Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-11-24
An Exciting Day in Stocks
From the New York Tribune. goth

From the New ! ork tribune. 2Utn
Orders for the purchase of stocks have of
late poured into Wall street in a seemingly
endless stream. They have come from every
direction from the grain fields Of the West,
the factories of New England and the planta-
tions of the South The fever has infected
all classes clerks have eagerly surrendered
their savings merchants, who found their
own business toilsome and prefitless. have in.
vested their surplus funds in stocks; and
workmen have sought to add to their scanty
means by speculation. In the continual ad-
vance all saw the prospect of easily won
wealth. Brokers have reaped from this fever
| a rich harvest of commissions. and their bus
mess has outgrown the old-time facilities.
The Stock Exchange itself seemed small and
| narrow for the immense business that poured
into it, Seats that could have been bought
readily within year for $40 900, have brought
recently Sl50,000; while the managers OF the
Exchange found the easiest way to raise
$500. 900 for the purchase of adjoining prop
erty and the improvement of its buildings to
be TO create forty new seats.
For several days the market has been fe-
verish and unsettled. Speculation paused
and seemed doubling which way to turn. On
Tuesday the market abOunded in wide fuctu
atoms, in sudden falls and quick rallies. I'm
der the pressure to realize profits prices be-
came weak; with orders to buy from those
eager to make another turn they again be-
came strong. Yesterday the tendency to low
er prices became more strongly marked. and
during the morning hour the Stock Exchange
became the scene of wild excitement. Large
spectators who had been prominent in slim
ulating the former advance appeared to be
a, rayed on the "bear" side. Many who had
beeen thought to be extensive hold
ers of general securities were found
Yesterday to be entirely out of the market.
With one or two exceptions the strong
est spectators in stocks are believed to have
sold at the recent high prices. Money,
which had been comparatively easy for a
week, became dearer, and borrowers were
compelled to pay in several cases a small
commission. The arrivals of specie from
Europe which have furnished fuel to the
speculation, appeared to have fallen off.
After the receipt on Saturday Of S255,000
nothing had been received. The arrival yes
terday of 81 ,657 800 by the Algeria, and of
$500, 900 by the Gellert, was announced too
late in the day to affect the market. Every
thing united, apparently, to depress prices,
and spectators hurried to seek shelter from
the storm which seemed about to burst The
excitement on the Exchange became intense.
A decline in prices led only to greater de-
sire to sell at any price that could be OBJ
tanned. Free sales resulted in still greater
depression. A panic seemed imminent.
As on Tuesday, the opening prices were
generally the highest of the day. The de-
cline was not confined to merely speculative
stocks; the soundest dividend paying securi-
ties felt sensibly the force of the fall.
Toward the close of business yesterday the
decline was followed by sharp rally, and
part of the loss was recovered. This added
greatly to the excitement of the day, and the
probable course of the market to-day was the
subject of eager and anxious conversation
among brokers and spectators long after the
Exchange was closed. The streets near the
Exchange were filed with groups of excited
men and Delmonco's was crowded with we'll
known operators and brokers. Opinions
varied with the interests the spectators had
in the future course of the market Many
asserted that the long-looked-for break in
prices had come, while others were confident
that the final rally was indicative of renewed
buoyancy to day.
Great interest was expressed by ell in the
opening of to-day's market. A powerful ef
fort had been made, it was said, to rally
prices at the close.