New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-21
PLANTATIONS OF THE COLLAPSE.

PRESIDENT M'LEOD.
Scarcely five weeks ago President Mcleod In
his annual report TO the stockholders of the mia
dclphia and Reading Railroad Company stated
that full interest all classes of preference in
come bonds had been earned and would be- paid,
something which had not been done for years, that
the road was in "A most healthy condition, and
that the future was full OF promise At that time
Reading stock was selling high as IL Ia.
Four days ago it brought 46 3-4 Yesterday
thousands Of shares were disposed Of at IS l-o, "A
decline in five wccks OF % Is per cent, and IN
four DAYS Of Is jS per cent. The lowest price
Yesterday WAS -, and the closing quotation was
80 net loss for the day of j-S per cent. The
total decline from the highest prices quoted on the
famous February year ago, when the Reading
combine formed, was exactly - per cent.
THE pay BEGfNs IL EXITENENT.
The Stock Exchange opened yesterday with
snrging and excited crowd Of brokers struggling
for position around the Reading standard. Al
most on the instant that the chairmans gavel fell,
thousands Of shares of stock were thrown on the
market The closing on Saturday was at 36 IS.
and the nominal opening yesterday was At 30, but
the rush 10 scll was 80 great that it was hard to
say whether or not the small block OF
900 shares which brought that was really
There seemed 10 I've no regard for prices. IL
was simply n struggle TO see who could get rid
Of the stock first. Small quantities. were ignored,
and blocks of from 5000 to II 900 shares were
fairly thrown ~ any one who would buy AT any
Irice be was willing 10 pay. In the first half
hour $500 shares OF Reading changed hands,
and nj the end Of the first hour the transactions
had reached lo1. .92j shares. After the first
violent Fluctuations there WAS a lit'f more
stability in the market. though the excitement
still ran high. and up to II o'clock the lowest
price quoted was -. The sales Of Reading az
that hour had reached the unprecedented amount
Of 69e6IO shares, as against li,1l0 shares lor
tho two hours OF business on Saturday.
The rcw@ from Philadelphia of the appoint
,,,,r, of three receivers for the property. A. y.
Mel rod. Edward PaNson and +. i. Wilbur, came
about noon and Will" it drove quotations stllI
lower il marked the crisis of the day ana served
somcw hat TO allay the excitement. between i
oclocl, and the closing hour the volume "l puSi-
moss was still large. swelling the total tor the
DAYS work in Reading 10 9jN.03O shares. Inc
transactions or February II, 1892, w'r" 5li,'oo
shares. Prices during the afternoon dropped S''V-
cral times 10 2s Is, and remained steadily hclo"
20 most Of the time. rnllying above 80 in the last
half hour. the final sale for the day being made
-, that Gourc Had Reading been eliminate
from tle situation ami H." rest OF the market
nursucd the same course that it did with that
speciality in the field the records OF the tNchan2'
would still have shown ialr days puSlh'SN,
amounting 10 400,i16 shares. The comohe"
total was I,457,5O6 shares, the largest amount
for one day in the history OF the E\chahge' Inc
largest previous record, ,4i3,ooo shares "aS
made year ago. at the time OF kca'lng schS"-
tionol ris, on the announcement of the LEASING oi
r..nFS
thr New Jersey Central and l"hlgh van" ro''H
by that ambitious corporation.
The slaughter of Reading stock was eGuh'c"
only b, .be cnrnnec In the other securities Of the
company The railway bond market ut tue ''''%
rxchonc. was dominated by the activity am
Iiouidnton i'm the Junlor issues OF K'adli'S. i"c
,ot,I boud sales for the day aggregated more than
-. ooo ma n,r value ana something like hV"-
GoLs or this am, unit was due t. the opci ltIon7
- Lo p.,dino securities Paralleins the coUrs'
- ,be stock the bonds were hung overheard
,;,, or .pnarrntlv reckless disregard of pr'ce or
.,,,,,pt Fluctuations were ! Per cent apart ~
,i,,,-s and 4 range Of or 3 per cent was covered
,,itbin a halfhour. The Reading general mort
,,o.. bands fell to - IA and at - IL sh""cI
- mn, lo.. or , ~ per cent. The first preference
,,o,,,cs ,ell to 30 AMI then rallied 10 % IL, a
No, loss Of 4 "a per cent. The second incomes
',ron,ed 70 81 IL and ended . l-2 per cent lower
-, .o1a The lowest price of the thirds was
- and after rallying J.? per cent the la''
imitation showed net decline of IL per
-. The deferred incomes sold at Il an
.nd,d down II per cent at 8.
STABILITY oP THE GENERAL MARKET
Not tbe least remarkable feature OF the situation
.os,crday WAS the stability Of the general market
IN ,hc face of the panic in Reading. and what
could have been considered hy itself as almost
o., manic m Northern Pacific. New-Nork and NV
rnolond naturally followed Reading closely. AMI
,ronpcd in the first half-hour from TO to "a IL,
I'm, IL the Reading syndicate was forcc-l TO M
Load all it's holdings. there were those standing
nv who were anxious to acquire New-Engiand, ana
all thc stock offered was quickly taken, forcing
the pric. 10 40 IS at the close Northern Pacific
nreferred which closed on Saturday at As 3-s,
broke 10 4j IL at the opening, and sold down TO
AZ closing mt A Ia, with net loss of Is
delaware Iackawanna and Western and New
Jersey Central also suffered heavy losses, but
orr.ide Of these stocks the declines were small
,ud in many cascs net increases were shown
On fine Consolidated Stock end Petroleum En-
change the trading also heavy, and much
excitement prevailed. Four brokers were unable
IN meet their obligations and were suspended.
They have twenty-four hours to make their SET