New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-24
STOCKS IN A MAD WHIRL.
YESTERDAYS TRADING SMASHEs ALL
PREVIOUS RECORDS.
MORE THAN A MILLION AND A HALF
sALEs-RoCKET-LIKE COURSE OF PAN
HANDLE"-w1LD SCENES IN THE
COIrRSE 0E THE TRADING

COURSE OF THE TRADING.
History was made yesterday by the New-York
Stock Exchange, when transactions or the enor-
nous aggregate of / 527 644 shares OF stock and
IS ,S61.O 900 (par vauO OF bonds were recorded.
When. on last Friday, the trading amounted to
1,212S37 shares. It was generally thought that
record which would stand had been made but
Yesterdays sales surpassed that vast total by
more than 100000 shares. The fluctuations OF
the first hour were wild beyond all precedent
Buying orders had accumulated in huge Volume
over Sunday. and the scene on the hoor. whlch
was watched by crowds OF visitors in the gal
leries, was intensely interesting and eXclthe
from the instant the chairman's Gavel fell al
10 o'clock. At every trading-post swarmed the
brokers. yelling their bids and acceptances IN
determined effort to execute the orders lntrusteu
to them and gesticulating frantcally TO at
tract the attention OF the men with whom they
wished to trade The telephone bells in the
scores Of booths along the sides Of the roo"
tinkled as they had never tinked before Clerks
and messenger boys dashed in and out OF the
New-st. entrance at top speed. the callooys on
the floor Of the Exchange rushed about unceas-
ingly. and the reporters OF quotations were so
sw;auped with work that the 'tlckers" in the
brokers' Offices were at times ten 10 fifteen MIN
utes behindhand In recording the dealings
Every brokerage Office had its crowd OF Gus
toners some studying the ever-shifting ngures
Of the quotation board, others more eager sur
rounding the ticker and the tape-basket' read
ing off the prices as they were printed IN emu
lass succession on the narrow ribbon Of paper
paid out without pause from the instrument
.pANHANDLE's" REMARKABLE COURSE
Many stocks had violent ups and downs ou'
the most astonishing movement was IN lhe oO'i'-
mon stock OF Pittsburg. Cincinnati. chicago anu
st Louis popularly known as the "Panhanole
road. This stock closed on Saturday al oo1s'
after a rather dull week In the interval be-
tween Saturday noon and the opening yester-
day. however, many persons we're led TO FORM
the opinion that exceedingly important develop
nnents favorable 10 the Panhandle were near
in regard 10 the relations between that roao
and the Pennsylvania. Acting upon this belief
they sent in orders to their brokers to ouy thls
stock The pressure to buy was so powerful
that the Panhandle" common opened al 49, o7s
above the close on Saturday. The bears were
thrown into a panic and rushed In 10 cover
their short contracts by purchasing at any price
the needed stock Under the combined influence
Of the urgent buying by the shorts and the
specuiators for the rise the price bounded up
ward until IS was reached, an advance Of nearly
90 per cent over Saturdays last figure. Then
great quantities OF shares were thrown on the
market by the banking houses and individuals
who desired 10 take profits. and Panhandle
went clattering down 10 10. the whole move
ment having taken only fifteen or twenty min
utes Subsequently the stock recovered on ad-
ditional buying orders, and closed at a. a net
gain for the day Of SIS per cent.
Next TO Panhandle" Canada Southern sup
piled the chief sensation Of the early morning
1t opened at 61l1. points above Saturdays
close and was rapidly bid UP to 70. In as few
minutes ag it had taken IT TO reach this high
level It dropped back TO 61 and then TO 60, under
the inluenc., of heavy realizing sales. Then it
slowly began to ascend the scale again, and the
close Of business found IT at 63, an advance for
the day of 3la per cent
Almost the largest transactions OF the day
were in Reading first preferred, OF which 13SoOO
shares were sold Like all the other active
stocks It opened above Saturdays hnal price.
The first sale was at 59%. Saturdays close
having been 5SA, and the movement was COM
parativey steady TO the higher plane which II
attained az the close Of business, when the price
was 64% a net gain OF 611 per cent-the stock
having meanwhile gone as high 66 and as low
as 577s. The Cleveland. Cincinnati, Chicago and
St. Louis. the Big Four line. made net gain
OF 01z, ranging between 40 anu "a ailu OlOoi4e
at So the advance being credited TO positive
declarations from some sources that the Van
derbnts have secured absolute control or the
big Four" road
The biggest business OF the day was done IN
Ontario and Western. Of which 211.162 shares
were sold. This stock like Reading seemed TO
be in demand In consequence OF the popular De-
lief In Wall Street that plan for benehtng the
] te rty issued.
first sale Of Ontario and Western yesterday
morning was al 19a. only y above the previous
business days close. II hung fire for the first
hour or two but in the afternoon began 70 shoot
ebvvord the cIose being at 24n. a gain for the
day OF 5ls per cent.
SOME NOTEWORTHY ADVANCES.
Some Of the other noteworthy advances were'