The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-02-21
A LIVELY SESSION.

| NEW YORK, Feb 20-The raid or Read
ing continued today The rush TO liquidate
was urgent, and amidst great excitement
both Reading and New England scored
heavy losses. In the first few minutes
business was immense. Reading fell to
2912 against 363s on Saturday, and New
England to $40 against fl 1s. Northern
Pacific was down to 4314 a loss of5 Is since
Saturday. The general market was de-
pressed on account of the engagement of A
large amount of gold for tomorrow's
steamers. though the losses were confined
to small fractions.
BY II o'clock, though the volume of
business did not diminish, a rally TO 80
occurred. At that hour the entire market
was less active and steady to firm at the
improvement
There was no diminution in business be-
tween II o'clock and noon, but the i'm
proyement i'll values made no further
progress. The talk of a receivership for
the Reading again depressed that stock to
the lowest point. Sugar also gave way
under heavy pressure, falling from 123 to
1903. At noon the market was active and
heavy at or near the lowest prices.
Stocks in the general list moved over a
very narrow range after the delivery hour,
but Sugar rose 10 I25 after selling as low
as 1908. New England again reached 40.
its opening price, but Reading remained
below so. The market finally closed active
and firm at something better than the
lowest prices.
The failure of the following firms was
announced this afternoon: 7. J. Delaney,
"A Broadway; w. L. Russell, 81 New
street; q. S. Fleet, No. 90 Broadway. The
amount of the liabilities Is unknown, but
1t Is believed to be large
The enormous shrinkage in Reading
brought about 4 pap.cky feeling at tie
DnPnTner rhprnnnb
of the difficulty had been made, but every
one felt that one OF the greatest of Ameri-
can corporations was in danger The
omiuous silence on the part of the COM
pany's managers, added to the mystery
aud Increased the panic. The moment
the exchange was open for business huge
blocks of BEADING were thrown on the
market, aud inside of ten minutes the
price WAS hammered down TO 291s. a drop
OF o1s points, making total decline since
the downward movement began of 1915
points. The galleries were packed 10
sGffocation by an immense crowd On
the floor pandemonium reigned. In the
Reading corner there was wild strug-
CLING mass OF panic-stricken humanity.
The brokers jumped, roared, yelled and
gesticulateG.
The opening quotation for Reading was
50, or rather that WAS the fiTSt recorded
quotation, for the bowling crowd Of men
dealing in the stock made IL impossi BILE TO
say what the first sale reSliy was made al.
For minutes the tape was given up to
Reading. Ii was panic, and the brokers
literally tumbied over each other in their
wild eagerness to sell Residing was
thrown on the market in big blocks Of
LOU 10 l0,U0l shares at time and
snatched up by the besrs at panic prices.
Reading first, second and third incomes
dropped point q minute.
Northern Pacific also dropped away in 8
panicky fashion TbiS was due to the
publication OF the report OF the stock
holders examining committee, calling at
tentlon 10 the lack OF vigilance and the
acknowledgement of the directors. The re.
port was of course cab ed TO London. and
the effect wSs seen today In tile london
market. where the stock was quoted g
points below its closing price here.