The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-21
THE BATTLE IN WALL STREET

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NEw YORK. Feb. 20-The fourth day of
the great battle between the masked foes
in Reading territory opened on the stock
exchange this morning. when the slaughter
of Friday and Saturday was continued and
the Reading defenders were routed. horse.
foot and dragons. The opening provided
aspectacle such as has been seldom. or
ever witnessed even in that theater of ex-
citing events. The tremendous liquida-
ton in Reading securities which began
last week, continued this morning
with even increased vigor. On the
spacious floor of the exchange groups
which trade in Reading and Northern
Pacific adjoined each other. Long before
the opening brokers began to gather in
these groups and discuss the situation,
while away over in another part OF the
room was a smaller knot of men. This
was the New England crowd, tor it was
understood that these three stocks would,
to large extent monopolize the trading
and excitement.
When business opened half of the brok-
ers in the exchange were in these three
crowds. and the enormous shrinkage
in reading securities coupled with the un-
paralleled selling Of stock brought about q
panicky feeling. No thorough explana-
ton of the difficulty had been made. but
every one felt that the greatest of Ameri-
can corporations was in danger. The om-
inous silence on the part of the COM
pany's managers added to the mystery
and increased the panic. The moment the
exchange opened for business q block of
Reading was thrown on the market and
inside of twelve minutes the price was
hammered down 81 points, making total
decline since the downward movement of
1OX points. Pandemonium now reigned
among the Reading hosts. The exchange
was wild, struggling mass of panic
stricken humanity. Brokers jumped,
roared, yelled and gesticulated.
The opening quotation for Reading was
86 and then it was panic. Brokers liter
ally tumbled over each other in Wild eager
ness to unload. Reading was thrown on
the market in blocks of 1000 to Loco
shares at a time and snatched up by the
bears at panic prices. Readings first. Sec
ond and third income bonds dropped q
point a minute. In the first ten minutes
Reading dropped to 291z, decline Of 81
points, and decline of IL points since
Friday. There seemed to be supporting
orders at that price for the stock rallied to
3H1 and the largest volume of trading was
done between those figures.
The tension as the day advanced was
terrific. The strain was too great for
many firms. Shortly after noon the fail
ures began to be announced. The first to
go were w. +. Russell. Then T. J. De-
laney, and next that of G. s. Fleet. The
amount of their liabilities are unknown,
but they are not believed to be large.
This afternoon there was quite .
pronounced tendency to rally for some
time. but the rumored application for re-
ceivers brought another food of selling
ORDERS and Reading dropped to q. When
it was further reported. however, that re-
ceivers had actually been appointed. it
rallied to 30. Sales of listed stocks were
1,227, 600 shares. of which dealings in Read
ing amounted to 800. 900 shares.
Northern Pacific also dropped away in a
panicky fashion. This was due to the
publication Of the report of the stock
holders examining committee, calling
attention to the extravaganza and mis-
management of the directors. The report,
OF course. was cabled to London, and the
effect was seen today in the London mar
ket, where the stock was quoted three
points below the closing price here. 1t
closed here on Saturday at 4sss and opened
this morning at.43X. The excitement in
this stock is second only to that in Read
ing. and the panicky feeling is just as
strong.
New England was the third bearish on
the list, and closed Saturday at 4lX,
opened at 40 and broke rapidly at 34H.
1t was stated today that Lehigh Valley
would pass its dividend. 1t is due in
April. This would be the first time in Its
history.