The morning call., 1892-02-13
\ FIELD DAY IN NEW YORK.

Thursday was a field day in the New
York Stock Exchange. 10 the course OF five
hours something like a million and a half
shares Of stock changed hands, represent
ing a value Of probably not less than
S.1,0oo00 All this enormous business
was done by word Of mouth, without
scratch Of the pen, and experience proves
that there viii not be a dozen disputes over
the bargains made AS in the old days Of
tie boom in this city, almost everybody
made money. On February + Reading sold
at 81; on the 1lth pretty nearly the " hole
capital stock changed hands between IS ana
IS. There was a chance for every one 10
get slice Of the melon.
i seems inc0ngruOus to mix romance
with tie affairs Of a financial corporation.
But the history Of the Reading has been rs
full Of yicissitudes rs any novel. 1t is one
Of the oldest railroads in the United States
Il was chartered in 1888, and was opened
for traffic IL 1912. It's business was the
transportation OF coal from the anthracite
coal region on the Schuylkiu to Pbiladel-
phia. It's mileage proper was only ninety
eight miles; but its business grew so fast
that it was compelled to buy and lease other
roads, so that at the present time it controls
and operates a mileage Of 307l miles. 1t
owns twenty-three wharyes at PhiIadel-
phia, which extend from 800 TO 500 feet into
She river The traveller between Philadel-
phia and Reading passes miles upon miles
of loaded ears, all full Of stone coal, await
ing dispatch.
The concern grew so fast and extended
its interests so widely that it met tho fate
which generally awaits enterprises that dis
cOuntth future too rapidly. The normal con-
dition Of the Reading was embarrassment
1t was always in difficulties; now deiaulting
on its interest. now yainly trying to float
acceptaEces, now in. now out Of the hands
Of q receiver. Finaucier after inancier took
hold Of It, intending to make himself the
richest man in America, bat they all failed.
It came TO be a pr0YeTb that to identify one
self with Reading was TO head for bank
Tup;cy.
Just before the war a firm of Scotch
bankers, settled in London. thorght they
could see merit in Reading and began to buy
stocks and bonds. They bought and bought
until they found they had control and more
than control. Their purchases showed
loss. But they were not the kind Of men
who sold before they were good and ready.
They just hung on to their property and let
tenacious men. 1t was they who supplied
the money TO complete the Sutro Tunnel.
When Lord Palmerston was Prime Minister
he offered the senior member Of the firm a
peerage. The old ScOtchman declined, say
ing that he was not coyetous Of hOnors, but
he added that he had n nephew, a Using
lawyer. who would probably be glad Of a
handle TO his name, and that if his L0rdship
II,
him an income to enable him to wear it-a
bagatelle Of $4,000 year. 1t was this
young man who became Lord Cairns, the
father of the somewhat notorious Lord
Garmoyle.
A time came when Reading bonds and
stock rose to a price which enabled the old
Sc0tchmen to realize handsome profit on
their purchases and they stepped out. Then
a bargain was made in 1883 by which the
Reading leased in perDetuity the Jersey
Central and the Lehigh roads, and high
hopes were once more entertained Of its flu
ture But from some reason or other the
leases were pronounced invalid; they fell
through ana once more Reading, with its
enormous business, its thousands of miles
Of road and its thousands Of acres or coal
land, hung on the ragged edge Of insolvency.
Now new leases have been executed and
operators are so confident Of their effect on
the future business Of the road that the stock
has doubled in value in ten days.
The PROSPECTS, Of company which, with its
ally, the Delaware and Lackawanna, holds
practical monopoly of the richest anthracite
coal region in Pennsylvania, ought to be
bright. But there is an inherent vice in the
proposition which they are working out 1t
is impossible that corporation can go on
forever fixing arbitrarily the price Of a COM
modify which is necessary Of life to the
people at large. Sooner or later way will
be found to break up the monopoly. When
it is the new leases may not avail to save
Reading from relapsing into its old chronic
condition Of insolvency.