The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-01-10

The Philadelphia Press had this yes
terday from it's New York corres-
| pondent:
| The great coup OF Mr.. Morgan in getting con-
troll Of the Jersey Central for the Reading COM
pany s still the topic OF interest in Wall street,
| and President Harris, who came over from Phil
| adelpha TO talk the details with Mr.. Nor
gan. was much sought after, but when found
| the newspaper men could not secure any intor.
| nation from him.
| The latest phase Of the discussion is the effect
Of the purchase on the trunk line situation, and
there is a disposition in some quarters to re-
gard it as serious, II not pessimistc, and some
Of the prominent trunk line people have not re-
| covered from the shock of Saturday.
| The Baltimore and Ohio crowd has been dick
| cring for the Jersey Central for months. and
they have regarded the outcome certain for
| some weeks and have indeed. not hesitated in
| private conversation to talk OF what would hap.
| pen when the negotiations were at an end. They
were taking matters easily il they were engagdc
| in some quarter OF one per cent transaction,
when Mr. Morgan suddenly appeared aud bought
| the property
The Press has said that the great fnancicr dill
| the whole business in twenty-four hours, but a
| leading hnancier says 1t was concluded In four
minutes. Mr.. Morgan merely asking the price
and accepting the thing soon as it was stated
TO him IL is said the Baltimore and Ohio peo.
pie were pencilling away on their pads within
| ten feet Of Mr.. Morgan when he closed tho bar
gain. and were still figuring when they were told
| that the road was Sold
THEIR FIRST KNOWLEDGE.
| As this was the first knowledge they had had
| Of competitor they were astoundcd and in
| thinking the matter over, have been more inn
| pressed with the chances they have lost than
they were. Their feelings have not been I'M.
| proved by the appearance Of short slips In Sin
| srired" language suggesting that the Baltimore
and Ohio can get into New York over the Penn.
| sylvania, or IL worst comes to worst, use their
own Staten Island property, getting there the
| best way possible. The truth is the Baltimore
| and Ohio is shut out Of New York and its traffic
to the metropolis is safeguarded only by tIaf.
hc contract. This may be sufficient, but il is
not what might have been.
| AS to the effect the Pennsylvania road,
| there are already stories here that Mr. Cassatt
! docs not fully like the prominence that full
/ facilities on tho North river give the Reading
| and that he dcmurIcd little to Mr. Morgan.
and this has given rise to story that the Jcr.
sey Central purchase will be divided up in
some way among the high contracting trunk line
magnatcS.
| This report is perfectly absurd. ON the con.
| tary. the Reading company will use its new
| metropolitan position to increase its anthracite
| coal, btumnous coal and western freight tiaf
| tc. 1t has been frequently pointed out that
| the Readings bituninous coal traffic has in tn,
last few years reached point Of which 1t Is
| important. Every means will be taken 20 de
yclop it and to increase it, and il may be said
now that the Reading company will become
| factor in the soft coal trade
| Looking at tho matter on all sides, it may be
| said that the Morgan Vanderbilt end of the trunk
line combination regard the Jersey Central ac
quisition with something like hilarious interest
while the Pennsylvania. Baltimore ami Ohio END
do not see anything funny in it at all.
SELLING AGENCY.
The New York Evening Post has
this to say about the sale:
| The real object OF consolidation is said to be
| the establishment Of a single selling agency IN
| this city, after the fashion of the Standard Oil
| company, and by doing this the great coal trus,
| resultant would be able to dispense with mdny
| high saared officials, and ultimately TO Offer
! competition TO the gas and bituminous coal con-
panes by reducing the price of anthracite coat.
| The idea OF single agency is not fdyorably
| viewed by number of officers in the leading an
thlacite companies. The president of one a
| Morgan rrCpcrty-said today that thus far nc
| such scheme had been proposed, current talk hay
| ing no foundation in anything done. lie added
that it maniiesty diiticult to discuss or ever
| 10 have an opinion TO the feasibility OF sin
| Gle coal selling agency until some definite plal
| has been formulated Personally, he thought tha:
| there were commercial considerations which
| would have to be allowed for, even with the
roads under a single control