The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-02-21
TOM PLATT'S WORK
The Wreck of the Reading
Railroad.
WALL STREET IN A TURMOIL
Banker Morgan and the Vanderbilts
Believed to Have Combined Against
the Philadelphia Corporation.
Special to THE MORNING CALL.

NEW YORK, Feb. 20-The fourth day o t
the great battle between the masked foes in
Reading territory opened on the Stock Ex-
change this morning, when the slaughter OF
Friday and Saturday was continued and the
Reading defenders were routed, horse. loot
and dragons. The opening provided
spectacle such as has been seldom or never
witnessed, even in that theater OF exciting
events The tremendous liquidation in
Reading securities continued with even
increased vigor. On the spacious floor of
the exchange the groups which trade in
Reading and Northern Pacific adjOin each
other. Long before the opening brokers
began to gather in these groups and discuss
the situation. Away over in another part
of the room was a smaller knot OF men.
This was the New England crowd. for it
was understood these three stocks would to
a large extent monop0liZe the trading and
excitement. When the business opened
EaIf of the brokers in the exchange were in
these three crowds.
The enormous shrinkage in Reading Sc
curities. coupled with the unparalleled sell
ing of the stock, brought about panicky
feeling. No thorough explanation OF the
difficulty had been made, but every one felt
that one of the greatest of American cor
pOrations was in danger. The 0minOus ST.
lence on the part of the company's managers
added TO the mystery and increased the
panic. The moment the exchange opened
for business huge blocks of Reading were
thrown OF the market, and inside Of twelve
minutes the price was hammered down 6R
points. making a total decline since the
downward movement began of 101a points.
Pandemonium reigned among the people.
There was wild. struggling mass Of panic
stricken humanity. and brokers jumped,
roared. yelled. gesticulated.
The opening quotation for Reading was
&C. It was panic. Brokers literally
tumbled over each other in their wild eager
ness to unload. Reading was thrown on
the market in blocks of 1000 to II, 600 shares
at time and snatched up by the bears at
panic prices.
Northern Pacific also dropped away in
panicky fashion. This was due TO the pub
LEGATION of the report of the stockholders
examining committee, calling attention to
the extravaganza aud misTanagement of
the directors. The report, of course. was
cabled to London and the effect was seen
to-day in the London market. where the
stock was quoted three points below the
SlOolbk PAiNC IL SiOoCU uOiO Oobuiu"J
at 463s and opened this morning at 49,.
The excitement in the stock was second
only to that in Reading. and the panicky
feeling was just as strong
New England, the third bearlsh of the
list. closed Saturday at Az, opened at 40
and broke rapidly to 3412.
No failures were announced up to noon.
but at that hour 600, 200 shares had changed
hands, of which 200. 400 were Reading.
The tension as the day advanced was ter
rife. The strain was too great for many
firms. and shortly after noon failures began
to be announced. The first to go was w. f.
Russell, then L. j. Delaney and next G. S.
Fleet. The amounts Of their liabilities are
unknown. but they are not believed to be
large.
The cause of weakness in Reading Ia be-
lieved TO be the attitude Of the Vanderbilts
and Banker Morgan toward the Reading
people for the contemplated entering their
territory. Another reason is given that
Speyer & Co. have called loan made to
Reading last January.
After noon there was quite pronounced
tendency to rally for some time, and some
of the stocks made marked gains, but the
rumored application for receiver brought
another flood of selling orders and Reading
dropped to Is. When it was further re-
ported. however, that a receiver was actu-
ally appointed it rallied to 80.
At 2:15 O'Clock the market was active and
firm at substantial gains from the lowest
point
The sales of listed stocks were 1.227, 600
shares, of which the dealings In Reading
amounted to 909, 800 shares.
Stocks In the general list moved over
very narrow range after the delivery hour,
but sugar rose to 125, after selling as low as
1901. 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 a net loss
of 6% per cent for The day, having recov-
cred per cent from the lowest price,
Northern Pacific preferred showed loss of
AZ per cent for the day. There were few
other movements Of Importance seen in the
railroad list.
1t was stated to-day that Lehigh Valley
would pass its dividend. 1t is due In April
This would be the first time In its history.