Rensselaer Journal, Volume 11, Number 26, Rensselaer, Jasper County, 5 December 1901 — REACHES FOR COAL LANDS [ARTICLE]

REACHES FOR COAL LANDS

Pennsylvania’s Move Starts Report of Immense Combine. EXCITEMENT IN WALL STREET. Morgan, Vanderbilt and Cassatt Interested In a Great Enterprise—Scheme Reported to Merge All the Hallway* Into Three Systems. New York dispatch: In explanation of the remarkable rise in the price of Reading and other coal road shares it was said in Wall street today that the Pennsylvania company is buying up the shares to secure controlling interests in every one of the coal carriers. Pennsylvania already controls 10,440 miles of railroads, besides vast deposits of coal. If Its attempt to get control of the other coalers is successful It will have almost 25,000 miles of railroad. The First National bank is the

open purchaser of Reading stock, and it was not until today that Pennsylvania was said to be behind the deal. Morgan In the Deal Reading recently acquired the Jersey Central through J. P. Morgan, and it is now said Morgan is securing stock in the other coal roads and in the Reading itself for the sole purpose of turning the entire outfit over to Pennsylvania. Pennsylvania also bought largely of Wabash stock today. The total capital stock and bonded indebtedness of these roads would be greater than that of the steel trust. It is said that this vast scheme of the Pennsylvania company was devised by W. K. Vanderbilt, A. J. CassatL and J. P. Morgan, and that all three are bending every energy to accomplish It. These combined companies will own wharves from which iron and coal can be shipped anyw 7 here. Plan Three Great Combines. Wall street theorists suggest that Morgan and his friends have plotted three great railroad and industrial trusts for the United States. According to them the Pennsylvania company will be the eastern end of the Central system, which will reach the Pacific by way of the Union Pacific, Missouri Pacific and Atchison railroads. The New York Central system, Joined with the Northern Pacific, Burlington, St. Paul and Great Northern and interlacing lines would care for the northern section of the country. Southern business is to be transacted by way of the Southern railway, Seabord Air line, Louisville and Nashville and southern systems, of which the Mexican Central and Mexican National will be the feeders in the far south* 1