St. Paul daily globe., 1893-02-19
Wild Whirl of Fortunes
Among Wall Street Bulls
and Bears.
More Than Half q Million Of
Reading Shares Changed
Hands.
The Stock Falls Nearly Four
Points Within Ten Min
uteS.
It Is Thought to Be the End
Of the Present Manage
ment.

NEW YORK, Feb. 19.-There was a
wild whirl Of fortunes in Wall street
today. Millions romped up and down
the ladder Of prices, and tonight there
are sad pockets in town. There are
some, too, that are cheerful. Reading
was the core of the storm center, and a
blizzard of dancing quotations swlrled
about it. Only two hours there were of
it-from 10 o'clock until noon-but in
that time 693, 900 shares of stock changed
hands. Of this great total, the
rapidly shifting shuttle marked Read
ing unwound over an half-million
shares-514,00 to be exact. This is no W
the storm ran its course: Reading
opened at 4O19, which was a shade be-
low the close. There was a repetition
of yesterdays operations. Liquidation
in Reading was continued, and huge
blocks of the stock were thrown on the
market. Amidst wild excitement the
price broke again, and the stock was
gradually forced down. Within ten
minutes after the exchange opened 36I
was touched, fall of nearly four
points.
Lower Than a Year Ago.
The price-36%-ha the significance
of being a lower than the lowest price
Of Reading one year ago, before the
combination was thought of, and which
today's effects of the deal completely
eliminated. The transactions were
again enormous, and for time little
but Reading was dealt in. Over 100000
shares were traded in within the first
half hour. No support was developed,
and the victorious bears had. things all
their own way. A slight strength
and lull in Reading noted at the
way to feveriSh weakness, and just be-
fore IL o'clock quotations listlessly
lapsed below 81 again. Reading bonds
shared in the weakness of the stock,
the firStS propping 2 points, the seconds
d and the thirds points. That it was
diStinctiVely a Reading market is shown
by the fact that an aggregate Of 100000
shares were traded in within the first
hour. The closing price was 362S, al
most the lowest of the day.
When the exchange closed. 1t was
found that the trading in Reading had
eclipSed all records, both for excitement
and volume of trading, the transactions
being on a stupendous scale. Two
brokers alone, Louis Bell and Mr.. Van
Emburgh, sold 10000 shares between
them. Selling orders, too.
Came Thick and Fast
through commission houses; and traders
who bought early and found heavy
losses accommodating joined in the SELL
Ing. There was flood of rumorS in cir
culation. The pool is said to have
collapsed. 1t was asserted today
in the board that the decline Of per
cent yesterday was due to the calling
of more margin on loans by the Mer-
camille Trust Company. The pool was
apparently unable to respond. and the
collateral, consisting in great part of
Reading stocks and bonds, is said to
have been sold out through Grant Bros.
This is understood to have marked the
collapse of the controlling interest in
Reading and to be the end OF the present
management
Houses which have been prominent
in depressing the price of the stock said
today that the Philadelphia interests,
which were carrying 100000 shares,
have been forced to sell,and the decline
in Reading this morning was simply the
result of continuation of the lfquida-
ton by the Philadelphia and its follow
ing. One of the directors of the
New England road said that the
whole history of the decline was
that Reading interests had spread out
too much. Nj. H. Prince, of Boston, has
asserted that the Reading interests hold
10000 shares Of New England, and in
tend to make Mr.. Mcleod president of
the New England at the annual meeting
on March IA. He did not think they are
l1quidating in New England, for if they
were the stock would sell at 80.