New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-07
! A SQUEEZE IN LACKAWANNA.
THE BEARS TREATED TO AN ADVANCE OF
TEN POINTS.
RUMoRs OF CHANGE OF MANAGEMENT DIS
CREpITEp-BANKs GAINING IN CASH
AND DEPOsITs-R, G. Dun CO.'S

REPORT OF FAILURES.
The only incident which disturbed the quiet OF
Wall Street yesterday a lively advance IN
, Delaware Lackawanna and Western hahroau
stock The opening price was 147. the same as
Thursdays close, and there was recession 70 l4'2
About noon a broker often employed by one OF the
large operators began bidding for the stock ana II
advanced points between sales TO Jay. Inc Dfoher
continued to bid for the stock. which on sales OF
$500 shares rose TO jl On sales OF 1920 shares the
4 price further advanced to l57. and by that time
the Street was fun Of the most extravagant ru-
mors. and the traders were anxiously Dld1mg
against one another. But 1871 was the best price OF
the day. and there was a subsequent Irregular ue
cline to 152;aQljis. the final quotation being l"'s
net gain of G.. per cent. The other coal stocks
sympathized in this movement by sharp advances
but the general market little affected ana
ruled dull. with few important changes.
1t was suspected that the rise In Lackawanna
might be due to manipulation by :. V. White VINO
81 while stu outside OF the Stock Exchange on ac
count of his failure last May. has been active in
the recent operations in American Sugar Refining
Mr. White however disclaimed responsibility Tor
the advance, but repeated his long-standins pre-
dction that Lackawa would some DAY sell at
200 Rumor then asserted that the Central of New
Jersey interests were buying for control, and in
tended 20 retire Samuel Sloan. the president or
I.achawanna. in order to make younger man
president. Mr. Sloan not in town, bu' 'he
treasurer of the company said that there was no
evidence
books which would indicate a change in control
The total transactions i'm Lackawanna stock on the
rise yesterday amounted to less than l4OV' shares
Conservative brokers attached no importance 10 the
movement, regarding il as demonstration against
the shorts" The floating supply Of the stock is
small and II IL easy for the houses controlling II
IN run the price Nd on the bears. The bulls are
helped by the excellent reports OF the condition OF
the anthracite coal trade Prices of coal are main
tanned at recent figures, and there has been COM
paratively little accumulation OF stocks az tde-
water although the production of the last few
months has exceeded the restricted output agreed
upon.
The general features of the financial situation re-
main promising 10 easy money The banks are ex-
pectins to report In to-days statement an increase
of some SO OOOOO in deposits and heavy gain in
cash and in surplus reserve. The Clearing House
certificates cancelled yesterday amounted to s,975
! ODo leaving s9,5jOO0 certificates outstanding. No
tees were given to call in N.97oOOO certificates for
retirement to-day. No certificates were cancelled in
Boston, where the outstanding amount is S239J,0Oo
The failures reported 10 r. g. Dun Co., by
! telegraph in the week number 800 in the United
States and IS in Canada, total of 3G5 against 36
k1ast week and 29O for the corresponding week of
"a 1892. But of the failures of the week only three
1ncude estimated liabilities exceeding 100000 esch
I, and the bulk of the failures are for less than
5000. The weekly review speaks as follows of the
general situation
While there has been addition TO the number OF
manuia curing establishments and the number OF hands
work during the last week Is becoming painfully clear
that the orders obtained do suffice keep employed
full time the limited force at present engaged
The business still far below that Of last
Gin volume, railroad earnings the decrease being 100
per spite large Worlds Fair business. and in
pay through the principal clearing houses outside
Ncw-York the decrease is 20 per cent. Reports from
other cities disclose distinct check in business There
Is whole, less activity and less confidence regard
ing future than there week and this is in
many attributed uncertainty regarding the
monetary future delay the While
the volume all kinds Of money circulation has In
tcfeased 372i7 during the month OF September and
{ Is greater by almost SlO6, 100000 than il was
this last year, the embarrassment is IL has
been time lack OF confidence rather than
I 10 lack currency. IL is observed that while the
bank circulation increased September SjOj23l the
amount Of bank in the Treasury has increased
"a S9i and several oil the banks which took out ad
dona circulation retired it and sold the bonds
! deposited The OF money in New-YOrk banks has
Increased rapidly Of Clearing House
certificates here other cities shows i'm
provement situation and there is but
little increase perceived that confidence upon which
commercial Industrial loans mainly depend
The dividends paid by mining companies In Sep
TENDER amounted sSls.l15. making total paid
since January of 81 H9,9OO The list of the COM
panies as compared by THE Engineering and Min
ing Journal to be published to-day. is as follows