The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-02
Movement Is Reported to Have Been
Started by j. =. Morgan and His
Plans Are Being Perfected.
RETAILERS TO FORM POOL
ALL INTERESTS AT CLEVELAND AL
READY ARRANGING PLANS.
Coal Docks and Loading Plants to De
Taken Into the Combination Some
of the Concerns Affected.


morrow will say: Before the lst of septem-
ber all OF the big companies producing
bituminous coal will have been gathered
into one organization. similar 10 the United
States Steel Corporation. The capitaliza-
ton will be enormous. probably second only
TO that OF the big steel trust. AS an
auxiliary TO this movement being carried
on by the promoters OF one OF the con-
stituent companies Of the greater organza-
tion, a complete pool OF all OF the retail soft
coal interests in Cleveland will be effected
within the next ten days. for which pre-
liminary steps have about been taken.
From what can be learned. work upon
the big coal trust has been under way for
greater length OF time than any Of the
other industrial combinations. j. p. Nor
gan, the advocate OF coalition, first started
in with his coal combinations three years
ago, making the first movements along the
line Of controlling the products of the Ohio
and West Virginia fields. AT that time he
obtained complete control Of the mining
property in the Hooking and Shawnee val
ley. In order 10 give an outlet for this coal
he purchased certain railroad properties
and this started the combination mania
along the line of railroad ownership which
has gone to extraordinary lengths.
The proceedings in the present combina-
tion are similar TO those displayed in the
formation of the steel trust. One year ago
all of the coal properties in the Pittsburg
district which ship coal to the lakes were
collected into one organization known as
the Pittsburg Coal Company. About that
time the same interests which ship coal
from that territory down the river formed
what has since been known as the Monon-
gahela Coal Company, each being COM
bination OF smaller companies, making an
organization of considerable Importance.
The desire TO control other coal territory in
the same fashion, that the larger companies
might be easier handled by Mr.. Morgan has
led to the selection in certain sections of
confidential agents
LAS an outgrowth of this policy an or
ganization was completed in Chicago ten
days ago known the Illinois Coal Com
pany, which owns two-thirds of all of the
coal land in Illinois and western Indiana.
About the same time II became generally
known that NJ A. Hanna and others in this
territory had about completed the absorp-
tion of most of the coal properties in the
Massillon district This Is expected 10 be
completed in the next ten days. The West
Virginia coal production is virtually owned
by one company, the Fairmount Coal Com
pany, which in turn is the property of the
Baltimore & Ohio Railroad. The other in
lcltSlS III lclIllOIy are dll owned Dy the
Norfolk & Western Railroad, the Chesa-
peake & Ohio Railroad, or the Pennsylvania
Railroad, all of which, with the Baltimore a
Ohio, now form practically one big railroad
organization, being owned by one company.
Now the Illinois Coal Company, the Pitts
burg Coal Company. the Monongahela Coal
Company, the Fairmount Coal Company,
the Hooking Coal Company and the Massil-
Ion Coal Company are all to be collected
into one big organization, the name of
which has not been selected. All Of these
will be operated from general office
with, however, auxiliary offices in the i'm
mediate vicinity Of the property and with
one general lake shipping office in Cleve-
land. In this combination IL Is expected
that the Pittsburg Coal Company shall be
the central figure around which the others
are grouped
'Along with this organization will go also
the coal docks and fast loading plants that
are now owned by the various coal COM
panies which shall hereafter make a part
of the big organization. This will include
those which are located along Lake Erie
and also on the upper lake ports.
THE aim of all of this is to effect COM
plete monopoly of the bituminous coal pro-
duction in the territory east of the Missis-
sipp and north of the Ohio and Potomac.
To the accomplishment of this end Mr..
Morgan is said to have given himself with
out reserve and will take it up as soon as
he returns from Europe"