The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-21
A PANIC In READING.
WALL STREET UNLoADs JUST BE.
FORE a RBCEIVERsHIP.


over Each Other in Their Efforts to
Get Out, and the Scene in the Stock
Exchange One Of Wild Excitement.
NEW YORK, Feb. 20.-The third day of
the great battle between the Vanderbilt and
Mcleod forces opened on the stock exchange
this morning, when the slaughter of Friday
and Saturday was continued aud Reading
was routed horse, foot and artillery. The
moment the exchange was opened for busi-
ness huge blocks Of Reading were thrown
on the market and inside Of twelve minutes
the price wes hammered down 615 points,
making a total decline since the downward
movement began of 161S points. Then the
usual slight reaction set in and the velocity
of the descent was momentarily checked
The scenes at the exchange throughout the
morning were beyond description. The
galleries were packed to suffocation by an
immense crowd, which was interested and
amazed at what it saw.
PANDEMONIUM ON THE FLOOR.
On the floor pandemonium reigned.
Around the Reading post there was a wild
struggling mass of panic-strieken humanity.
Brokers jumped, roared, yelled and Resticu-
lated. The roar arising from the babel of a
thousand voices extended beyond the walls
Of the building and caused passerbys to stop
in amazement. IL 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 a~time. Readings first,
second and third income bonds dropped a
point a minute.
Northern Pacific, too, was affected, and
owing to charges made by the investigation
ard nd tba
present management dropped several points.
New York and New England stock was
also raided by brokers' 1t closed Saturday
at 417s, opened at 40 and broke
rapidly TO 3415. No failures were an.
nounced up TO noon.
1t was stated to-day that the Lehigh VAL
ley would pass its dividend. It is due in
April. This would be the first time In its
history.
RECEIVERS APPOINTED.
PHILADELPHIA, Feb. 20.-The affairs of
the Philadelphia and Reading Railroad
Company were brought into court late this
afternoon. All day there we're rumors on
the street that receivers were to be ap-
pointed. The officers Of the United States
circuit court were constantly besieged by
newspaper men and parties interested in
Reading matters who were eager to obtain
the latest news. About $3.50 O'Clock this
afternoon Attorney John 6. johnson and
Lawyer Thomas Hart, Jr., made their ap-
pearance and were closeted a long time
with Judge Dallas, in chambers. The clerk
of the court, Mr.. Bell, was kept busy going
to and fro but could not give out any news
until something official had been done. This
did not take place until a few minutes past
O'Clock when the announcement was
made that Judge Dallas had
made the appointments. The proceedings
was brought by ex-senator Thomas G.
Cf NnA orb hold nF hf~H TNrsa-
ference bonds against the Philadelphia aud
Reading Railroad Company. the Phiadel-
phia and Reading Coal and Iron Company,
and she Peunsylv6nia Company for Iusur-
ances on Lives and Granting Annuities, Of
this city. The receivers appointed are
Archibald A. Mcleod, president of the
company; Chief Justice Edward M. Paxton
OF the supreme court ard Elisha Wilbur,
ex-president of the Lehigh Valley Railroad
Company. Judge Paxton at once cent in
his resignation as chief Justice of the SUI
preme court of Pennsylvania to Gov. Patti
BON. The security Of each receiver was
fixed at $500 900, for which they are TO en-
ter their bond. George L. Crawford was
appointed master. A similar bill, it was
said, is TO be 6led ut Trenton, n. j., late
this afternoon OF tomorrow morning.
REVIEW OF THE DAYS MARKET.
New YORK, Feb. 0.--Wall street was treated
again to-day to q continuation of enormous
liquidation in Reading and the transactions in
uaEat stock were even greater than on the pre-
ceding two days OF the break, very closely ap-
proXimating million shares in that one stock
alone. The further concessions in its prices were
on parity with the amount of business done,
o9s per cent. marking the extreme decline, and
ct the close it WAS only 2 per cent. better,
showing net loss of 69s per cent. for the day
There was an active business in the general
list, which would at any time have made
large day, but the interest in the Reading ep-
lsode completely eclipsed that in anything else
1t early became whispered that the receivershp
must follow, and decline Of nearly per cent.
was established. but reassuring dispatches from
Philadelphia started the covering of shorts and
rally of over per cent. was brought about.
The official announcement of the fact followed,
however, and a drop of per cent. TO the low
est price of the day was Immediately the result.
The excitement attending the enormous trans
actions was great indeed, but was not so pro-
nounced as the immense figures would seem to
Indicate. Wall street is, as it were, a spectator
OF the contest, and, seemingly, has nothing to
lose whichever party becomes the victor, and
three days of extreme depression in Reading
and its allied stocks followed by period of DE-
preston among the In ustriais, has failed
TO cause s. single failure on the street.
The feeliug, it cannot be denied, WIS
rather panicky, not only in Reading but also ia
New England and orthern Pacific preferred.
At the opening New England, on comparatively
small transactions, dropped even more rapidly
than Reading. 755 per cent. marking its extreme
loss. When it reached 3411 however, 1t met
with good support and recovered nearly its
entire loss, closing at its highest price for the
day with net decline of only 15 per cent.
Northern Pacific preferred was sold heavily dur
ing the day on the developments of a quarrel
between the stockholders committee and the
management. An opening decline of nearly
5per cent. was followed by further decline to
49, and although the pressure to sell was very
perceptiby aGated, the stock rallied feeby,
reaching 4414 at the close which showed
loss Of Al per cent. for the day. The
receiveiship for the Reading was Interpreted
as marking the final end of the coal combina-
ton and other coal stocks, especially Lack6-
wanna and Jersey Central retired sharply, los
ing about per cent. Few other movements Of
Importance were seen in the railroad list, but
Manhattan was weak again and was driven
down to l57, but ii rallied per cent. and at 1859
showed a net loss Of "a per cent. st. Paul was
specially weak and after substantial rally
showed loss of per cent. Industrials, with
the exception of SuHer, were not specially
prominent in the dealings, but considerable
strength was shown in Cordage, which rose l98
Tor the day Chicago Gas retired l15. Sugar
was sold heavily in the early dealings and
dropped away from 1873 to 1201f, but inside sup
port was forthcoming, and it rallied to 1855,
being the strong feature Of the late trading It
was unable to hold the entire rally, however,
and at ,243s was up d per cent. for the day.
sales OF listed stocks /, 3l7, ,446 shares, unlisted,
1900.
A Steamer Falsely Reported Sunk.