The times., 1899-01-24
A FLUSTERED STOCK MARKET.
Wild Fluctuations Due to CIashinE
of Enormous Orders.

New York. Jan. 23-The pressure from
all directions on the enormous mass of or
ders that poured into the stock market
this morning resulted in fluctuations that
will render the day long memorable in the
history of speculative markets. Notwith-
s;anding the unparalleled activity end al
most Unprecedented excitement that at
tended the dealings, few factors appealing
to speculative sentiment in any way had
been introduced into the general situation
over Sunday. The market was the out
come OF entirely technical trading circum-
stances.
Thus at the opening of business it was
evident that commission houses were over
burdened with buying orders, the origin
of which was doubtless the showing made
by the associated banks in the weekly
statement of Saturday. On the other hand.
and evidently with view OF utilizing this
demand. il was equally evident that heavy
operators were free sellers of stocks
throughout the list.
This clash Of orders produced some strik-
ing market phenomena. There were ad-
vances recorded which suggested an almost
cornered position in some stocks, and there
were also declines of an extent that would
have appeared appropriate in a panic. OF
course, so far from there being panic
the markets undertone was one Of
strength.
The extreme price changes simply
showed that the facilities of the Stock Ex-
change were inadequate to carry on the
tremendous business offering, II appeared,
on the one hand, that the day marked the
elimination for the time of movements in
certain quarters and a shifting Of manipu
lative energy into other directions.
1t was not until well into the afternoon
that the general market began to assume 4
definite tone, the earlier dealings having
been marked by much backing and filing,
together with the violent fluctuations
noted. About that time 1t appeared that
the buying power was not only not eX-
hausted. but that it outbalanced the sup
ply OF stocks. and the market developed
practically uniform frmness, although, as
might be expected, not losing all signs of
irregularity.
The sensational feature of the market in
the early dealings was Pittsburg. Cincin-
natl, Chicago and st. Louis. The stock
opened at an advance Of seven points,
advanced thirteen points more. broke sew
enteen points, and subsequently rallied.
Such disorderly movements did not typify
the general market, although there were
a number of cases where the fluctuations,
while less wide, were almost equally err
ratio.
Foreign houses dealt in this market to
an extent estimated at from $4,000 10 1OO,-
600 shares, and, on balance, were sellers of
comparatively small amount of stocks.
All the anthracite coal stocks advanced
sharply on the belief that there will soon
be palpable evidence of changed trade con-
ditions. which are now only a matter Of
conjecture. The granger shares did not
participate fully III the general tendencies
of the market.
The industrial stocks took compare
lively small part in the days general mar
ket, the Paper shares and the Mailing is
sues being in the best demand. A large
business was done in the bond division Of
the market. The market closed strong and
active.