The record-union., 1893-02-21
Special to the REconp-UxIox.

NEW YORK, Feb. G0.-I he fourth DAY
OF the great battle between the masked
foes in Reading territory opened on the
Stock Exchange this morning, when the
slaughter of Friday and Saturday was
continued, and the Reading defenders
were routed, horse, foot and Dragons.
The opening provided spectacle such
as has been seldom or never witnessed,
even in that theater of exciting events.
The tremendous liquidation in Reading
securities which began last week contin-
ued this morning with even increased
vigor. On the spacious floor of the ex-
change the groups which trade in North
ern Pacific and Reading adioin each
other. Long before the opening brokers
began TO gather in these groups and dis
cuss 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 these three stocks
would to large extent monopolize the
trading and excitement. When the busi-
ness opened half OF the brokers in the ex-
change were in these three crowds.
The enormous shrinkage 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
everyone felt that one of the greatest of
American corporations was in danger.
The omirous silence on the part of the
company's managers added to the mys-
terry and increased the panic.
The moment the exchange opened for
business, huge blocks of Reading were
II
twelve minutes the price was hammered
down 81 points, making a total decline
since the downward movement began of
1Ol points. Pandemonium reigned among
the people. There was a wild, struggling
mass of panic-stricken humanity, and
brokers jumped, roared, yelled, gesticu-
lated.
The opening quotation for Reading was
So. 1t was panic. brokers literally
tumbled over each other in their wild
eagerness to unload. Reading was thrown
on the market in blocks of 900 to II zoe
shares at time and snatched up by the
bears at panic prices.
The tension as the day advanced was
terrific The strain was too great for
many firms, and shortly after noon fail
ures began to be announced. The first
to go was w. f. Russell, then T. J, De-
Ianey and next that of q. S. Fleet. The
amounts of their liabilities are unknown
but they are not believed to be large.
The cause of weakness in Reading is
believed to be the attitude of the Wander
bits and Banker Morgan toward the
Reading people for the contemplated en-
tering of their territory. Another reason
is given that Speyer ~ Co. have called {
loan made to Reading last January.
The trading in Reading was unprece.
dented After noon there was quite
pronounced tendency to rally for some
time, and some of the stocks made marked
gains, but the rumOred application for
receiver brought another flood of selling
orders and Reading dropped to 2S. Whel
it was further reported, however, that
receiver was actually appointed it rallied
to 50.
The sales of listed stocks were 1,227, so
shares, of which the dealings in Reading
amounted to 909, 300 shares.
RECEIVERS APPOINTED.
PHILADELPHIA. Feb. 2O.-It was an
nounced unof1icially this morning at tn
general offices of the Reading Railroad
that application would be made to tn
United States District Court for the ap
pointment OF a receiver for the company
Later it was said the appointment ha,
been made. The application was mad
by ex-United States Senator Thomas {
Platt of New York as holder of Readin
bonds. The petition was granted, an
A. A. Mcleod, President of the com
pany; L. r. Wilder of the Lehigh Vale
division, and Chief Justice Paxson of tn
State Supreme Court were appointed re
ceivers. in bonds of 100000. JUDGE Pax
son has forwarded his resignation q
Chief Justice to the Governor.
1t is said that similar bill will b
filed at Trenton, NJ ]. The bill in equit
saws the complainant brings this bi
in behalf of himself and all holder
of bonds of like character. The bill
which is extremely lengthy, is diveste
of legal verbiage and sets forth that til
issuing by the Reading Company in jar
nary. 1888, of third preference incom
nortrage bonds, the amount of which
now in excess of the S25, ,000,000 to /
payable January, 1858, and with intere'
navable out of the net earnings of th
railroad company of 3 per cent. per al
nnm. PAYABLE the first February in eac
wear. the bonds being secured by certai
mortgage executed by the Reading Coz
and Land Company to the Pennsylvan
company for insurances on lives an
Granting annuities. This mortgage col
viewed. subject to certain prior incun
brances. all properties leased and COZ
trolled by the Reading Company an
those it might thereafter acquire; ais
properties of the coal and iron compan.
Platt sets forth that he is holder OF
large amount of these bonds, intere
npon which became payable on the i
day of February last. The demand mac
by complainant that the railroad con
pany pay him said amount was refuse
and the company has failed up TO u
present time to pay him any portion
tie amount which became due and pa,
able on the lst of February, and the II
terest upon other bonds of said lss'
held by other owners remain unpal
The Pennsylvania Company has refuse
the bill AYERS, to proceed in equity
foreclose the mortgage.
The bill sets forth that great incon
can be derived from the operations OF Il
Reading Railroad and Coal and Ire