The sun., 1893-02-18
GREAT SLUMP IN READING.
PRESIDENT M'LEoD's NEW ENGLAND
VENTURES COME TO GRIEF.
Nearly 100000 Shares OF the stock Dumped
on the New York Market Yesterday and
Nearly six Points knock ed OF the Price.


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Nearly 100000 Shares or the stock Dumped
on the New York Market Y..ter rdny and
Nearly six Points Knocked on the Price.
Wall street came to the conclusion yesterday
that President Mcleod OF the Philadelphia and
Reading Railroad Company and his financial
hackers. in an attempt to extend the Reading
system throughout New England. had como to
grief.
The financial community has never been
particularly sanRuine that Mr.. Mcleod would
succeed In attaching the New York and New
England and Boston and Maine railroads to
the Reading system. His methods did not
suggest success. The only tangible progress
he has made was in securing tho few small
roads that were nsolidated under the title OF
the Philadelphia. Reading and New England
Railroad. and the purchase Of minority in
terest in the Boston and Maine Railroad.
The i'm portant link between these two roads.
nam ely. the New York and New England Rail
road. Mr.. Mcleod has not yet secured control
Of. 1Ie and his friends assert that they have
enough New England stock to carry the an
nual election next month They have been
making this assertion for several months. and
at the same time havo requested the present
management to step down and out. but have
never accompanied the request with any show
ing OF stock that would convince President
Parsons and his associates that a change In
ownership had taken place. As n matter Of
fact. the transfer books OF the Now York and
New England Railroad Company do not indi-
cato that the so-cnlled Reading syndicate OF
which Mr. Mcleod appears to be the head. has
acquired any particular amount OF stock
Tho reason that induced Wall street to be-
love Yesterday that Mr.. Mcleod and his
friends had abandoned the attempt to control
the New England road was unrarali eled liIuii;;
familiar with the stock market has known for
months that q very large proportion OF the
suiileienty % large % to Secure Control. M has BEEN
held by Mr.. Mcleod and his associates in
tro R9 other fS1Tcs M ns could
some such supply had been tapped In fact,
knSctsd in Late in i% the % DAY % FSisdsrSis a{sa b;
the grand ex pansion OF the Rending system in
New England territory had been abandoned.
bes IN sGne that be s
were well founded.
The selling Of Heading securities began the
upon the et stock XXI from on fcH' ococE 81
was for 25.0OO shares. and after that no special
attention ,l was paid to to orders In the stock I'm nn.
last big order, and it was In process OF execu-
tion when the gong sounded at 3 o'clock. WAS
for, more than 10000 shares Tor one broker
had sold more than that am cunt and was try
The transactions in Roading footed UP near.
esnta STOCK "ts It Opened at 45 @ and % sold ID doW1
to 4o,.. recovering Only to 40'" at the close:
sale on Thursday. Heavy sales Of the com
rany's first preference bonds carried the price
down p9Sns cG from The
third preferences % from IS to 461.. There ere Was Was
moderate recovery from these prices in the
Philadelphia was unHuestionahly the heav-
lest selIer. q circumstance which lends color
k and New Ens
aso ans nsry hs eaS saWs
One very interesting theory regarding tie de:
esr cline ssns Tss 'hs NsS
Mr.. l;eod has antagonized assisted the
stock OF his company toward lower prices.
lize tbe ontire attention 9i ths street. The
Thursday was; resumed. and for II time Affect
ed unfavorably the market for all tho other
Industrial stocks: pattieulary National Cord,
last hour Of business. and with the exception
q National Cordage closed fully upto or above
In some, quarters there Was disrostion to
attribute the course OF the market 10 arpre-
the discussion relat We to the condition Of the
Treasury II that hnd beon the dominating
luUuelce. however. tne enllTe nSI WOuIu nave
felt 1t. As a matter OF fact. the trading was
light in all stocks except those named. and
they, as rule. closed higher than on the pre-
Yious day.
road Company issued to-day its formal notice
that the freight traffic alliance hitherto exist
ing between that company aud the New \ ork
and New England ltniroad has been tcrmi-
mated and transferred TO the New York. New
Haven and Hartford l;ailroad.
hates from all stations on the New York and
New England road. including Boston. Prov
idence and Worcester. to points on the Penn
sylvania Railroad and connections. Star Union
line. and Empire line. are to be withdrawn on
March ].
PHILADELPHIA. Feb. 17-There was great ex-
citemcnt on the Stock Exchange to-day. caused
by the panicky dealing in Heading and lehigh
Valley, Reading opened at 23'.. slight ad.
vance over yesterdays closing quotation. and
at that figure 1910 shares were sold before
the decline set in.
Then tire price began to drop and large
blocks were thrown on the market. over
10000 shares were dealt in during the first
hours trading. and there was no dim mutton
in the volume as the day wore on. The con-
taCion also extended to the Heading bonds.
and LehiGh Valley stock also came in for
tremendous decline.
1t opened at 80 and closed ut 55h. Read
ing's closing price was 2o'.:, Headings first
preference bonds fell from u3 to 81 y. second
preference from 81 to 49,. the thirds from
44h to Al 4, and tho general mortgage four
nor re frnm S3t TO Sll..