New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-09
COAL STOCKS IN THE LEAD.
THEIR ACTIVITY MYSTIFIES WALL STREET.
EUMoRs OF AGREEMENTS AND DEALS CURRENT


EUMORs OF AGREEMENTS AND DEALS CURRENT
BIC GAINS SCORED.
The ovritcd dealings in coal stocks mOnopolzed at
ientOn in Wall street Yesterday. The movement was
Characterized by more remarkable rise in quotations
and a greater volume of DEALING than that which
made these stocks conspicuous at the close OF last
week All the coal producing and carrying roads
shared in the advance ard mmOr' OF deals am con-
,0lidai:ons we're thick. Lackawanna showed net
cain for the dav OF IA per cont and Reading OF oo
per cent ;hc former closing at los and the latter at
4O5. The dealings in these stocks were enormous
and the lean Of the securities for the day commanded
q high premium.
Wall street was at loss to account FOR the
enormous activity and advances in the coal SHARES.
Opinion was divided TO whether an agreement
for thr improycrent OF the coal situation had been
reached. or mere stock manipulation. backed by u
master hand and conducted with an impentrabie ar
of mystery was indicated The statement that u
coal trust was ia formation was circulated, but WAS
dlscredtrd by many Of tie wiscacres In the market
and fatty denied by some who should be in position 10
know Rumors of the establishment OF joint agencies
at competitive points gained fresh currency bht haa
10 official confirmation Another story sau 'na' /"
great syndicate had been formed not in the nature vi
a trust by which the entire production ana seihh5
were TO be controlled. With this rumor tse names o'
the Vanderbilts and Drexel, Morgan Co. wer, asso-
Hated.
1t seemed evident that some sort OF an agree
ment among the coal roads had been reached Where
by prices OF coal were to be advanced OF e'c"'
economies in ahe production and transportation WIRE
10 be effected some however, chung to the theory
that stock mauIpulaton only was Mt the bottom OF
the movement and that one OF The most tremendous
deal, in the history Of Wall Street was in progress.
Samuel slo,n. president OF the Delaware. Lacka'
wanna and Western, said There is no movement 'or
tho formation Of n coal trust that the Lacka"nnha
hos ANYTHING ~ do with We know nothing OF any
snch plan believe that the advances in coal stocks
arc dine IN the purchases made by men Of money who
recognize thrt there may be an immense improvement
in the coal nntlon and who arc going to Use business
methods to bring 1t about. 1t Is painful to think Of
ho way the companies have been throwing away their
coal. For several months they have been selling it
q, nrces at which It could not be replaced. do noo
believe that so great an advance In the price OF coal
,ocus ran he credited 20 stock manipulation. 1t has
hoe, brought about, | firmiy believe by men who
know VIVA. they about. and see the opportunity
t;crc /, for Improvement in tine coal situation, ana
not bv mere gambling An advance OF % cents "o"o
NOT ne oaerons TO coal CONSUMERS. but would mean
millions 70 the companies. The men bchIhd '"''
movement know that the Iaclawanna will cooperate
In any well dlrccted efforts to improve the sl'us'oh
+ Rogers Maxwell. president OF the NewJerSey
Central was luoed a. saying that the proposed io.-
t,atInn 81 the anthracite trust was news 70 hlH -,
Robert v. Olyphant. president OF the DeEi"aie ani
Hudson said 1t looks to me a. II soheDouS VIZ,
ohrr nf coal stocks. know 81 no movement an',i'
,tc coal roads, urh a. Is rmOrcd and cannot eApia'h
trcir activity g. WILL street. ...A no, cha
Iehgh Valley had been leased ~ me Nr~ ,oA Nj
tTil This va, denied at tho Office OF Dre&el' Nor
g.tu a D.