The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-02-21
BAD DAY FOR THE READING.
1t Passes Into the Hands of Re.
ceivers.
This Is tho Result of tho Three Days
right Made Upon It-President
Mcleod Named rs One of the Receivers.
Chief Justice Paxson is Another One.
wild Scenes on the New York Stock
Exchange.

OF the Philadelphia and Reading Rail-
road Company were brought into court
late this afternoon. All day there were
rumofs on tho street that receivers were
to DO appointed. The offices of the
United States circuit court were con.
stantly besicgcd by newspaper men and
parties interested in Reading matters,
who were eager to obtain the latest
news. About 2:3O o'clock this afternoon
Attorney John G. johnson and LAWYER
Thomas Hart, Jr., made their appear
ance and were closeted long time with
Judge Dallas in the chambers Clerk
of the Court 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 q
few minutes past 4 o'clock, when tho
announcement was made that Judge
Dallas had made the appointment.
The proceedings were brought by ex-
Senator Thomas c. Plat, of New York,
holder of third preference bonds, against
tho Philadelphia and Reading Railroad
Company, Philadelphia and Reading
Coal and Iron Company and Pennsylva.
mia Company for assurances on Lives
and Granting Annuities, of this city.
Tho receivers appointed are Archibald
A. Mcleod, president of tho company;
Chief Justice Edward NJ. Paxson, OF the
suprome cpurJ; aud Elisha Wilbu7, ex.
presid mt OF .he Lchigh Valley Railroad
Company. Judge paxson ut once sent
in his resignation as chief Justice of
the supreme court of Pennsylvania to
Governor PATHS m.
The security of each receiver was
fixed at $5oO,OO0, for which they arc to
enter their own bond. George L. Craw-
ford was appointed master. A similar
bill, it is said, is to he filed at Trenton,
N. j., late this afternoon or to-mprrow
mo ming.
THE FEELING IN NEW YORK
NEW YoRY, Feb. 2O.-The third day
of the great battle between the Wander
bilt and Mcleod forces opened on the
stock exchange this morning when the
slaughter Of Friday and Saturday was
SO"sA"eOo "hA 1ec9olHp IOulcu, uOrSe,
foot and artillery. The moment the
exchange was opened for business huge
blocks OF Reading wore tdrown on the
market and inside of twelve minutes
tho price was hammered down six and a
half points. making total decline since
the downward movement began Of six
teen and a half points. Then the usual
slight reaction set in and the velocity
of the descent was momentarily checked.
Tho scenes at the exchange through
out the morning were exciting. The
galleries were packed to suffocation by
an immense crowd, which was inter
ested and amazed at what it saw. On
the floor pandemonium reigned. Around
the reading post there was wild,
struggling mass Of panic stricken hui
manity. Brokers jumped, roared,
yelled and gesticulatod. The roar
arising from the babel of thousands OF
voices extended beyond the walls of the
building and caused passersby to stop
in amazement. 1t 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 ll,0n0 shares at time.
Readings first, second and third income
bonds dropped point minute.