St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-21
WALL Street WILD.
Terrific Onslaught on Read
ing as Soon as Trading
Opsned.
A Drop Of 6 IL Points in the
Stock in Ten Min
uteS.
Northern Pacific Also At
tackled Vigorously by the
Bears.
Reading Bolstered by the
Appointment Of the Re-
eeivepS.

New YORK, Feb. 20.-The third day
of the great battle between masked foes
in Reading territory opened on the stock
exchange, the slaughter of Friday and
Saturday was continued and Reading
defenders were routed, horse. foot and
dragons. The opening of business on
the great mart in Wall street to-
day provided a spectacle such
as has been seldom or never
before witnessed, even in that
theater of exciting events. The ire
mendous liquidation in Reading securi-
ties, which began last week, was con-
tinued this morning with even increased
vigor. On the spacious floor of the ex-
change the groups which trade in Read
ing and Northern Pacific adjoin each
other. Long before the opening the
brokers began to gather in these groups
and discuss the situation. Away over
in another part of the room was
smaller knot of men. This was the New
England crowd, for it was understood
that these three stocks would to large
extent monopoliZe the trading and the
excitement. When business finally
opened one half of the crowd of brokers
in the exchange was i'll these crowds.
While waiting the drop of the chair
mans gavel, the brokers stood almost
quivering with excitement. There was
very little of the chatting and badinage
often present before the opening. All
felt that to day was no time for joking,
and that
Serious Business WAS on Hand.
The enormous shrlnkage in Reading
securities, coupled with the unparalleled
selling of the stock. brought about
panicky feeling. No thorough eXplana-
ton of the difficulty had been made, but
every one felt that one. of the greatest
of American corporations was in dan
ger. The ominous silence on the part
of the company's manager has added to
the mystery and increased the panic.
The moment the exchange was opened
for business, huge blocks of Reading
were thrown on the market, and
inside of twelve minutes the price
was hammered down ~ points, making
a total decline since the downward
movement began of 161a points. The
galleries were packed to sutfocatlon by
an immense crowd. which was inter
ested and amazed at what it saw. On
the floor pandemonium reigned. Among
the Reading host there was a wild.
struggling mass of panicstricken hui
manity. Brokers jumped. roared,
yelled, gesticulated. The roar arising
from the babel of thousands of voices
extended beyond the walls of the build
ing aud caused passersby to stop in
amazement.
The opening quotation for Reading
was Sc. 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 sale was really made at. For
minutes the tape was given up to
Reading Quotations.
When not used for Reading, 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 big blocks of from 1000
to 11,OOO shares at time, and snatched
up by the bears at panic prices.
Reading first, second, and third income
bonds dropped point minute. North
offnntpd md OyVInG
to the charges made by the investigating
committee against Henry Willard and
the present management, dropped sew
eral points. In the first ten minutes
Reading stock dropped to 2915, de-
cline of 615 points, and a decline of II
points since Friday. There seemed to
be supporting orders at that price, for
the stock rallied to 31119, and the largest
volume of trading was done between
those figures.
Northern Pacific also dropped in
panicy fashion. This was due to the
publication of the report of the stock
holders examining committee calling
attention to the extravaganza and mis-
management of the directors. The re-
port was, of course, cabled to London,
and the effect was seen today in the
London market, where the stock was
herb. 1t closed here Saturday at 1873,
and opened this morning at 43
%. The excitement in the stock was
second only to that in Reading, and the
panicky feeling was just as strong. New
England, the third bearish of the list,
closed Saturday at 4l18, opened at 40
and broke rapidly to $40.
No failures were announced up to
noon. At that hour 900 200 shares had
changed hands, of which zoo, 400 were
Reading. 1t was stated today that the
Lehigh Valley would pass its dividend.
1t is due in April. This would be the
first time in its history.
The Tension on the 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 go by the
board was w. f. Russell, of No. 81 New
street. While the added excitement of
this news was still fresh, came the an
nouncement of another failure-that of
L. j. Delaney, of No. "a Broadway.
Close on to the heels Of this came
third-that of G. S. Fleet, of No. 60
Broadway. The amount of their liabil-
tiles is unknown, but is not believed to
be large.
No new reasons are given for the con-
tlnuation of the terrific onslaught OH
Reading and New England. The cause
of the weakness in believed on Wall
street to be the attitude assumed by the
Vanderbilts and j. Plerpont Morgan
towards Mr.. Mcleod and his associates,
for contemplated entering of their ter
ritory. 1t is reported that a
conference was held yesterday
between MIR. Morgan and Mr..
Mcleod, but this cannot be confirmed.