The Superior times. [volume] (Superior, Wis.) 1870-1912, 1893-02-25
GOES TO THE WALL.
Receivers Named for the Reading Raj
road-Crash in the Coal Combine

feceiVrrs Named for the Reading Rail
r"hd-Frash in the Coal Combine
New YoRK, Feb. 20.-The Reading
Railway Company has gone to the wall.
Its thousands Of miles of main and con-
Meeting lines, its immense real estate
holdings, vast coal mines and scores of
transportation outlets-all have gone in
TO the hands of three receivers. The re-
ceivers, named at Philadelphia to-day,
are A. A. Mcleod. Chief Justice Paxon
and L. Z. WILDER. Before the appoint
ments were made the Stock Exchange
witnessed such panic as has not been
seen in years.
The excitement over the liquida-
ton in Reading stock showed no
sign Of immediate abatement this
morning, and to this WAS added a
furry in Northern Pacific preferred
stock, owing to the opposition developed
between the stockholders committee
and the management by the report
sent out late on Saturday. The
trading IN Reading was on the same
enormous scale, and tie decline was
equally as abrupt as ON either of the
rapidly from 36s on Saturday to 29!, at
which point there was a rally to about
80. New England Was equally es
weak, though less prominent in
the trading, and opened down
II at 40, retired to 34b, but
rallied with more vigor than Reading,
rising to about 37A. Northern Pacific
preferred opened down nearly 3 per
cent. at 453 and further retired to 43,
when ii also made a partial rally. The
other coal stocks were all decidedly
weak, and Jersey Central retired from
123 to ll9, the lowest price it has eached
in months.
Inc opening quotation for Reading
was 36, or rather that WAS the first re-
corded quotation, for the bowling,
crazed crowd of men dealing in the
stock made it impossible to say
wh:t the first sale was really
made at. For minutes the tape
was given up to Reading quotations.
When not used for keading, Northern
Pacific quotations were sent out. 1t
was panic. Brokers literally tumbled
over each other in their wild eagerness
TO unload. Reading WAS thrown on the
market IN Dig blocks of from | 600 to
! 600 shares at time and
snatched up by the bears
at panic prices. Reading first.
second and third income bonds dropped
point minute. Northern IaclnC,
TOO, was affected, and, owing to the
charges made by the investigating COM
mlttee against Henry Willard and the
present management, dropped several
points.
In the first ten minutes, Reading
stock dropped 10 29!, decline of 6!
points, a decline OF Il points since
Friday. There seemed to be supporting
orders at that price, for the stock rallied
to 81 }, and the largest volume of trading
WAS done between those figures.
The tentlOn on the market rs the dav
advanced was terrible. The strain was
too great for many firms, and shortly
nounced. The first to go by the
board was w. +. Russell, of 6l New
Street. While the added excitement of
this news WAS still fresh came the
announcement of another tailure-that
of I. j. Delaney, of "A Broadway.
Close on the heels of this came third
that of G. 5. Fleet, of so Broadway.
The amount of their liabilities is uncer-
tain, but it is not believed to be large.
The trading in Rta ling has been un-
preCedented. Nearly every broker on
the floor traded in the stock. Among
the heaviest indi,i lual sellers this
morning was Howard, Lspsey K Co.,
who sold $4,000 shares at the opening.
Among other heavy sellers were Turner
&; Manuel, G. W. Turner, K. ii. Blssel,
+. s. Chaplin, Edward Sweet & Co., Mr..
Maurice and Mr.. Hamilton. There
were twenty or more, 5000 share sell
ing orders executed, but as q whole the
transactions were made in 500 and 900
shares lots.