Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-02-20
The Price in Philadelphia Falls
to IA
PANIC IN THE new YORK EXCHANGE
Unfornded Report of a Receiver
ship Circulated.
CAUSE OF THE TROUBLE.
READINGS Rta FArr.
Excitement on the Fxchangea I'm New York
aud Phttadelphia.

aud Phiiadelphia.
PHILsDEIPBls. Fob. 2O-The excitement at
the opening of the stock exchange this morning
vas intense and almost panic prevailed.
The first sale Of Reading was at IS. a loss %
S>s over the closing quotations Saturday. Fol-
lowing this drop the stock steadily declined.
and al lO.l5 WAS quoted az a.
The stocks of the roads Allied 60 the Reading
were also hammered dosR, New England show
ing loss OF Is per cent on the opening sale az
90 while IL soon dropped 10 3sA-. Iehigh
Valley opened at SO. loss Of IL per ceut and
dropped IN just twelve minutes 20 a..
MINORS ABOUT rHr nEcsryKRsstP
An incorrect report WAs circulated that on
the application Of the Readings directors A. A.
Mcleod, Chief Justice Paxsou and E. II. vii
bur had been appointed receivers.
EXCITEMENT IN NEW YORK
Nrw YORK. Feb. 2O.-The third dAy Of the
great battle between the Vanderbilt and tho
Mcleod forces opened on the stock exchange
this morning. when the slaughter Of Friday and
SATURDAY Nas continued and Reading w~-
rouiec-horso. foot and artillery.
The moment the exchange Was opeued to-
business huge blocks Of Reading were thrown
on the market and inside Of twelve minutes the
price was hammered down ak and half point.
making = total decline since the downward
movement began Of sixteen and half points
Then the usual slight reaction set in and the
velocity OF the descent momeatarily
checked.
PANDENoNIUM REIGNs.
The scenes at the exchange throughout IN.
morning were exciting. The galleries wer,
packed 90 suffocation by an immense crowd
which was interested and tmazed at what
IL saw. On the aoor uandemonium
reigned, Around the Reading post there
was Wild, struggling mass - panic-strickeu
humanity. Brokers jumped roared velled
gesticulated: the roar arising from the babel Of
thousands Of voices extended beyond the walls
OF the buildings and caused passersby to stop
in ama2ement.
II was panic. Brokers tumbled over each
other IN their Wild eagerness q unload Read
ing was thrown on the market in big blocks OF
from 1000 20 1900 shares at a time and
snatched up by the bears. Eeading'z
frst. second and third income bonds dropped q
point a minute
Northern Pacific, too. was affected. and
owing to the charges made by the invsstigsi-
ing committee against Henry Willard and the
present management dropped several points.
New York and New England stock WAS also
raided by the brokers. IL closed saturday az
81 =. opened 10 and broke rapidly 10 34ss. No
failures were announced mp TO noon.
ALARMING RUMoR .Bour IEHIGH VALLEY.
1t was stated today that Lehigh valley would
pass its dividend. II is due in April Thu.
would be the first time in its history.
There was no diminution in the stock market
after IL o clock, but the improvement in vsluee
made no further progress. Talk Of re-
ceivership FOR Reading again depressed that
stock TO the lowest point and sugar gave wav
under under heavy pressure, retiring. from l2S to
1909.
tanned and considerable confidence Was shown
in the general list though prices yielded frac-
toually all slong the line.
THE RECORD BROKEN.
The trading in Reading was stili unusually
heavy. the record for the two hours exceeding
anything else ever known on the exchange Al
noon the market was active and heavy at or
near the lowest prices.
Sales Of listed stocks to noon. 600. 200 shares;
unlisted. $500 sales Reading moon. 706, 400.
F.ILrRFs OK THE STREET ANNOUNCED.
The tension on the market vas terrific The
strain was too great for many firms and shortly
after noon some failures begar 20 be announced.
The first TO go by the board was ". 4. Russell
Of No. 81 New street
While the added excitement Of this news was
still fresh came the announcement of another
failure-that of J. I. Delaney Of No "a Broad
way
Close on the heels OF this came a third. that
of q. S. Fleet of No. broadway.
Inc ainouit OF lnelr liabilities IL unknONn,
but IL is not believed to be large.
No new reasons are given for the continua-
tion of the terrific onslaught Reading and
New England. The heavy liquidation in the.s
stocks, which was begun ON Friday, had eyi-
IDENTITY not been exhausted and the buyers OF
the former stock at 36 or thereabouts could not
get nd of their holdings soon enough
TIE TRADING IL READING.
The trading in Reading this morning was
unprecedented. The transactions during the
first fifteen minutes amounted 233. 900 shares
and this was increased to over SOC, 600 shares by
II o'clock.
The selling was general and nearly every
broker on the floor traded in the stock
Among the heaviest individual sellers this
morning was Howard. Lapsy g. Co, who sold
50 e,0e0 shares az the opening.
Among other heavy sellers were Turner
Manuel. c. W. Turner, Il. :. Bissell. IS
Chaplin, Edward Sweet a Co., Mr. Maurice aud
Mr.. Hamilton.
There were twenty or more 50. 900 share SELF
ing orders executed, but Rs a whole the trans
actions we're made in 500 and 900 share lots.
WHAT CAUSED THE BREaE.
yarious reaeons are given for the fall in yslue
Of Reading stock Whether the bear movement
is connected with the t.ans and projects OF