Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-02-22
GOES TO THE WALL.

Receivers Named for the Reading Rail-
road-Crash In the Goa, C"mh,n~.
New YORK, Feb. 20.-The Reading
Railway Company has gone to the wall.
It's thousands of miles of main and con-
Meeting lines, its immense real estate
holdings, vast coal mines and scores of
transportation outlets-all have gone in
to the hands of three receivers. The re-
ceivers, named at Philadelphia to-day,
are A. A. Mcleod, Chief Justice Paxon
and E. P. WILDER. Before the appoint
ments were made the Stock Exchange
witnessed such q panic as has not been
seen in years.
The excitement over the liquida-
ton in Reading stock showed no
sign of immediate abatement this
furry in Northern Pacific preferred
stock, owing to the opposition developed
between the stockholders committee
and the management by the report
sent out late on Saturday. The
trading in Reading was on the same
enormous scale, and tie decline was
equally as abrupt as on either of the
two previous days. The price declined
rapidly from 800 on Saturday to 293, at
which point there was a rally to about
3d. New England was equally as
weak Ta ttd Though a sss pPpendG down in
Il at 40, retired to 341, but
rallied with more vigor than Reading,
rising to about 373. Northern Pacific
preferred opened down nearly 8 per
cent at 459, and further retired to 43,
when it also made partial rally. The
other coal stocks were all decidedly
weak, and Jersey Central retired from
123 to 1l9, the lowest price it has reached
in months.
Inc opening quotation tor Reading
corded quotation, for the bowling,
crazed crowd of men dealing in the
stock made it impossible to say
what the first sale was really
made at. For minutes the tape
was given up to Reading quotations.
When not used for Reading, Northern
Pacific quotations we're sent out. 1t
was panic. Brokers literally tulnbled
over each other in their wild eagerness
TO unload. Reading was thrown on the
market IN Dig blocks of from l 900 to
II 900 shares at time and
s4atch nan5c up prca by Re tn9 bears Tst
second and third income bonds dropped
point minute. Northern Pacific,
too, was affected, and, owing to the
charges made by the investigating COM
mittee against Henry Willard and the
present management, dropped several
points.
In the first ten minutes, Reading
stock dropped to 293, a decline of 81
points, decline of II points since
Friday. There seemed to be supporting
orders at that price, for the stock rallied
to 81 and the largest volume of trading
was done between those figures.
The tention on the market as the day
advanced was terrible. The strain was
too great for many firms, and shortly
after noon failures began to be an
nounced, The first to 60 by the
board was w. F. Russell, of 81 New
Street. While the added excitement of
this news was still fresh came the
announcement of another tailure-that
of T. J. Delaney, of "A Broadway.
Close on the heels of this came q third
that of 6. s. Fleet, of 80 Broadway.
The amount of their liabilities is uncer-
tain, but it is not believed to be large.
The trading in Rea ling has been I'M
precedented. Nearly every broker on
the floor traded in the stock. Among
the heaviest individual sellers this
morning was Howard. Lapsey & Co.,
who sold $4,000 shares at the opening.
Among other heavy sellers were Turner
& Manuel, G. w. Turner, R. II. Bissell,
E. S. Chaplin, Edward Sweet & Co., Mr..
Maurice and Mr.. Hamilton. There
were twenty or more, 5000 share SELL
ing orders executed, but as a whole the
transactions were made in 500 and LOCO
shares lots.