The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-09
A NEW SET OF
COAL MAGNAIES
The Vanderbilts Are Said to Be TAX
ing the Place Of the Present
Napoleon.
The Shifting About Of Railroad
Ownership or Control Cause
Of the Change.
A Prediction That High Coal Prices
Cannot Survive the 10Th
Of January.

New York, Jan. 9.-With the passing OF
the Reading railroad into the hands OF
the Vanderbilts and Of the Pennsylvania
railway interests, the Vanderbilts become
the dominating power in the anthracite
coal situation instead Of J. p. Morgan.
The Vanderbilts practically own the Della
ware, Lackawanna & Western, are pow
erful in: Delaware &. Hudson, and with
the Pennsylvania interests, control the
Reading. The Pennsylvania owns the Jer-
sey Central, and If, as reported, the Van
derbilts are to enter with the Erie in joint
control Of the Lehigh Valley this will put
another anthracite coal road largely in
their hands.
Prices Of the Stuff To-day.
Domestic sizes of anthracite coal were
quoted at SO per ton at tidewater to-day
by the independent operators. BY the coal
carrying roads the same grades Of coal
were quoted at IS. Representatives of the
big companies said there was no decrease
In the amount of their coal coming to this
city and that Mole of it was being sold as
independent outpul. The market is ex-
pected to fuctuate with the weather and
the amount of anthracite en- hand. II
dealers are TO buy their coal at two prices
the cost to the consumer will be governed
to a large extent by the proportion the
nigh priced coal of the operators bears to
that of the coal roads
Throughout the coal trade the opinion
prevails that the minimum price of $40
q ton, said to have been set by the indie
pendent operators, must break before the
production begins to tell. The open
weather Of the winter has helped to keep
the situation In hand. sr T.
The Generous "lndependents."
It was said by representative Of the
0Y1yot ~ct rN1/o O
pany that the greater part Of the anthra :
cite now in the city is independent coal.
Since the contract by which the compan-
res bought more than half OF the inde-
pendent coal at 65 per cent Of Underwater
price and sold it as company coaI'' has
been abrogated, he said, the Independent
operators had been bringing all Of their
coal TO this city and Boston, where they
could get good prices and ignoring the
tntermed iate towns and cities. ~,
Coal Prices Must Break
F. f. p. Seward, an expert writer On Goa
trade subjects in an article published to.
| day, predicts that lower prices for thu
commodity will prevail after the fifteenth
OF the month. The; suspension OF the con.
! tracts between the operators and tn,
railroad companies puts about ESQ, 900 ton
per month In the speculative market I'm
der the new arrangement jobbing house.
Will get commission of forty cents a ton
Instead of fifteen. cents as heretofore. TIL
high prices are due to competitive bid
ding, not. to scarcity Of coal and the ri
| valry will soon subside. Mr.. Seward say
! that one factor is that while many retail
dealers and consumers have been unabl
to get coal with any degree Of promptres
or regularity, certain dealers having con
tracts with the companies have reall
been getting more than they needed. TIL
strike Of 1902 will mark an epoch in tn
trade, because by its unprecedented char
acter the youngest commanders have beel
put in as good position to direct affair
| as the oldest veterans. Personal initia
tive and not precedent has governed. Thi
has brought to the front some new me-
who will dominate the trade before man
| months go by.