The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1892-02-12
READINGS BIG BOOM
The Stock Makes an Advance Of
Eight and a Half Points,
AND BEADS EyERYTHIEe ELsE.

The Volume Of business ON the New
York Exchange Unprecedented.
President sloan, or the d, 4. and
W., Says His Company is Indi-
rectly IN the Combine.
NEW YoRK, Feb. liz. Messrs. Drexel,
Morgan g. co. announced officially last
evening that the leases and contracts
which were signed Wednesday night
have now been ratified by the board Of
directors of the Reading, New Jersey
Central and Lehigh Valley Railroad
companies by which was effected the
combination Of the anthracite coal in
terests.
Samuel Sloan, president Of the Della
ware, Lackawanna and Western, said
TO reporter regarding the combination:
s'The Lakawanna is thoroughly in
sympathy with the combination. While
We have made no formal agreement
With the Reading, we shall act ia har-
fnony with that company, and we shall
not be competitive factor in the coal
trade. We shall act with the combined
interests both in the output and price OF
coal /"
The Lackawanna Is lin II.
seThen to all practical purposes You
are in the colnbination?' asked the re-
porter.
" eyes, replied Mr.. Sloan, 'sas com
petitive element the Lackawana is in
d the combination, MS it is in sympathy
with the movement and win act
with it. =
Il believe. continued Mr.. Sloan,
"that some such concerted action was
absolutely necessary, and that it will
result in the public good. The object Is
not to raise the price of coal, but to
regulate production and to make prices
uniform.
The Stock Exchange has seldom pre-
scented a scene Of greater activity and
excitement
The announcement that the great deal
by which tine Reading Railroad com
pany had obtained control Of the Lehigh
81 Valley and the New Jersey Central com
panies had been consummated had
given the market a tremendous boom
Wednesday, but it had gathered force
over night.
Readings Big Jump.
Reading sold at the close Wednesday
evening at 55 Ia. Yesterday it opened
at 81 10, and went up by jumps until i
reached Ga, an advance of ~ points
and all within the first few minutes
after the opening. Brokers seemed &c
be loaded with buying orders, and fairly
climbed over each other in their eager.
ness to make trades.
Dealings we're largely confined to
Reading STOCK, and out of 30S, 900 shares
of listed stocks sold during the first houl
after the opening, 270, 600 were Of Read
ing.
The volume of the business transacteG
was something unprecedented. Tht
floor of the Stock exchange was crowdet
with excited brokers, and swarIns o.
messengers were running in and ou
continuously. The galleries wer'
thronged, and within the four walls 81
the big board room perfect pande
moninm reigned.
Other stocks Weak.
A curious thing about the market wa
that while the coal stocks were so tire
mendously strong, the rest of the lis
seemed to be weak. The general lis
8 was evidently being entirely neglectel
by the traders.
"A big business was done in New Jer
sey Central, which advanced three poinfi
during the first hour of business, *
131 ~, and Delaware and Hudson Cana
company, which jumped up four points
to 1874 1-2. After the first bulge there
was slight reaction, and Reading de
clined to 81.
The general opinion in Wall street /:
that the stock win sell at par before long
Reading bonds, of which there is {
large and varied assortment, have also
felt the effect Of the boom, and were al
quoted from to 10 per cent. higher
than the last reported sales
# Strange to say the activity in Reading
and Delaware and Hudson did not seen
TO affect Delaware and Lackawana II
the slightest The market remained
very steady for that specially.
Erie was strong and higher. and New
England advanced Their advance IL
each case is attributed to the boom II
Reamug.
Il - wy. -. 49,