Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-02-21
how THE STOCK DROPPED.
Remarkable Trading In Reading shares
Several Failures Reported.

Remarkable Trading In Reading sheres-
Several Failures Reported.
New YORK, February 2O.-The three
days' battle between masked foes in
Reading territory opened on the stock
exchange this morning when, the
slaughter OF Friday and Saturday was
continued, and Reading defenders were
routed horse, foot aud dragOOn.
There was very little Of the chatting
and badinage often present before the
opening. All felt that to-day was no
time for joking and that serious busi-
| ness was on hand.
The enormous shrinkage in Reading
securities coupled with the nparalleled
selling OF the stock brought about q
2anicky feeling.
The moment the exchange opeend huge
blocks of Reaging were thrown on the
market, aud inside of twelve minutes
the price was hammered down 6]I
points, making total decline since the
downward movement of 16R points. On
the floor, pandemOnium relgned.
Around thes Reading post there was
wild struggling mass of panic stricken
humanity. Brokers jumped, reared,
yelled, gesticulated. The roar arising
from the babel OF thousands OF voices
extended beyond the walls OF the build
tnG, and caused passers by to stop in
amazement.
The opening quotation for Reading
was 36, Rather that was the first re-
corded quotation for the bowling,
crazed crown Of men dealing in the
stock made it impossible 70 say what the
first was really made st. For minutes
the tape was given up % Reading quo
tatiOns.
When not used for Reading, Northern
Pacific quotations were sent out. II
was a panic. Brokers literally tumbled
over each other in their wild eagerness
10 unload Reading was thrown on the
market in big blocks OF from 1000 TO
1000 shares at time, and Snatched
up by the bears at panic prices.
Reading first, second and third in
come bonds dropped a point minute.
Northern Pacific, too, was affected and
owing TO the charges made by the in
vestigatlng committee against Henry
Willard and the present management,
dropped several points.
The excitement IN the stock was sec
Ond only 20 that in Reading and the
uanicky feeling was just as strong.
New England, the third bearish Of the
list, closed Saturday at AIS, opened at
40, and broke rapidly TO 3435. No fall
ureS were announced up to noon.
1t was sIated to-day that the Lehigh
Valley would pass its dividend. II is
due in April. This would be the first
time 10 its history.
The tension on the market as the
day advanced was terrific. The strain
was too great for many firms, and short
ly after noon some failures began to be
announced.
The first 20 90 by the board was w.
F. Russell, Of No. 81 New street. While
the added excitement of this news was
still fresh came tbs announcement of
another failure-thSt OF L. j. Delaney,
Of No. "A Broadway.
Close on the heels OF this came third
that OF q. 5. Fleet, OF No. 90 Broad
way. The amount Of their liabilities is
unknown, but Is not believed to be
large.
The trading IN Reading has been In
precedented. Nearly every broker on
the noor traded in this stock.
The application for a receivership
brought In flood OF selling orders and
after a rally 20 80 IL dropped to 2s, a
net loss Of SIS per cent from Saturday
evening.
Sales of Reading Cp to two p. m.
reached 9O9, 800.