The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1892-02-12
WALL STREET WILD.
The Reading Deal Causes Tre-
mendOus Excitement.
THE RECORD OF SALES BROKEN.
Frensied Brokers Rush Up the Price
of Coal Stocks.

Market Results Of Readings Purchase of
Jersey Central and Lehigh Valley-New
England said to BE in the Deal-The
Effect of the Combine on the PhiIadel-
phta Exchange-Presid Hoods Views
Coal Operators Alarmed-wbat Mr..
Powderly Says.
New YORK, Feb. 12-Wall street went
crazy yesterday Fortunes were made
and lost in twinkling. The transac
tions on the Stock and Consolidated Ex
changes were the heaviest on record, and
the business done by the commission
houses was something enormous. There
were / ,446S74 shares dealt in on the
Stock Exchange during the day. The
banner business until yesterday was
1,199, 942 shares which were traded in on
Dec 10, 1886. The bond sale amounted
| to 81, 1888, 600 On the Consolidated Ex-
change 497, $50 shares of stock were
bought and sold.
The boom followed the announcement
of the greatest railroad deal that has
| ever been consummated in this country
| in recent years-the actual purchase of
the Lehigh Valley and Jersey Central
railroads by the opulent Reading com
pany.
The stupenduous character of this
coalition can be realized when it is known
that the combined CAPITAL of the three
roads is now only a little less than $780,
Coo, COZ; their payrolls carry the names
of 100, 600 employes-more than that of
any other corporation in the world-and
their prospective earnings for the present
year are fixed at $50, OO0 900.
The banking firm of DreXel, Morgan &
Co., has successfully engineered the most
important railroad deal that ever startled
Wall street. All those interested in the
consolidation plan, including DreXel,
Morgan, and Presidents Mcleod and
Maxwell of the Reading and Jersey Cen
tral, respectively, cleared several for
tunes.
The scene on the floor of the Stock Ex-
change from the opening hour was one
that stirred the hearts and quickened
the pulses of the aged doorkeepers, who
have looked calmly on all sudden revolu-
tions on the floor since the memorable
Black Friday panic.
When Chairman Mitchell dropped his
Ravel on the desk of the rostrum there
was rush for the Reading board. The
galleries were crowded with interested
spectators.
Over two hundred wildly excited
scrambling, gesticulating, perspiriug
! brokers surrounded it and offered to buy
Reading stock at almost any price. They
occupied every available inch of floor
space surrounding the inclosure three
minutes after the official gavel fell.
At the end of ten minutes the crowd
had grown so large that it absorbed half
dozen other groups, who were COM
| PEELED to yacate their places in order to
deal in their especial stocks. The corri-
dors outside the railing of the Exchange
were taken possession of by swarm of
extra messenger and telephone boys who
had been called into service by all the
busy brokers of the Exchange. Reading
stock open9d at 81 1-2. Simultaneous
sales were made at 80, and in few
minutes GA stood as "a last quotation.
This was an advance of 8 points since
Tuesday and of 23 points since Thursday
of last week
The majority of the participants in the
great fight were thoroughly unstrung
and worn out at the call of time A mob
of them assembled in Delmomco's, and
champagne corks then began to fly. AS
one of the employees of the famous Broad
| street restaurant said as he looked com
placently on the scene: "This looks like
revival of old times on Wall street,
when it was as easy to make money in
the district as it now is TO find dust and
dirt
Only one failure resulted during the
memorable day. John A Yates, of the
Consolidated Exchange, gave up the
| ghost. and /, 100 shares of New England,
300 Union Pacific and 200 Western Union
were bought in under the rule.