, and
many Goa. properties.
IU.-Pennsylyania Railroad Company
Total capital stock Si29 sos, 100.
The main ami leased lines east OF PITTS
burg comprise 2.I57 miles Of track. IL
rus. not DE confounded with the Penn
sylv,nia Company. that operates all the
Western Pennsylvania leased roads.
Iy.-New York. Lake Erie ana west
crn Coal and Railroad Company
Total property and assets, f-s''+S'-o'.
This includes Ls6o track mileage, many