Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-02-18
READINGS SLUMP"
Continued Selling of the Stock-No Expla-
nation Given.


PHILADELPHIA Pa, Feb. 1S-At the Office
of the Reading railroad this morning it was
stated that there nothing in the condition
of the company affairs to warrant the decline
of the stock. None Of the rumors now current,
it was declared, have any foundation, and the
companys finances are sound and its relations
harmonious.
The withdrawal Of the pay cars yesterday. it
was further said. was due to the fact that errors
and confusions had occurred in making up the
accounts. and the statement that pay day has
been indefinitely postponed is untrue. The
errors will be rectifed, it was announced. and
the cars will go out on Monday with the pay for
the employees.
All interest in the stock market this morning
conferred in Reading. The transactions in it
were very heavy and the stock fluctuated
wildly and was very weak. The opening price
was 1872, loss of q per cent, and the next
quotation was 10.
From that time it continued to fiuctuate at
the same relative value as 1t was in New York.
The bonds showed very appreciable declines.
The frat sale of the third preference incomes
was at 36i4. decline Of 4s4 per cent. and the
firsts and seconds were each l per cent lower.
The rest Of the market in the early morning
was irregular and unsettled. but nearly every
thing except Reading was neglected, and in it
there was almost a panic among frightened
holders anxious to dispose of their holdings.
EXCITEMENT IN WALL STREET.
NEW YORK, Feb. 1S-There was excitement
at the stock exchange this morning in the Read
ing crowd. bat it soon became evident that the
rest of the market would soon shake itself free
from the demoralizing influence in the break
in Reading and the industrials.
First prices were scarcely changed from
those of last night. but the selling of Reading
was resumed on an enormous scale immediately,
and during the first fifteen minutes 1873 400
shares of the stock were traded in, and during
that time the price had receded from 4O1I at
the opening 10 36lT. against 405s last night.
New England also yielded from 49s4 to AZ and
cordage from So to $50.
These comprised all the material declines
and with the cessation of the extreme pressure
of Reading the general list developed strong
tone.
ing lts traffic from the New England was a fac
tor in the early depression in that
stock and rumor that the coal
roads outside OF Reading were shading
prices for March delivery was sufficient
10 csuse a loss of IL in Lackawanna and per
cent in jersey Central. The buying of the
grangers for foreign account was feature Of
the early dealings, and those stockss were soon
placed on a higher level than that of the OPEN
ing, the general list following; even Reading
and New England rsllying over per cent, while
Mobile and Ohio moved up from SO to 81
At IL o'clock the market was active and
strong. generally at a shade better than first
prices
The market maintained a large volume
Of business after II o'clock and prices improved
all along the line, Reading rallying over 2 per
cent from its lowest price.
The pressure on Reading and New England
was renewed. however, late in the hour and
New England developed marked weakness,
dropping over per cent to 40. Reading also
again approximated its lowest point, the trading
on both being still extremely large. The market
closed active and heavy to weak at close to
lowest prices.