The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-19
READING SHARES GO WILD
The Combine Believed TO Be "Busted,"
and Traders Hasten to Unload.
After the Decline of Per Cent, on Friday,
Another Tumble Came Yesterday. and
the Despi sed Stock Falls to 36 3-4.

NEW YORK. Feb. 17.-There was wild
whirl of fortunes In Wall street to-day.
Millions romped up and down the ladder of
prices. and to might there are sad pockets
in the town. There are some too that are
cheerful. Reading was the core of the
storm center, and blizzard of dancing
quotations swlrled about it. Only two
hours there were of it, from 10 o'clock
until noon. but in that time 69S, 0C0 shares of
stock changed hands. OF this great total the
rapidly shifting shuttle marked Reading
uuwound over half million sbsres-514.-
600 to be exact-and this is how tho storm
ran it's course. Reading opened at 401s.
which was shade below the close. There
was repetition of yesterdays operations.
Liquidation in Reading was continued.
and huge blocks were thrown on the mar
ket Amidst wild excitement the price
again broke and the stock was gradually
forced down. Within ten minutes after
the Exchange opened S6a4 was touched. q
fall of nearly four points. The price,
36a4, has the significance of being
"A per cent. lower than the low
est price of Reading one year
ago, before the combination was
thought of. To-day saw the effects of tho
deal completely eliminated. The transac-
tlOns were again enormous and for time
little but Reading was dealt In. Over 1OO,-
coo shares were traded In within the first
half hour. No support was developed. and
the victorious bears had things all their
own way. slight strength and lull In
Reading near the end of the first hour
again gave way to a feverish weakness,
and just before IL O'clock quotations list
"a
Reading bonds shared In the weakness OF
the stock. the first dropping two points, the
second u and the third four points. That
it was distinctlvely @ Reading market is
shown by the TACT that an aggregate of 300.-
600 shares were traded in within the first
hour The closing price was 36as, almost
the lowest of the day. When the Ex-
change closed at noon 1t was found that
the trading in Reading had eclipsed all
records. both for excitement and volume of
trading; the transactions being on q stu
pendOus scale. Two brokers alone. Mr..
Lonis Bell and MIR. Van Emburgh. sold
too. came thick and fast through commits
sion houses. and traders who bought
early and found heavy losses accumulat-
ing. joined in the selling. There was flood
of rumors in circulation. The pool Is said
to have collapsed. 1t was asserted to-day,
in the board. that the decline of per cent.
yesterday was due to the calling of more
margins on the loans by the Mercantile
Trust Company. The pool was apparently
unable to respond. and the collateral. con-
sisting, in great part, of Reading stocks
and bonds is said to have been sold out
through Grant Brothers. This is under
stood to have marked the collapse of the
controlling interest IN Reading. and to be
the end of the present management
Houses which have been prominent in
depressing the price of the stock said to-
day that the Philadelphia interests
which were carrying 100000 shares
-
decline n in Reading this morning was vas
simply the result of continuation of the
liquidation by the philadelphia pool and
it's following. One of the directors of the
New England road said: The whole story
is that the Reading interests have spread
out too much. f. ii. Prince. of Boston. has
asserted that the Reading interests hold
120, 900 shares of New England and intend
TO make Mcleod president of the New
England at the annual meeting. March II.
do not think they are liquidsting in New
England. for If they were. the stock would
sell at 35"
dispatch from Philadelphia says:
Thomas Dolan. director of Reading. is re-
ported TO have parted with all of his Read
ing stock He Is said to have given the or
der to sell after an interview this morning
with President Mcleod. A prominent
financier who conferred with President
~ sound. If had S5,000.000 1 would not
hesitate in loanlng it to the company. This
break was caused by a sudden and impera-
tive demand on the part of heavy cred
itOr for 100000. The company did not
have that amount on hand, and it's
efforts to secure it created disrrust. This
led several large holders to unload their
shares. The market naturally got OFF on
account OF the unsettled monetary solu-
tion and was made to absorb the heavy
load. A bad break occurred. This startled
the public. 1t was like q run OH q bank
Reading stability is now undergoing a
crucial test. But 1t will come ont all right"
The rumor that Reading has failed to Sc
cure the New York II New England road
was believed by many to have su bstantial
basis, and this impression extended as New
England also weakened Nevertheless it is
asserted that President Mcleod and bis as
socrates have secured enough New England
stock TO carry the election on March II.