The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-09-04
MORGAN NOW PLANS
GIANT COAL TRUST
To Gather in All tie Mines of
the East.
BIG AS STEEL COMBINE
HUNDREDS OF MILLIONS OF
DOLLARS TO BE INVESTED.

Pittsburg. Pa, Sept. 3.-The Post to-
morrow will say: All the bituminous
coal miotlg companies Of Pennsylva-
MIA, Ohio, Indiana, Illinois, West Vir-
ginia and Kentucky are to be cOnsOi-
idSted into one great corporation by
the ]. L Morgan syndicate The enor-
nous proportions of this corporation
can hardly be realized. The fact that
the Pitts burg Coal company with its
capital of S64. 000.0o0. and the MO1onga-
heia River Consolidated Coal & Coke
company. with its capital Of $50 000 =
600, are TO be Included in the greater
consolidation. brings the matter strong
~ before Pfttsburg coal operators.
These two corporations practically
control all the output in the Pittsburs
district, and extend their operations
wen down toward West Virginia in two
directions. Officers of these companies
are expecting to attend q meeting Of
the coal operators in New York on
Thursday Of next week, at which the
preliminary steps toward the formation
or the greater combine will be taken.
The Interests that viii be represented
from the Pennsylvania fields viii be
the Berwind- White company. the New
talrmont Coal company, and a large
number of smaller corporations of this
ring. Still other interests to be repre-
scented VIII be from Ohio. Indiana. Illi-
nols. West Virginia and Kentucky
where, for the past two months move
ments have been on foot for the con-
sOtdatiOn OF the coal interests q these
states into state corporations for those
particular fields.
The railroads are also taking keen
interest in the project. and owing To
tEe Morgan interests predominating In
that Held, the consolidation is looked
upon as being unusually strong. The
pennsylvania Railroad company the
Baltimore & Ohio Railroad COMPANY
and the western roads under the Nor
gan influence are associated it is said
n the great movement, which promises
20 rival IN its importance the recent or
ganizatiCn Of the United States Steel
corporation.
Plans For Consolidation.
The plans for the consolidation have
been going on quietly for some months
me plan of action is said to have been
10 nrst get the minor corporations Of
one state and all the Individual opera
tors as Well into one company. on the
same basis as the Pittshurg Coal conn
pany- After this has been accom-
pllsned, the intention was to group all
the companies and control them by a
psLreht corporation as stock owning
company only.
The combination Of the Ohio fields Is
said TO have been brought into fairly
good shape The Indiana fields and
those in Illinois are also in form for
the final movement. as recent corpora
AC-- pans tAANAt nave Drought the many
individual coal interests together In
Kentucky the plan is still in an embrv-
ontc state. but a company has been
planned with a capital Of SO. 0OO. 600 to
take up all the coal mines there
The West Virginia fields are perhaps
the most difficult to handle, owing to
their location and ysried Ownerships
IL IS said that the promoters have prac-
ucaIly abandoned the plan of including
the POCahOntaS fields for the plan of
the greater trust. Mr.. Bacon. one Of
the active partners OF Mr.. Morgan. has
been spending several week, in West
Virginia during the past summer and
early spring. getting options on much
coal property The total holdings IL
that state are said TO be very large
and aside from the Pocahontas fields
and that rortion in the Flat Top region.
embrace about all the available lands
and much that VIII be held IN reserve
for years.
The completion OF this great project
viii mean the consolidation of from
500. 900. 900 to $500 OO0, 600 of invested
capital. This viii represent not only
the undeveloped property in the six
states but also the actual coal proper
ties under development. There are mir
hons OF acres OF coal lands that the
greater trust viii hold in reserve for
future use. while its present working
properties will be sufficient for a vast
increase in the development Of the coal
trade. not only in this country but in
the South American countries and in
Europe.