The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-04
Attempt VIII BE Made to Control Most
of the Bituminous Output
of the Country.
OPTIONS TAKEN ON COAL LANDS
MILLIONS OF ACRES TO BE HELD
FOR FUTURE DEVELOPMENT.
Directors of the Electric Vehicle
Company Charged with Paying
Dividends Out of Capital.

PITTSBURG. Sept. 3.-The Post to-mor-
row will say: "All the bitun.nous coal min
ing companies of Pennsylvania. Ohio. Indi-
ana, Illinois, West Virginia and Kentucky
are to be consolidated into one great corpo-
ration by the J. p Morgan syndicate. The
enormous proportions of this corporation
can hardly be realized. The fact that the
Pittsburg Coal Company. with its capital of
$64OOO.O00, and the Monongahela River Con-
solidated Coal and Coke Company. with its
capital of $50. .OOO. 900, are to be included in
the greater consolidation. brings the matter
strongly before Pttsburg coal operators.
These two corporations practically control
all the output in the Pittsburg district and
extend their operations we'll down toward
West Virginia in two directions. Officers
of these companies are expecting to attend
a meeting of the coal operators in New
York on Thursday of next week. at which
the preliminary steps toward the formation
of the greater combine will be taken.
"Other interests that will be represented
from the Pennsylvania fields will be from
the Berwind-White Company, the New Fair
mount Coal Company and a large number
of smaller corporations of this kind. Still
other interests to be represented will be
from Ohio. Indiana, Illinois, West Virginia
and Kentucky, where for the past two
months a movement has been on foot for
the consolidation of the coal interests OF
these States into state corporations for
those particular helds.
The railroads are also taking a keen
interest in the project and, owing to the
Morgan interests predominating in that
field, the consolidation is looked on as be-
ing unusually strong. The Pennsylvania
Railroad Company, the Baltimore x Ohio
Railroad Company and Western roads un-
der the Morgan influence are associated, it
Is said, in the great movement, which
promises to riva! IN its Importance the re-
cent organization of the United States
Steel Corporation. The plans for the con-
solidation have been going quietly for
some months. The plan of action is said
&c have been TO first get the minor COrpo-
rations of one State, and all the individual
operators as well, into company, on
the same basis as the Pittsburg Coal Com
pany: After this mad been accomplished
the intention was to group all the cOmpa-
MES ana control them by parent corpora
uCn as stock-oHning company only
The combination of the Ohio fields is
said TO have been brought into fairly good
shape. The Indiana fields and those i'm
Illinois are also in form for the final move.
brought the many individual coal inter-
ests together. In Kentucky the plan is
still in an embryotic state, but company
has been planned with a capital of sl6O :
West Virginia fields are perhaps the most
difficult TO handle, owing to their location
and varied ownerships. 1t is said that the
promoters have practically abandoned the
plan OF including the Pocahontas field i'm
the general plant for the greater trust
Mr. Bacon, one of the active partners of
Mr.. Morgan, has been spending several
weeks in West Virginia during the past
summer and early last spring, getting op-
tions on much coal property. The total
holdings in that State are said TO be very
large, and aside from the Pocahontas fields
and that portion in the Flat Top region,
embrace about all available lands and
much that will be held in reserve for years.
The completion of this great project will
mean the consolidation of from $500. 900 900
TO $1OocO,GO of invested capital. This will
represent not only the undeveloped prom
critics in the six States, but also the ac-
tual coal properties under development
There are millions of acres of coal lands
that the greater trust will hold in reserve
for future use, while its present work
ing 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. {"