New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-28
SQUEEZE IN LACKAWANNA.
Is :. V. WHITES HAND IN IT?
NEW COAL COMBINATION SUGGESTED-THE
SHORTS COVER, But THE POOL SAID
TO BE- SELLING

SHORTS COVER, But THE POOL SAID
TO BE- SELLING.
Wall street yesterday enjoyed batch of gossip
which was of interest than even Chian news.
Ii made little difference that much Of the talk was
fustian and that the vital part of it could not pe
verified except by the examination Of the books III
brokers, who would decline to permit that except
under orders OF court Of law. The gossip was
lively and it served It's purpose. How far it may
forcshadow facts must be deferred until future de-
velopmens. The stories centred around the anthra-
cite coal shares and involved coal combination.
the squeezing OF biz bear, and the return ol :. '.
White to activity in the Street.
Delaware. Lackawanua and Western stool, has been
decidedly active at the stock Exchange in the last few
DAYS. \ week ago from last saturday night it sold
at 40; last saturday it sold at H. -; and Yesterday
Il rose 10 las Ii. The advance Of the previous day
had been about per cent and yesterday il went
more than per cent higher before il suffered re-
action. which tumbled it down the closing price Of
Tuesday. The transactions amounted to more than
II 900 shares. Reading dealt in 70 tn" amount
Of nearly $1,000 shares but after rise to A. st. the
stock vent down 10 10 "a, rallying nj the close 10
al SO. Delaware and Hudson went from 126~
1876 81 TO 125 1-2d12j "a, and Central of New
jersey from 116 a4a117 10 l15 T. the sales in both
stocks being small
The prominence Of Lackawanna the feature Of
the market. and it represented the Old battle which Is
stock is easy To corner. but its high price IS con
temptation to the bear traders 10 sell short 1t
Is generally believed that Addison CammuCk the biz
bear operator forced TO cover extensively. Eut
when the price of Lackawanna yesterday reached the
neghborhoOd Of l46 there good sized blocks
offered and many close observers convinced that
tho bull pool which had manipulated the rise were
taking its profits.
The rumor became current that :. Y. White had
been directing the manipulation. Mr.. Whites suSpcn-
sion September % last wear, consequence Of tho
failure 10 corner TIE option corn market excited gem
eral regret not only among Mr.. Whites friends. but
among who admire plucly and successful
operator Ii is understood that lie has made such
progress in full arranc cement Of his affairs with his
creditors that he may be in position early II Icquea
reinstatement in the stock Exchange That IL viii
be granted With alacity is the common opinion in the
Street.
But while Mr.. White NAV he debarrod from business
on the Exchange it is not impossible that the bull
pool i'm Lackawanna may have sought his advice In
their recent campaign and even relied largely upon
his Judgment in conducting the deal ly reason OF
his experience and his acquaintance In the execution
OF several brilliant strokes In the past. in this stock
Mr. White might naturally be sought a valued gen
eral in the campaign against the shorts. Friends o.
Mr.. White yesterday deprecated any prominence That
might be given him in the street before his business
matters were finally adjusted. Mr. White himself TO
fused TO make any statement.
A host Of rumOrs 10 explain the advance I'm Lacka
wanna since last week were advanced Most of them
were unfounded. \ report that the VanderbtS had
been buying the stock received with incredullty
A story that the New York Life Insurance Company
had been heavy buyer because its surplus funds could
not command profitable terms loans, owing to the
extremely low rates OF money! met by denial from
the vice president Of the company Friends Of Lacka
wanna insisted that the advance not at all without
reason. While it not believed that any increase
I'm the rate Of dividends expected. it was argued
that rs the stock sure payer OF per cent dVi
Gends II was a good per cent par investment even
OF 14O. An important help to the manipulators Of
Lackawanna may have been the assertions by men
we'll posted I'm the coal trade that the presidents Of
the leading companies had Informally reached an under
standing which would peaceabe and profitable
conduct Of The trade this year. Although no formal
conference has been held ii IS understood that there
has been virtual settlement OF all the controversies
which induced the bears to sell the coal stocks short
In the last few months.
The sales-agents OF the companies will meet to-day
TO provide for the February allotment, ana il IS said
that II will be larger than the January output The
question OF prices, ii is believed will solve Itself under
the established amicabe relations OF the great com
paneS. IL Is rumOred that the companies are con
sidcring question OF revivlng the old scheme OF
Board Of Control by which four OF the great companies
could manage the trade without reference to outside
competition or the action Of smaller members OF the
present combination The production Of 1901 was
about 4O.O0OOOO tons and u IL had not been or me
quarrels which allowed TO divide the trade II is
believed that prices could have been obtained on an
average % per ton higher than the prices which
were received. This would make difference OF
slOOOO,OOO In the receipts Of the companies: 1t Is
suggested that a cordial combination Oh ma
jorty of The companies COnld add S2OOOOOO TO me
materially the extra money being taken from the
middlemen and not from tho consumers.