The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-13
MILLIONAIRES IN CAUCUS.
Hanna, Morgan and Cassatt Discuss q
Soft Coal Trust.

w. @. Nicholas, in New York Telegraph.
Messrs. Pierpont Morgan, king of Wal,
street, A. j. Cassatt, president of the
Pennsylvania Railroad Company, Senator
Marcus A. Hanna, chairman Of the Repub-
lican national committee and political grand
marshal of the administration, and Clement
A. Griscom, president of the international
Navigation Company, caucused for an hour
yesterday at the office of j. Pierpont Nor
gan & Co.. corner Broad and Wall streets.
The quartet of multimillionaires, singular
and In the aggregate, were greatly an
noyed at the vulgar curiosity displayed as
to what they were talking about.
1t is the habit of gentlemen to be an
noyed who meet to develop public utilities
as to private enterprises. When gentlemen
in m of capital assemble behind
closed doors to arrange for a division OF
the results OF popular taxation they re-
sent interference by the press or by those
who are asked to subscribe to their various
enterprises. This was especially the case
yesterday.
There are times when gentlemen engaged
in this sort of business invite public at
tention. These periods occur when they
pen in the early stages of organization or
in the agonies of plans for defense. The
present moment happens to be an occa-
The quartet aforementioned has many
things in common. all more or less de-
pendent upon popular support and leg.
10 discuss whether Il would be TO mutual
advantage to divide up the bituminous coal
fields into groups or consolidate and en-
joy a monopoly Of production. They de-
cided, subject to future signatory fulfill
ment, upon the latter scheme, and unless
something untoward occurs there will be a
grand consolidation of the soft coal inter-
ests into one company, with a capitaliza-
ton approximating 800, 000, 600.
A deal to that effect will be carried out
in the very near future unless something
happens TO interfere of which none OF the
parties Interested has present kno Wedge.
Incidental to the main proposition a cam
paign was framed for a renewal of the
ship subsidy bill demand on Congress. All
parties to the conference are vitality inter-
ested, Mr.. Morgan especially so, since his
purchase of the Leyland line of steamships.
Senator Hanna made a campaign pledge
to enact the desired legislation, but failed
10 keep his promise for reasons which he
has not to this day been able TO make clear
TO himself. He is now willing TO renew these
pledges, and with the added assistance Of
Mr.. Morgan hopes to be able 70 obtain from
the next Congress an appropriation gradu-
ated from SIC, 100000 per annum at the be-
ginning to $40, 600, 600 at the conclusion of a
ten-year contract to build up American
shipping.
1t was further decided that the proper
thing to do with regard TO any labor
demands for a larger share in the cur
rent prosperity would be to give the horny
handed a promise of satisfactory returns
later on, meantime morphining insistent
cries with any old promises which might
meet the exigencies of the occasion. With
this conclusion the caucus adjourned with
cordial expressions of mutual esteem and a
general h~andshaking.