The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-02-21


New YoRK, Feb. 20.-The three days'
battle between maakodio in the Read
ing territory opened on the stock cx-
change this morning whenthe heslaughter
OF Friday and Saturday was continued,
and Reading defenders were routed
horse, foot and dragons.
There was very little OF the chatting
and bandinage often present before the
opening. All felt that to-day was no
time for joking and that serious busi-
ness was on hand. The enormous shrink
age in Reading securities, coupled with
the unparalleled selling OF the stock,
brought about a panicky feeling.
The moment tho exchange opened
hinge blocks OF Reading we're thrown
on the market and inside Of twelve min.
utes tho price was hammered down 8!
points, making total decline since the
downward movement Of lB4 points. On
the floor pandemonium reigned.
Around the Reading post there was a
wild struggling mass OF panic-striGken
humanity. Brokers jumped, roared,
yelled, gestiCulated. The roar arising
from the babel OF thousands OF voices
extended beyond the walls OF the build.
ing and caused passers by to stop in
amazemont.
The opening quotation for Reading
was 49, Rather that was the first re-
corded quotation, for the bowling, crazed
crowd OF men dealing in the stock made
it impossible to say what the first was
really made at. For several minutes
the tape wHs given up to Reading quota
tions. When not used for Reading,
Northern Pacific quotations were sent
out 1t was n panic. Brokers literally
tumbcd over each other in their wild
eagerness to unload. Reading was
thrown on the market in big blocks Of
from 1000 to 1900 shares at time aud
snatchedup by the bears at panic prices.
Readings first, second and third iu-
come bonds dropped n point minute.
Northern Pacific, too, was affected and
owing to tho charges made by the inves-
tigating committee against Henry Viii
lard and the present management drop
ped several points.
Tho excitement in the stock was
second only to that in Reading aud the
panicky feeling was Just as strong. New
England, tho third bearish of the list,
closed Saturday ut 4ls, opened ut 40 and
broke rapidly to 344.
1t was stated to-day that Lehigh Val
ley would pass its dividend. 1t is due
in April This would be the first time
in It's history.
The tension on tho market as the day
advanced was terrific. The strain was
too great for many firms and shortly
after noon some failures began to be
announced. The first to 90 by the
board was w. +. Russell, OF No. 81 New
street. While tho excitement OF this
news was still fresh came the announce.
ment OF another failurc--that OF r. J.
Delaney, Of No. "a Broadway. Close on
the heels OF this came a/third-thNt OF
q. S. Fleet, OF No. 60 Broadway. The
amount OF their liabilities is unknown,
mt is not believed to be large. The
tradng In Roading hns been unpre.
ceden;ed. NOarly every broker on the
floor traded in this stock.
The application for receiver brought
in flood Of selling orders, aud alter a
rally to 80 1t dropped to 2S, net loss OF
81 per cent from Saturday evening
Sales Of Reading UP to . .. I'll. reached
900 800 shares
STORY on THE cRliss.
The appointment OF A. A. Mcleod,
Chief Justice Edward Paxson, and Il. r.
Wilbur receivers for the Reading rail.
road company, was announced this
noon. Later II was said that tho ap.
plication had not been made but 1t Is
believed that ii will bo. This marks
tho crisis OF ono OF the most dramatic
episodes in financial history. Much Of
tho inside history OF tho fall OF tho
Reading management is yet 10 bo
told, but tho climax Of the affair was
the appointment OF tho receivers to-.
day.
1t is sato to say that no one Of those
who have forCseen that disaster must
follow tho course that Reading manage
mont has pursued since tho formation
OF tho coal combination year Nro, has
ioreseon any auch tremendous catastro.
pho ns that which Wall street has wit.
messed during the past lhrce days. II
IL safe 10 say that not oven those who
brought about tho catastrophe had an
idea Of how tremendous would bo It's
effects. 1t is iGlt by Wall street mon
that II any ono could have realized ita
cxlcnt II would have bocn the members
Of the lurklrss Rcnllng pool. II is
urged thoy must have iorcscon that dis
nslcr wNs impending; must have known
on what extremely thin ice their repro
sentative was skating, and must have
realized that, with tho available money
OF tho roterio sproad out on narrow
margins or tho stocks OF three great
railroad aysloma n decline Of any mag.
nitudo In tho pricc OF Raadinu must
have been attended by dire results
1t was probably for this rcOson-s.
..t II aNW