The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-02-18
THE DROP IN READInG.
ASudden Raid on the Philadelphia
Stock Exchange.
PRESIDENT MLEoD IS RBTIoENT.

A Leading stocISholder Asserts That
There Is No Reason for the Decline.
The Payment of Employees Indefinitely
Postponed.
PHILADELPHIA, Feb. 1s-The floor of the
Philadelphia Stock Exchange was the
scene OF such excitement as has not been
witnessed since the day, little over year
ago, when it was announced that the Jer-
sey Central and Lehigh Valley Railroad
companies has been leased to the Philadel-
phia and Reading.
Ever since the enforced separation of me
Jersey Central company from the coal
combination, and the announcement which
followed shortly that the Reading was
seeking to antagonize the Vanderbilts-
and through them the Drexels-by branch
ing out into the New England states for
more railway worlds to conquer, Reading
securities have steadily declining In value,
and yesterday the inevitable result was
witnessed.
Reading opened at 2314, slight advance
over yesterdays closing quotation, and at
that figure $500 shares were sold before
the decline set in. Then the price began
to drop; until it fell to 2o5-16. Lehigh
Valley also came in fcS a tremendous de-
falling in three hours from 593s to 5415, or
nearly 10 per cent New England, the
stock of company which the Reading
seeks to control, fell at the same time from
4G1l to 41S4.
No Information from Officials.
Practically no information could be got
ten here for the drive made at Reading in
the stock markets President Mcleod de
clined to see reporters at his Office during
the day and when they sought him last
night at his hotel they met with no better
success, Mr. McLeod's unvarying reply
being that he had nothing to say"
Thomas Dolan, one of the heaviest hold
ers of Reading stock and director of the
road, was seen today, and he talked freely
in a general way, but he practically gave
no reasons for the attack upon Reading.
Mr.. Dolan said that he had been with Mr..
Mcleod until late yesterday afternoon
and the latter then assured him he knew
no reason for the drop in the Reading
stock.
Mr.. Dolan said that Mr.. Mcleod had
stated positively to him that the Reading
had not failed to gain control of the New
York and New England, but on the CON
trary they held the New England company
firmly. In speaking of one of the rumors
current on the street yesterday that Mr..
Wanamaker was unloading his Reading
stock on the market, Mr. Dolan said that
he knew positively that this was untrue
and-that Mr.. Wanamaker was holding his
stock.
The Reading statement for the month of
January, Mr.. Dolan said, would be un-
favorable. The conditions that produced
the falling off in the company's receipts,
however, were of a temporary character
and would react to the Readings benefit,
Us they have left the yards of the coal deal
ers Of the country empty.
Pay Day "indefinitely Postponed"
WnKEsBARRE, Pa, Feb. 1s.--Considera-
BILE excitement was created in this city
yesterday By the announcement that the
Philadelphia and Reading pay car, which
had paid the employees of the Lehigh Val
ley division as far as Sugar Notch, six
miles below this city, had been ordered
back to Philadelphia. Following this re-
port came another that some of the rail
road men who had presented Reading
checks at the bank in this city had been
refused payment. There was no truth in
the report, however In fact no checks
were given out north OF Sugar Notch, the
pay car having been ordered back to Phla-
delphia as soon as it had reached that
point.
TRENTON, Feb 1s.-The Philadelphia
and Reading pay car did not reach here
yesterday, 1t started from Philadelphia,
but was recalled before it reached Jenkn-
town. None of the employees in this city
We're paid, and notice was hung up in
the depot to the effect that pay day had
been indefinitely postponed