New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-12
WALL STREET WILD On COAL
A STOCK MARKET WITHOUT PRECEDENT.
RATIFICATION OF THE READING ALLIANCE wiTH
JERSEY CENTRAL AND LEHIGH VALLEY
-LACKAwANyA ~ ACCORD-SPECULA
TIoS THAT AMAzFs BROKERS.

JERSEY CENTRAL AND LFHIGH VALLEY
-LAcKAwAXYA IN ACCORD-sPECrLA-
rIoy TINT AMAzRs BROKERS.
Wall Street yesterday almost lost ITS reason
in an orgic Of enthusiasm over the expected bene-
fits to b. derived from the new combination ne
tween the coal companies The Stock Exchange
smashed all records in the line of dealings IN
stocks and bonds, and it also prcscated a market
that was full Of extraordinary features. 1t was
day unprecedented in more than one respect, ana
there was as much myst.fcation among brokers
now that the coal deal has been announced as
there was before any official information had
been furnished to the public.
There were no startling Developments IN re-
gard TO the arrangements made for 'he CONTROL
of Lehigh Valley and Central Of New-JerSey Dy
the Philadelphia and Reading The directors oil
the three companies met and formally approved
the compacts which had been exc
cutcd in Philadelphia the day preVi-
Gus No further details respecting them were
given out by DreXcl. Morgan N Co., and the pun
lie here is in ignorance of thc exact terms as 10
the life and the power of living of the Reading
! leases There is possibility that conditions may
bc imposed in the contracts which would render
| the agreement less substantial in its ultimate
| effects than now is generally supposed. In due
| time. however, it is supposed that official light
will I've thrown upon this point. No one questions
| the magnitude and significance Of the new deal.
and in fact Wall Street is full of crcdulity as to
| every rumor or conjecture respecting the coal
| roads that receive currency. Some persons per-
| sisted in the belief that the Nandcrbts were the
real power behind the deal. although Chauncey
| W. Dcpcw again repeated his statement that those
gentlemen were in no wise involved in the trans
action
The carly rumorS regarding the relation of the
| Delaware Iackawanna and Western TO the Read
| ing combination have led 10 some msundcrs'ani-
| ing 40 change in the control oi the Lacka-
| wanna has been Effected, and no change
| in the management Of the property is contemplated
| J. Picrpont Morgan said yesterday that Nr. Sloln
the prcsid,at Of Lackawanna. WAS in harmony
with the purposes Of the capitalists who have
combined TO secure a thorough harmonization and
| con -odation Of interests. Mr. Sloan himself eN-
pr s.ed cordial approval of the purpose contem-
plated in the alliance between Reading and the
| Ichirh Valley ard Jersey Central companies. 1t
Is understood. however. that at the annual meet
| in, Of the Iackawanna shareholders on February
| 23 The election is assumed of J. Rogers Maxwell,
| president Of TIE Jersey Central. and George r.
Rakcr. president Of the First National Bank
With regard to this point. Mr.. Maxwell yesterday
authorized the following stat ment:
| "Our pcople have been buyers Of Lackawanna
stock for some time past. and now nave large
| investment holding in the property, which uo'S
rot appcar on the transfer books his mas
been known TO Mr. Sloan for some tine
Tho stock has been bought with the
intention Of working in harmony with MF' oio'n
| for the general good of the coal trade Mr.. Sloan
understands what our purpose Is ana we ocieNe
thn, he fully approves our actions. we kho" VI
no desire or efforts on the part OF any one 10 ''S
| J., ,o,lc a change in Tie management OF the
| Lnckawanna Company
H. i, also considered probable that two repre-
| septativcs of the Reading combination VIII ere
Iono enter the directory Of the Delaware and Hud-
son Canal COMPANY The changes already ac-
| comnlshrd by the consolidation OF the Reading.
| Lchigh Valley and Jersey Central control, and con
| tculplaicd i'm respect 10 the constitution oil 'lc
| boards of directors of the lackawanna ana thr
Dcluwar, and Hudson, are. IN t'ct, lhc Uu! ONE ."
! "a union of the large stockholders IN al '' GO Il
| r,,,f.,nios Although ii l. difficult Il dcS'nh'
the combination accurately, the best term 10 use
perhaps Is ">yndlc'tc. 'Nnul,"T n,,' is
! been formed oI the capitalists most llrS'N
| interested i'm the coal cOmplnes l" 'c'
| in unison with respect T. their interests
and 10y their control Of all the properties I" % Tic
| tate the policy that shall be- carried out me
| head. of thr syndicate are believed 10 be Dr'Ar,
Morgan ~ Go. here. and \, j. )rAeI 60. IN III
| Philadelphia BY this combination "I interest,"
| Stockholders i'm the coal companies VIII he asonI'u
| of an abandonment of unnecessary cpllpull3n
and a regulation of the Industry which W. Nlcd
greatly increased profits with me interests 80
| concentrated III. dispute, regarding division ot
| tonnage and the extent of production from mohth
| 10 month will he easily settled. There VIII be
! meeting of the sales AGENTS of the coAl cnhPah'
| to-day and il Is expected tnat prices Will he al
| vanccd - ccutS IA ton. . .h
| There are many fanciful rumorS as TO ih'
| ultimate reach Of the coal combination. me
| street i prcparcd to seize on any theory with
avidty. and reject all denials of officials ae
| only lie necessary veil preceding conNumInatlon
| of ncw deals The advance in Ncw-iork ana
| New ENGLAND brought To the front the suggestion
| that il would be embraced by the DrNel Morgan
| Reading combination. The officers OF the New
| York and Ncw-England and representatives of thc
| Vanderbilt interests, however both agreed IN de-
clarng that no deal had been made concerning
| the New England property. The same statements
| and Western.