The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-02-21
HAMMERED STOCKS,

The PaEic I'm Reading Securities Com
tinues-Others Affecfed.
NEW YORK, Feb. 21.--The third day
of the great battle between the Wander
bilt and Mcleod forces opened on the
Stock Exchange, and the slaughter was
continued and Reading was routed,
horse, foot and artillery. The moment
the exchange was opened for business
huge blocks of Reading were thrown on
the market, and inside of 10 minutes
the price was hammered down 1.2
points, making total decline since the
downward movement began, of 16 1-2
points. Then the reaction set in. and
the velocity of the descent was momen-
tarily checked.
Scenes Were Exciting.
The scenes at the exchange through
out the morning were exciting, the gal
leries were packed TO suffocation by an
immense crowd, which was interested
and amused at what it saw. On the
floor pandemonium reigned. Around
the Reading post there was a wild,
struggling mass of panic-stricken
humanity. Brokers jumped, roared,
yelled, gesticulated; the roar arising
from the babel of thousands of voices
extending beyond the walls of the build
ings and causing passers by to stop in
amusement. 1t was panic. Brokers
tumbled over each other in their wild
eagerness to unload. Reading was
thrown on the market in big blocks of
from 1000 to 1000 shares at time
and snatched up by the bears at ruling
prices Readings first, second and
third income bonds
Dropped a Point Minute.
Northern Pacific, too, was affected and
owing to the charges made by the in
vestigating committee against Henry
Willard and the present management,
dropped several points. New York and
New England stock was also raided by
the brokers. It closed Saturday at Al 1-S,
opened at 40 and broke rapidly at 341-2
No failures were announced up to noon
1t is stated that Lehigh Valley will pass
its dividend. Ii is due in April. This
would be the first time in its history.
The Failures Begin.
The tension of the market was ter
rife. The strain was too great for many
firms and shortly after noon some
failures began to be announced. The
FIRST to go by the board was w. e. Rus
sell. Of No. 81 New street. While the
added excitement was still fresh came
the announcement of another failure
that Of w. j. Delaney, OF No. IA Broad
way. Close on the heels Of this came
third-that of w. s. Fleet, OF No. 60
Broadway. The amount of their liabili.
ties is unknown, but it is not believed
to be large.
Cause OF the Weakness.
The cause of the weakness in Reading
is believed ON Wall street to be the atti-
tude assumed by the Vanderbilts and
J. Pierpont Morgan toward Mr.. Mcleod
and his associates for contemplating en-
| tering their territory 1t is reported
| that conference was held between Mr..
Mcleod and Mr.. Morgan, but this can
not be confirmed. Another reason
given for the great slump in Reading
stock is that Speyer & Co. have called in
the loan they made to Reading last
january for the purpose of paying off
the interest ON the third preference
bonds. Mr.. Speyer viii not affirm OF
deny the report.
The trading in Reading during the
morning was unprecedented The
transactions during the first Is minutes
| amounted to 2o3.0o shares ard this was