The evening world., 1911-05-31
YEARLY TOLL
Of CITY TO THE COAL TRUST;
WILL COURTS DISSOLVE It?

mine owners a. may decline TO sell
their product to the soal companies
owned by the railroads.
Traced to It's Source
Tracing the so-called presidents
percentages" to their source the fol-
lowing excerpt from the minutes Of a
now famous coal meeting Is self-eX-
planntory:
"a number OF gentlemen. repre-
sentatlves Of the anthracite Inter-
ssts. met by invitation OF j. Pier
pont Morgan at his house. No. 2I9
Madison avenue, IN Monday eye-
Ming. March -, 1NSG. Nj. Morgan
stated that the object IN asking tho
gentlemen TO assemble was that
they might take counsel as to the
possibility OF preventing further In
jury to the Interests they repre-
scented by some concerted action
looking to an arrest OF tho demors-
l~izatlon Of business, which resulted
from the existing want OF harmony.
After a very general discussion
Of all OF the interests Involved and
the best result that It VAS desired
to attain, q was moved nv Mr.. sam
Sloan .hat the representatives. of the
anthracite interest agree upon a
NfNN VI ANf o ~ w 'H''
between March 81, 1886, and March
81. 1877. The output for the year
Just named ls. FOR the purpose OF
this agreement, estimated at 3D.
10000 tons. Tho percentage OF each
interest Is to be determined here
after.
Amy party shipping over It's nor
centage shall account to the pool
for the amount by which II ma he
found on March 81. 1881. to have cx-
ceeded It's percentage at the rate or
nifty cents per ton. This motion be-
Ing seconded by Mr.. r. NJ. oly-
phant, was agreed 20 by n unani-
NOUS vote. on motion the meeting
resolved that tho price or coal
should he Immediately advanced
twenty-five cents per ton {. o. b. at
New York"
There were represented at this meet
ing all OF the eight railroads now enjoy
ing the absolute monopoly ot anthracite
In varied form and different allotmch''
of territory they have carried tneir gen
eral combination down TO the present
time. The passing by Congress w lAt
Of the Sherman Antitrust law produced
but n ripple mon the surface ~ their
business arrangement. which has con
tinu'N III NfFT't ever slh'V
Huge Earnings Of Railroads.
How poorly the mine owners have
Jared and to what extent the public
suffers from the Coal Trust. is reflected
In tho prosperity ~ the coal roads.
In the fiscal year ending June 20. 1903
anthracite constituted 90 per cent. of tbs
total freight tonnage OF the Phlladel
phia and Reading Railway. II contrib
uted II per cent. OF the railroads gross
receipts from freight, and "a per cent. o'
its gross receipts from freight and pas
sengers taken together. It's net earning.
for that year were $40. o6S. s39. which |,
more than 81 per cent. OF It's capita
stock. n It's surplus was $40. l62. O66. I
pays an annual dividend Of 30 per cent
upon Its capital stock.
In the same fiscal year anthracite
constituted u per cent. OF tho tota
freight tonnage OF the Central Railroad
of New Jersey and contributed 70 ne
cent. OF It's gross receipts from fro!gh'
and 20 per cent. OF It's Sross receipt,
from freight and passengers. Its ne
earnings In that year We're so. 100. iaS. o,
~ per cent. upon Its capital sock. Thl!
railroad pays an annual dividend OF
per cent. n its surplus In 1908 wal
slo.5S2 ,36.
For the calendar year OF 1908 anthra
cite made up IS per cent. OF the tota
freight tonnage OF the Delaware. Lace
awanna and Western Railroad and ron
tributed 20 per cent. Of its gross receipts
from freight n a per cent. Of II.
gross receipts from freight and passen
gers combined. It's net earnings for tbs
year from It's railroad operations wer'
Ni,2'4.S4O. or "a per cent. of its capita
stock. II pays an annual dividend o
?? per cent. n Its surplus on Dec. 81
1905. was sst. 63S. 995.
During the fiscal year OF 1908. anthra
cite constituted II per cent. of the tota
freight tonnage OF the Lehigh Valle
Railroad and contributed 20 per cent
OF !,s gross receipts from freight an
10 per cent. OF It's gross receipts fror
freight n passenger. Its net earn
ings for that year were $1,000. i49. O
20 per cent. of It's capital stock. !
then paid an annual dividend OF 8 pc
cent. and It's surplus or June 30, 100
was SIG SIC. 9oi. The dividend rate
now 70 por cent.
How Mo- ! Is Repre5e I'd.
Charles steele. a member OF IN
banking Arm OF J. =. Morgan & Co,
a director Of the Central Railroad g
New Jersey, the Lehigh VALLEY and II
Erie Railroad. Mr., Morgan himself
a director Ia the New York. Ontarl
and Western. which Is owned by m
New York, New Haven and Hartfpr
Railroad. President George +. Ban,
n the First National Bank. which 4
Morgan controls, IS q director In oh
Reading, the Central Railroad Of Ne
Jersey, the Erie Railroad. the LehIg
Valley Railroad md the Dclawar
LqcNawanna and W 9stoin, Eve OF N
eight railroads which were reprcsentc
AT n conference NJ Mr.. Morgan
house on March 20, 1880
Thomas Dewitt Cuyler rnd Cleme'
\. Griscom are understood to be NJ
hh"rRn's representatives. upon the boa,
% the prrueyly1nla Railroad. Gco~f
j Haer, formerly n lawyer, reprcsen
Mr. Morgan I'm the Pr l0delphia an
Ro'1'ng Railway, the Central Rallrar
! Of Sew Jersey and tho Lehigh Val,
Railroad J.. r. S~tD'oshury Of Philqde
% phll, a banking associate ~ Mr.. Mo
rlu, represents him q Lehlgh VAL,
ana Reading, while Francis Lyudc Ste
j son, Mr.. Morg1n's personal counsel,
upon the board OF the Erie Rlliroa
These are hut q few Instances of Z
s connection between the so-called co
s roads ana NJ" Morgan, the genius
. tanlr prosperity
MISREPRESENTATION ggSt5NsrSNy1