New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-19
READINGS POOL ROUTED.
A LAST STAND on NEW WENGLAND.
UNPRECEDENTED HALFHCMDAY DEALINGS IN
READING -LIcLIpATION OF TIE
PHILADELPHIA sYNDIC CATE-wILL
TIE vANDEBBTLT-MORGAN
POWER BE SUCCESSFUL,

PHILADELPHIA sYNDICATE-wILL
TIE NEUTRALITY-SUSPICIOUS.
POWER BE SUCCESSFUL,
The excitement and enormous transactions in
Philadelphia and Reading stock were continued
yesterday. making record that IN some of its
aspects may bc said ~ he without parallel in the
annals of the Stock Exchange There has never
been an Instance wherc such heavy dealings in
a particular stock wrrc crowded within a space
brief that Of the two hours given 10 business on
saturdays AZ the Exchange, and the course Of prices
never under any circumstances presented such
almost unbroken tendency downward The
dealings in Rclding overshadoWed the market.
They amounted to jli,1l0 shares from o a. NJ
to - noon. compared with record of 572,9i5
shares for the fun five hours session on Fcbru-
ary II. 1892. tho day after the deal with tho
Central Of New-Jcrsry and the Ichigh Valley
officially announced. The price yesterday
fell with the smaller sort Of fluctuations from
40 IL to 80 3-Sa36 5-s. The decline from the
famous February II year ago is exactly IS 3-S
points
Tho excitement in tho Reading "crowd' on
the floor Of the Exchange was intense from the
opening. Blocks Of 1000, 5000. 1000 shares
each were flung upon the market with apparent
disregard Of pricc-ccrtainly of fluctuations. One
D1OkfT dlOi'-lI. II. Ndn I.IHpllI-n-HlulN''I SUN
about $4,000 shares in the two hours, besides
giving ont orders 70 other brokers to sell 10000
shares The marvel Of the day was the posi-
hity of accomplishing such enormous transac-
tions while the excitement RACED. and amazemcnt
was general at thc close Of tho business day
that the activity and decline Of the last two days
in Reading could he effected without tho start
ing Of single rumOr affecting the sOvency OF
any firm. The dclugr Of liquidation has drowned
no one except the poor bull spectators who's"
margins could not withstand the storm. II may
DO that many battered hulks will he loft after
the suhSdencr Of the waters, but the men over
wholmod by the food were those who have bic
bank accounts Accompanying the liquidation in
Reading were fewer animltcd movements thar
occurred on Friday The general market did not
Weld 10 the swampnc sales Of l'radin-, and IN"
declines were unimportant. Many stocks closed
unchanged or even fractiOnaly hettcr than IN"
night before. Tho incident second IN interest -
tlo fresh crash in Reading was th" heavy selling
of Now-YorlS and Now England stock. Tn" trans
actions Of tho day in Ncw-Enoland amounted TO
RI 77o shares. and after vigorous resistance 70
the selling pressure around i3 3iaii - tho price
plunccd 10 40. md at final recovery to 81 Ia
showed net loss of . "a per cent. The excite
ment in this stock was collateral TO the market
movement in Reading.
When the doors Of the Stock Exchange closed
the question was left unanswered as TO where
the control Of the Philadelphia and Reading was
lodged That il has gone closer to the Wander
hilf MORGAN interests was generally assumed Tor
more than the mere covering OF short contracts
must have represented the buyers who took the
seemingly lntermlnabc food Of stock in the open
market Not "A word OF confirmation could be
obtained Of the rumors Of financial trouble IN
the company itself. which naturally were bred
by the continuous heavy decline in the STOCK
The news that the pay-car of the Reading tom
many on its way 10 Wilkcsharre on FRIDAY ana
the one ~ it, way 10 Trenton had been recalled
10 Philadelphia was explained in dispatches from
Philadelphia due 10 the discovery oi cleric"'
orror. Inouirics sent hy the Ncw-Nork houses
of tho highest connections brought assurances
from Philadelphia that the finances of the Read
inc Companv were in good shape. Perhaps the
minors Of financial difficulties wer" the out
Growth OF the stock speculation and the oc-
cline in the stock does not need those s'o'icS
for an explanation
II is declared, by men who are in position 10
know the facts that the Philadelphia puli P'oi
In Reading has licuiiatcd about 5"o'oo" S""i''
of stock. Official denial is made of the rHho''
that H. B. !lolins ~ Co. were heavy sellers
II Was about fourteen months ago tha' '"o
Uouins-Twombly party. which had be"n part ol
the old Reading pool, sold out It's interest. Inc
pool or syndicate was left in the hands oi lhoii"'
Doan. the prominent Philadelphia MANUFACTURER
and capitalist: John Wanamakrr' Jo''P"
>innott and other Philadelphia men of wealth
who had faith in the future OF the heauii's
Co,npany. Since the close Of 1891 there has been
no imrortant New-Nork interests cohc'rheu III
the Reading pool, which left 10 conduct It's
own campaign II was this pool which concludcI
| fine GREAT deal between the Reading anu 'I'
Iehiob Valley and the Central Railroad OF New
I.r-.v. and carried the price of Reading up 10 %
On February II. lS92 Ncw-lork capitalists anu
oucrator, have been IN ana ont Of the s''c1id'lo"
since that time, but the Philadelphia party was
left 10 its own p"rpO>es TO complete Il Suoc's>'"'
suoculation. poSsibiy the deal would nave o"eh
mcc.,,ul il the purposes of the y Shuicd,e Id"
not brought IL in conflict win tue 'dI"'I"i'
Morgan plans in the railroad situation ol '"' ''"
! ENGLAND states. low frr Mr.. Mcleod Il 10 "'
crcGtod with tho initiative IN a." scheme 10 con-
fra, III. Ncw-vork and Nc"-Ensland road. OF no"
far he was simply tie instrument oi t"e "'-
carita;,,ts back of him. may be r"N'at" i"'''
! All that is now apparent ! thar tl' ior'l"" III
yasion Of Ncy-Nnelard territory Drought ""o"'
| slch financial conflicts with III" Niored"-ho N'
,,Il, vanderbilt Interest,", that almost of necessity
| the McICOG-' hllah'iIi'h' P''' W. =, .i
| rho sclrm, 10 unite the Boston ana Maine WIN
the Readings system, that had been eN'cho'o
to tl, Pouahkcepsic Bridge, though the coharol
If tlc New-Ycrk and cW-HnglanI roaI IW'
resources of the Philadc!pha pool were taNed 100
far in the cx. cution of thc'" ambitious pr''ctN'
! -. ,,lI- Uniformed brokers think that the synHi-
,,o v.,s corupcilcd t. realize OIL part of It's H'l-
| ;. ot R.td ding stock without any intention l"
| roi,t,,te tlc collapse rhat came last Wc'k'
| b., ,ho ho,r marty, encouraged by the severance
| ,r ,h, r,lations with Reading by the D1eAci-3lor-
oau interests. cut the ground from under the r.
treating Rea Ing bulls. What was meant as IA
mov.ncut to withdraw for rlniorcem'hts p'-
,,,,o ron. under the assault of the bells, stlinu-
Lated by the first indication of weakness. Inc
| - i.t,,o, of the whole Reading pool was the