The Topeka state journal., 1900-12-26
Climbs 2 3-8 Points Soon After
the Opening.
PENT UP EAGERNESS
Resulting From Three Days
IdIeness Breaks Forth.
Wild Rush of Bulls in the Early
Hours.

New York, Dec. 26.-There was another
wild and excited opening in the stock
market, the result of the accumulated
effects Of three days suspension of ac-
tive trading III stocks. The galleries
of the stock exchange were crowded as
they have been every morning lately, the
public being pretty sure of an exciting
and interesting scene on the floor. There
was very large attendance of brokers
on the floor, as periods like this are the
heyday of the stock brokers' fortune,
and he has enough business in few
hours to compensate for many months
of idleness and apathy while the pub
lie refrains from having anything to do
with stocks
The disposition to make hay while the
sun shines was manifest in the way
some of the price quotations were
handled, as well as In the execution of
mere commission orders. The interval
since Saturdays excited and buoyant
close in the stock market has been util-
lied in all the usual haunts of specu-
lators and trades to exchange all sorts
of rumorS of important new develop
ments affecting the value of stocks, and
without restraining influence of actual
money prices to establish the status of
these rumors and in the credulous mood
of the speculative public these rumors
had spread and grown.
The consequence was a wild rush to
buy a number of special stocks at the
opening. The opening in these was SEN
satona1 and the sympathetic effect on
the general list was buoyant, but the
action of the market after the opening
served to disclose the interesting fact
that while the appetite of those without
stocks had been whetted to a vora acious
degree, there were not wanting holders
of very large amounts of stocks who
were willing and anxious to part with
them at the high level of prices. Either
they were Skeptica1 of the rumOrS
affecting their stocks or they were salts
fed that, if true, the prices offered for
the stocks fairly represented the en-
hancement in value. The offerings to
sell were on such a large scale that there
were some abrupt losses of the large
price gains and the market became more
orderly, and dominated more by war
ranted assumptions and probabilities.
The most sensational movements at
the opening were in Brooklyn Transit,
in which buying orders were executed
for $500 shares soon after the chair
mans gavel fell The excited bidding
ran the price up to 51s over Saturdays
price. but at the same instant other
brokers in other parts of the same
crowd were buying the stock for rs
points lower. Sugar, st. Paul, Tennes-
see Coal, Erie first preferred, Atchison,
and some other stocks also had wide"
openings. the spread sometimes reach
ing a point or over, and the congestion
of buying orders leading to simultaneous
selling of 1000, 5000, 5000 and 5000
shares. Some of the opening gains
were Tennessee Coal 5%; Sugar. 3sz
St. Paul "a; American Tobacco, 25s;
Atchison, 23s; Kansas & Texas pre-
ferred, 21z st. Louis, Southwestern pre-
ferred, "a and may stocks from to 2
points.
The weakness of Northern Pacific was
an important influence in causing the
break from the opening prices Appar-
emily authentic denials were published
of any intention to reduce the preferred
stock on the coming first of January. A
failure to do this would take the edge
off much of the recent unbridled spec
ulation in this stock, and a break of 3A
in the stock with a. sympathetic decline
of nearly 3 points in the preferred re-
suited. Tennessee Coal, St. Paul, Sugar
ard American Tobacco lost practically
all their gains, Brooklyn Transit re-
acted ga and there were losses in inn
portant railway stocks reaching from
a fraction to a point before the decline
was checked and the quieter mood came
upon the market. The market continued
very active and broad even after this