The morning call., 1893-02-21
WALL STREET IN A TURMOIL
Banker Morgan and the Vanderbilts
Believed to Have Combined Against
the Philadelphia Corporation.
Special to THE MORNING CALL

NEW YORK, Feb. 20.-The fourth day
the great battle between the masked foes in
Reading territory opened on the Stock Ex-
change this morning, when the slaughter OF
Friday and Saturday was continued ana 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 continued with even
increased vigor. On the spacious floor of
the exchange the groups which trade in
Reading aud Northern Pacific adjoin each
other. Long before the opening brokers
began to gather in these groups and discuss
the situation. Away over in another part
of the room was a 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 business opened
LaIf of the brokers in the exchange were in
these three crowds.
The enormous shrinkage in Reading Sc
curties. coupled with the unparalleled sell
ing of the stock, brought about panicky
feeling. No thorough explanation OF the
difficulty had been made. but every one felt
that one Of the greatest Of American cor
porations was in danger The ominous ST.
lence on the part of the company's managers
added TO the mystery aud Increased the
panic The moment the exchange opened
for business huge blocks of Reading were
thrown OF the market, and inside Of twelve
minutes the price was hammered down 6R
points, making a total decline since the
downward movement began of 10h points.
Pandemonium reigned among the people.
There was a wild. struggling mass of panic
stricken humanity. and brokers jumped,
roared. yelled. gesticulated.
The opening quotation for Reading was
SO. II was a panic. Brokers literally
tumbled over each other In their wild eager
ness to unload. Reading was thrown on
the market in blocks of 1000 to Il, GOO shares
at a time and Snatched up by the bears at
panic prices.
Northern Pacific also dropped away in a
panicky fashion. This was due 10 the pub
lieation of the report of the stockholders
examining committee, calling attention to
the extravaganza and misTanagement OF
the directors. The report, Of course, was
cabled TO London and the effect was seen
to-day in the London market, where the
stock was quoted three points below the
closing price here Ii closed here Saturday
az 46s. aud opened this morning al 49,
The excitement IN tae stock was second
only 20 that in Reading. and the panicky
feeling was just as strong.
New EuEland. the third hearish of tie
list. closed Saturday ~ A. =, opened at 40
and broke rapidly 90 sag
NJ failures we're announced up 90 noon.
but az that hour eo.9 .9o shares had hanged
hands, a which CO.,. 600 Wers Reading.
TIE tensi0l az the day advanced vas ter
fiEc Tie strata Was too great fer many
lrms. and sberty alter noon fsiiures eegsn
90 he announced. Tie lrsl q 80 vas ". r.
Russell. then I. J. Delaney and next q. =
Fleet. The amounts Il their liabilities are
unknown. but they are not believed to he
large
THE rausp r weakness n Praairr is ~
lieyed 70 be the attitude OF the Vanderbilts
and Banker Morgan toward the Reading
people for the contemplated entering their
territory. Another reason is given that
Speyer Il Co. have called loan made to
Reading last January
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 brough
another foOl Of selling orders and Reading
dropped 10 2s. When it was further re-
ported. however. that receiver was actu-