The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-02-21
NEW YORK STOCKS.
Trading in Stocks Amount to One Mil
lion and a Quarter shares.

lion and Quarter Shares.
New YORK, Feb 20-The liquidation in
Reading and New England stocks was resumed
this morning on an enormous scale. In the
first few minutes the Reading was driven down
to 29h against 1855 on Saturday; New England
to 34la against Al Is. The antagonlsm brought
out by the stockholders report brought serious
decline in the Northern Pacific preferred,
which were quickly depressed to 43A against
4S5s on Saturday. There was slight rally IN
Reading and New England, but the engage
ment Of large amount of gold for tomorrow s
/ steamer depressed the general markets though
the losses were confined TO small fractions.
! The Northern Pacific opened nearly per cent.
of, at 45l2, retired to 43, but rallied some.
Coal stocks were generally weak; Jersey Cen
trail retired from l23 to ll9, the lowest price in
months. The amount of gold engaged is three
and half millions. at ii the market was less
active, at Improvement.
There was 10 diminution in the excitement IN
the stocks after II o'clock, but the improve
ment in values made no further progress The
talk of a receivershipIor the Reading again de-
pressed that stock to the lowest point. sugar
gave way under heavy pressure from 123 to
1905. Railroad shares on the whole were well
maintained and considerable confidence was
shown in the general list, though the prices
yielded fractionally along the line. Trading in
Reading was still unusually heavy, the record
for two hours exceeding anything ever known
on the exchange. AT noon the market was
active, heavy at or near the lowest.
! The tension as the day advanced was terrific,
/ and the strain was too great for many firms.
| Shortly after noon failures began to be an
nounced. The first to go was w. F. Russell.
and then T. j. Delaney, and the next that of
g. 5. Fleet. The amounts of their liabilities are
unknown, but they are not believed to be
large The cause of the weakness in the
Reading is believed to be the attitude Of the
Vanderhilts and Banker Morgan towards the
Reading people for the contemplated entering
Their territory.
Another reason given is that Speyer & Co.
have called the loan made to the Reading in
last January,
The trading in Reading was unprecedented.
In the afternoon there was pronounced ten
dency to rally for some time and some stocks
made marked gains but the rumored applica-
tion for a receiver brought another flood of
selling orders, and Reading dropped to 2S.
When it was further reported, however, that a
receiver had actually been appointed it rallied
to 30
At2:15 the market was active, firm, at sub
stantial gains from the lowest point The sales
OF listed stocks were 1921 900 shares, of Which
the dealings in Reading amounted to sO9, 800
shares.
The stocks in the general list moved over a
very narrow range after the delivery hour, but
Sugar rose TO 125 after selling as low as 1905.
New England again reached 40 its opening
price. but Reading remained below 80. The
market closed active and firm, at something
better than the lowest
At the close Reading showed net loss Of 6ss
per cent. for the day. having recovered per
cent. from the lowest price, Northern Pacific
preferred showed a loss OF AZ per cent for the
day. few other movements Of Importance
were seen in the railroad list.
Government bonds dull and easier.