Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-02-25
Continued Excitement over
Reading Stock in Wall
Street.
Bulls Cannot Stem the Tide
Sales of 1890 Shares
Made.

NEW YORK. reD. zI.-Almost as much
excitement marked the opening OF
Reading on the stock exchange to-day
as characterized yesterdays pande-
monium The appointment of re-
ceivers did not stitfen prices, for the in
tant the market opened a clamor
arose about the Reading post, and the
first sale of the day was recorded at
thrty-one, one point better than the
closing last night. This Improvement
lasted but a second, however, for large
blocks of the stock We're dumped
on the buyers, and as fast as they
could be chronicled sales were made at
3084. 3O1s, 3O5, 304, and then 1t
touched 30 amid deafening babel
Brokers darted hither and thither and
about the post the crowd was almost
inpenetrable. In the galleries, which
were, as usual in times of panic,
crowded to the halls, the excitement
was almost equally shown. But one
sale was made at 80 when the down
ward course was kept up with large
sales at 2SL, 29l3, POS, 39as, 29t5 and
% Two points had been lost in five
or six minutes, and still the bulls
could not stem the tide, for it
went down at nearly every sale.
1t huctuated for some time at
$3.50 to 2OJs, occasionally touching 20,
but only for a fitting second. Then
came "a short breathing spell, in which
prices ranged from % to 29}9, none but
small blocks being offered First in
come bonds dropped from 50 to 81, The
general list shared the depression,
though sales were not heavy New
England opened at l0}4 and sank
steadily, losing points in the first
half hours trading. In three-quarters
of an hour the sales of Reading were
lis. ZOO shares, less than one-half the
sales of the same time yesterday.
The causes for the 1amarkable de-
cline in value OF the securities and the
application for receivers for the com
Amy are coming to light slowly. The
en- who, prior to a week ago, knew
nothing about the circumstances of the
Reading or about Mr.. McLeod's disas-
trous management of the same, and
who then believed that everything was
as it should be- are now vocifer-
ously denouncing Mr. Mcleod
and claiming to know all about
the reason for the unexpected decline
The one important fact is that the
Reading has no money The applica-
ton for the receivcrship made yester-
day was on the ground that ex-senator
Thomas c. Platt's interest in his hold
ings of a little less than 500 600 of
Reading third income bonds was not
paid. Mr.. Platt AYERS that he has in
vestigated and found that the company
had no money, and hence applied for
the appointment of a receiver TO ascer-
tain the financial standing of the COM
pany. The complaint Of Mr.. ?latt
AYERS that the net earnings Of the com
pany for the year ending Nov. 80, 1892,
were sufficient topay five per cent. of
these bonds, that the railroad company
showed a statement TO this effect and
declared that interest at the rate of
five per cent should be paid; but the
complainant, although he made a de-
his interest. He declares that the
Reading Company is insolvent in that
it is without cash or assets which can
be converted into cash,
Concerning the effect Of the Reading
receiverships Samuel Sloan, president
of the Delaware, Lacbawanna & Vest
ern Railway Company, said to-day: 81
cannot see that the situation has I'M
dergone any very great change The
Reading system is under the same
management as before only with more
limited obligations. How long the
receiyership will last it is impos-
sible TO say, but undoubtedly
it viii continue long while. On the
leases, as for instance that Of the
Lehigh Road, the receivership can
have no direct influence. But there is
an increased chance for an opportunity
for that road to break loose from the
system, from which it reaps so little
benefit. The coal situation viii re-
main unaltered, probably. Twoof the
receivers are as much interested in
coal as before.
President Baker, Of the First Ma
tional Bank, when asked for his views
on the state Of affairs, said 10 ones
opinion would be worth anything for
a while yet He thought, however,
that the present situation would in no
wise affect the coal prices, since
Messrs Mcleod and Wilbur are both
interested in maintaining the present
rates.
Senator T. c. Platt repeated to-day
his declaration that his application for
the receivership was made solely on
his unprompted initiative, but he de-
cliucd 10 add anything to what he had
said already
Exhibit by the Lairds.