New-York tribune., 1901-12-31
WHYTHETRUsT COLLAPSED
u1rco REID AND OTHERS BITTERLY
FOJ-GHT THE EFFORTS TO GET
ASPHALT MONOPOLY.

| ASPHALT MONOPOLY.
| Il is believed that there will be long legal
battle before the final reorganization or the AS
! phalt Trust proposed by the majority stockhold-
| ers is effected. Hugo Reid. who is associated
with the Warner -Quinlan Company whch Is
not in the trust and other experts discharged
by the National Asphalt Company. when the
Barber company and the Asphalt Company OF
America were absorbed, may have been con-
tributing cause. it is said, to the downfall or
the trust Reid, who is aggressive business
man. has fought the trust hard. and it is de-
clared that he succeeded in driving IL out of
various cities. The Warner Quinlan Company,
with its spirited competition, has also been
thorn in the side of the trust, and has caused
a considerable decrease in the earning capacity
of the latter General Francis V Greene presi
dent of the trust. when asked yesterday if Reid
had not caused the trust to lose good contracts,
said. Il do not TO discuss him."
H. Haggerty. secretary of the Sicilian Asphalt
Paving Company, No. Al Park Row. said yes
terday:
Bidding on asphalt in New-York City is easier
than in any other city r the country. This is be
rarely restrict the Bidders E You can put down
ESerboy has Glance eee to US bd TRe Tu since
its formation. r ton has made determined effort in
paving so hedged In with conditions and restric-
tlons that no Independent company would have
q chance to obtain contract. The trust fought
for a monopoly, and lost at least in NewYork
that Hugo Reid led the opposition in Some Of the
what the standard asphalt paving should be.
II is not supposed that the present condition
Of the trust will affect the litigation before the
Venezuelan Appellate Court as to the title to
La Fecidad asphalt lake. in the province of
Carupano. Venezuela. few days ago a de-
cision given by the Provincial Court of
CaIupano awarding possession of the lake to the
Warner Quinlan company. The New-York and
Bermudez Company is in possession of the lake.
and has appealed from the decision of the lower
court. The Warner Quinlan company purchased
the lake from four VeneZuelans who obtained
the concession from the government The New
York and BermudeZ Company claimed IT, ana.
after long dispute, in which the government
took part ii finally decided 10 let the courts
hard
The recevership papers for The trust were
filed Yesterday in the united states Court aI
Trenton by S. D. Oliphant, clerk OF the court 10
whom they had been sent on Saturday immed-
ately after the appointments were made
ably amount 10 81 100000 1t has defaulted
twice in the payment of interest, and VIII De
unable to meet the payment due at the begin
ming of the year. Within short time the trust
has lost contracts in Washington Albany, New
Orleans, Newark, Havana and other cities
amounting 10 millions of dollars. The enormous
capitalization of the two companies composing
the trust and the fact that in order TO throttle
competition II had pald prices lot Co'i-
peting companies many times IN excess OF tntlo Ter
real value. greatly weakened the trust. In the
reorganization, it is said there will be vast
shrinkage of the stock.
The report that one hundred men would he
sent on the steamship Grenada, Of the Trinidad
Line to-day to guard the interests OF the New
York and Bermudez Asphalt Company at Lake
Felicdad in Venezuela, was declared incorrect
Yesterday by Hugh Butler the agent or me
Trinidad Line Mr.. Butler said he had heard
nothing about the arrangement and was sure
that II such arrangement had been made ne
would have heard Of IL
IMPOSSIBLE TO GET A MONOPOLY
An officer Of an Independent asphalt company
said last night that the accessible supply or
asphalt in this country was so great that the
creation of an asphalt monopoly was physical
impossiblty.
There are millions upon millions Of tons OF
crude asnhalt in the United States, which need
but a little refinement 10 bring them up 10 a
marketable point" said the officer. These beds
may be found in the Virginias in California ana
throughout most Of the States west or the
Mississippi River. With this vast product al
our very doors, how any trust prevent com
petition on the part of scores OF indePenaene
companies. which are springlng INTO existence
every year? 1t was due largely to the appear
ance and keen rivalry OF independent com
panies that the trust lost its footing ana ieIl'
Aside from any bungling financing on IT'S part.
innocent or blamabe. whichever IT may nave
been. the trust overreached itself in it's attempt
to gather in outside concerns, and thereby came
III the trust charged excessive rates for its
street paving why could il not save itself from
a receivershp?" asked the reporter
While ! am not a great friend OF the trust.
continued the officer of the independent com
| panv Il must say that the newspapers have
been too hard upon ii in this particular. New
| York City contracts were taken with a proViso
! that the company should keep the streets II
! paved in repair for a period Of fifteen years.
! That means that the city could order a repaving
by the company every four years. In Rochester
| and Buffalo, where much cheaper rates were Sc
| cured than here, this stipulation was not in
| corporated in the contract"
do you look for a reduction in the price of
! asphalt now that the trust has become In
| solvent"
! mo, I can't say that I do. Each company
will no doubt look to the other for assistance in
| the maintenance of prices on the present equit-
| able basis
DO you know who suffered by the collapse of
| the trust? Were its officers hard hit by the
| insolvency."
That l cannot say" was the reply.
! General Francis V. Greene, president of the
| National Asphalt Company and of the Asphalt
! Company of America. refused TO reporters
last night. Other officers of the trust We're also
reticent.
| Reports from Philadelphia that criminal pro-
| ceedings would be instituted by dissatisfied
stockholders against men prominent in the af-
| fairs of the trust lacked confirmation here.
| PURSER OF LONG SERVICE TO RETIRE.