The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1893-02-21
THE WAR IN WALL Street.
A Financial Battle Of Four
Days Duration.
Masked Foes of the Reading
Road Down 1t.
Stupendous Blocks Of the Stock SacJ
rificed.
Receivers Appointed for tho Company
at Philad elphia on Bill Of Equity
Filed by tho Notorious
Tom Flatt. I

| By the Associated Press.1
New YORK, Feb. 2O.-The fourth day
OF the great battle between masked foes
In the Reading territory opened on the
stock exchange this morning, when the
slaughter of Friday and Saturday was
continued and the Reading defenders
we're routed, horse, foot and dragons.
The opening provided spectacle such
as has been seldom or never witnessed.
When business opened halt of the
brokers in the exchange were present.
The moment the exchange was opened
for business huge blocks of Reading
were thrown on the market and inside
OF IL minutes the price was hammered
down six and one-half points, making
total decline since the downward
movement began of 161s points. Pande-
monium reigned. There was Q wild
struggling mass of psnic-stricken
humanity. Brokers jumps d. roared,
yelled, gesticulated. The opening quo
tation for Reading was 36
The brokers literally tumbled over each
other in their wild eagernees to unload
Reading was thrown on the market in
blocks OF 1000 to IL 900 shares at time,
and snatched up by the bears at panic
prices. In the first 10 minutes Reading
dropped to 291 1a and then rallied to q16.
Northern Pacific also dropped away in
panicky fashion. This was due to the
publication of the report Of the stock-
holders examining committee, calling
attention to the extravaganza and mig
management of the directors. No faias
ures were reported up to noon.
Northern Pacific opened nearly per
cent Oft at 451a, retired to 43, but rallied
some. Coal stocks were generally weak.
Jersey Central retired from 123 to I19,
the lowest price in months.
Tbs amount of gold engaged for ship-
ment tomorrow is SO, 300 900.
At IL O'Clock the market was active
and firm at an improvement.
There was no diminution in the ex-
citement in stocks after IL, but the i'm.
proyement In values made no further
progress. The talk of q receivership for
Reading again depressed that stock to
the +, lowest point. Sugar gave way, un-
der heavy pressure, from 123 to l2056.
Railroad shares on the whole were well
maintained, and considerable confidence
was shown in the general list, though
prices yielded fractionally along the
line. Trading in Reading was still un-
usually heavy, the record for two hours
exceeding anything else ever known on
the exchange. At noon the market was
active and heavy near the lowest fig
ures.
The tension as the day advanced was
terrific. The strain was too great for
many firms. Shortly after noon failures
began to be announced The first to 20
was W. +. Russell, then 7. ]. Delaney,
and next g. S. Fleet. The amounts OF
their liabilities are unknown, but not
believed to be large. The cause of the
weakness in Reading is believed to be-
the attitude of the Vanderbilts and
Banker Morgan toward the Reading
people ior the contemplated entering Of
their territory. Another reason given ie
that Speyer & Co. have called
a loan made to the Reading
last January. The trading in Reading
was unprecedented. After noon there
was quite a pronounced tendency to
rally for some time, and some stocks
made marked gains, but the rumored
application for a receiver brought an
other flood of selling orders and Reading
dropped to %. When it was further re-
ported, however, that a receiver was ac-
tually appointed, it rallied to 80. At
2:15 the market was active and firm al
substantial gains from the lowest point.
The sales of listed stocks were / 1927 900
shares, of which the dealings in Reading
amounted to 909,300 shares.
Stocks in the general list moved over
very narrow range after the delivery
hour. But Sugar rose to 125, after SELL
ing as low as 1201s. New England
again reached 40, its opening price, but
Reading remained below 80. The mar
ket closed active and firm, at something
better than the lowest figures.
AT the close Reading showed net loss
of 655 per cent for the day, having re-
covered per cent from the lowest price.
Northern Pacific preferred showed a loss
of Al per cent for the day. Few other
movements of Importance were seen in
the railroad list.