New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-11
A SQUEEZE IN READING.
THE PRICE OF THE STOCK RAPIDLY
PUSHED Up.
PHILADELPHIA MEN EEAvY BUYEEs-A LIVELY
TIME IN THE EXCHANGE.

PHILADELPHIA MEN EEAVY BUYERs-A LIVELY
TINE IN THE EXCHANGE.
Wall Street experienced the sensation OF severe
squeeze in Philadelphia and Reading Railroad Stock
Yesterday which almost attained the proportions OF
serious "corncr- But perhaps the sensation That
accompanied the more startling, for the de-
velopmcnts the day satisfied the majority Of traders
that short interest had been uncovered In dlicc-
ton where friendship TO the property had always
been supposed to exist. The delinquent III prompt
delivery is believed be the prominent Broad 81.
house which has been conspicuous bull on Reading
since the company rcorganzcd under the Corbln-
Morgan auspices and a radical change has been made
in the stock Exchange brokers acting for the Phila-
delphia pool II is even asserted by those in posi-
ton to know the facts that litigation may possibly
grow out Of discoveries to how the pools opera
lions have recently been conducted
The excitement in the Reading crowd on the moor
Of the stock Exchange began at the opening OF buSl-
ness \ large crowd of brokers present aroma
the post, and the bidding almost instantly overwhelmed
offers. First sales made of 200 shares at 20 =
100 at IS H. 800 at 80, 200 at b "a and 300 AT
80. \ flight 10 above 10 quickly followed and then
purchases of cash stock began TO be made at an IN
creasing difference abOva stock bought regular
way" for delivery to-day. The regular way price
ran to Al 81 and cash stock to 4. "a before the
corner temporarily eliminated. The difference be-
tween the prices according 10 the two methods
Of buying generally stayed at above per cent through
the day, and AT time the premium paid for caSh
stock WaS fully "a per cent In the afternoon luOO
share, were bought in under the rule for cash on be
lated deliveries. and at time il was Thought That
orders purchase heavy amounts would be gwen by
the bull brokers. \ large proportion of the day ;
transactions was in cash stock and the total dealings
in Reading absorbed about twothiids Of the entire
business in the market.
Spencer Erwin Wa, in the city yesterday rep
rescnting the biz Philadelphia bull pool but he re
fused De quoted in any discussion Of the situation
Rcticcncc also maintained 10y Moore schlcy. the
firm who it is understood. now have chief charge OF
the pool manipulation. The partners IN J. :.
Wormscr. the house which is credited with having
been caught short Of the stock when il operating
for in connection with the hull pool. refused Il"
make any statement. although they ought - laugh
down tac rnmors when asked rcslrlius them.
The following statement. however. Wa, mad" hy
persons Who are acquainted with the facts; 60 ho
buyers Of Reading have been tr strongest capitalists
Of Philadelphia together with of the rich men o
New York. They have gone into the property, not
for a speculative turn. but as AN Investment. IrF
have bought after making allowance for the worst
view that could be- taken Of the future. namely, that
it might rcuire three yclrS waiting for the expiration
leave nothing utdonc - hr,.A tie trust 80 soon
possible and give the control 81 the r'id T." ~. i'
1Wucr~ Last week they began tn hr dissatisfied win
the way In which the stock va. handled In che Sew
York market. The; DECIDED to iahc up q certain pro
portion of their puq, based Stock aud then u Wis
discovered that the men who had been posing %,
.aVior- Reading unable - make Oh" required
dciVcrlc- The deficiency proves 4" Do" cu'fnpi-, ana
must reflect not oniy sale II hong inef'-i fhtt Nt.
supposed f. 10, u harmony With the pool. lri hort
actions 81 a -i,ii amount. When The .fHrl vas
demanded iod the result compulsory pure ii,',
for c.-h iu tI'- ~iorh Exchange. lt'idiI- ht- '"i
n.rcd if-.if and Tire ruu't- 81 ~" -fu'h iJt" simply
been cNrrtns their r-it 20 demand what b i"nrr '
them
Tie lat price ~ Rcd ing yesterday wi- 80 . FL. rt
MAR way" aud 3jl for ,.i.h. Ihr Der" .'ine Nl-
- I.f 4f
pool assert lta l.., lutinr 60 Do -fYch and selling
regular WAY. u tln- prove T. %" 'Ile 'i-r ir r'
tuffInu f flr short lu'l'-t o." once f' D. ii
rial and a renewal % il. 'nfi.'r vli ir ilr 80
any moment. \ rp,rt titi e pfifHi" -riirn"ni hfl
been made between the pool ani TIE Nnfn'-'f- was
,ufhoritnf.lciy denied. tn, bulls assert That 'r short
interest j. al their mercy. lint - H't- "li'h point
strongly e. con- piracy an" thrown "ut tN them. II
/, even suggested that ilr possible developments ln
the case NAV load 10 a spc'dicr dissolution of iic
voting trust. or AZ least change lu tho company
management satisfactory to the Philadelphia pool