The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1901-05-15
MAD RUSH FOR FORTUNES
The Unprecedented Speculative Move
ment in Wall Street Continues.
ALL PREVIOUS RECORDS BROKEN

Tremendous Activity in Special Stocks -
Brokers, "Swamped" by Orders. Have
to Refuse misunderstanding Abou
the Boom and tho Immense Fortune'
Now Being Made In Wall Street.
New York City. - The Stock Ex'
change had another day of record
smashing on Tuesday. Recorded trans
actions ran up to the enormous total
of over 100000 shares-to be exact
S,27O,S51-which is more than 6OO,0oO
shares greater than the record estab-
Ished on the day previous, and almost
100000 shares greater than the rec
ord previous to that.
The clerical forces Of the Street are
demoralized, the Clearing House IS
having all-night sessions, banking and
brokerage firms have had to seek
larger quarters, and mechanical con-
trivances are at length the last resort
of the board room of the big bourse
adopted by the over-strained brokers
to Keep up with the orders OF fren-
zled and stock-mad public.
Wall Street is one big vortex IN
which the speculative interests OF q
country whose people have recently
been handling more money than was
their wont are seething and eddying IN
q style the hardest financial veteran
cannot explain, and that casts every
ordinary maxim to the winds. Inc
orders come from all over the civilized
world. some of the big firms buying
on account of Russia, France and
Germany. Canada felt the contagion
and there was considerable buying for
men who live in Ontario and Montreal.
One of the significant features Of
the market, which perhaps was not
caught by the outsiders during the
tremendous business, was the fact that
the bankers put up the rate of interest
to six per cent. 1t has ruled between
three and four per cent. 1t was whis-
pered that some of the great bankers
have grown wary, thinking that the
market has passed all sanity, and pro-
pose, if they can, to repress the fever.
The brokers cannot complain that
the public is not in the market. Inter-
est in stock speculation to-day is prob
ably more widespread than it has ever
been before. For months there has
been more or less of short interest In
the market and the powerful manipu-
lation aided by the public, has driven
the bears to grief not once, but many
times. AS usual there was an absence
Of news to account for the fluctuations.
The question arises: Who is making
ali the money in Wall Street to-day?
The reply seems to be that every one,
pretty much throughout the country
Is participating in Wall Streets pros
perity. ever before has speculation
In stocks appealed to so many persons.
Men are speculating In Wall Street
who live as far west as Denver, San
Francisco and Seattle. They arrange
for the quotations via special wire or
receive them at periodic intervals dur
ing the day. Then again, Chicago,
with it's many important commission
houses, tapping by wire the numerous
rich and populous cities of the middle
West, is doing an enormous business.
Of course in the enormous growth
which has resulted in giving Wall
Street the unique position that 1t en-
Joys as in some respects the first
money market of the world, the Stock
Exchange has perfected one Of the
finest monopolies in the world. While
Wall Street does not possess the far
reaching lines of Lombard Street
throughout the world, it is acknowl-
edged to be the money market leader
in that it possesses wealth in the
form Of more gold than any other
monetary centre.
This growth is reflected On the Stock
Exchange by q dazzling increase Of
business without any corresponding
increase of membership. The Stock
Exchange membership stands at 100,
as 1t has for years. A recent PROPOSE
ton to increase the membership forty
was adversely decided. Memberships
have advanced in year from $4,000
to $4,000. and if the present business
is maintained they will soon be quoted
at 100000. To say that Stock Ex-
change members are growing rich is
putting it mildly. They are growing
wealthy so fast that they have to re-
fuse business. Many young men un-
der thirty-five years are earning mon
ey at the rate of $4,000 to 100000 a
year.
The great boom brings into sharp re.
lief the commercial genius Of many
men. Mr.. J. Pierpont Morgan stands
out as the leader of American finance.
A man would be blind, however. who
shut his eyes to the great money-mak-
ers of the West who are becoming per-
manent residents of this city. They
have startled conservative Wall Street
with the force Of their constructive ca
pacity. and are destined to be promin-
ent figures in. Wall Street in the year
to come.
Volumes could be written Of recent
events. A great many spectators
have been sadly deceived by the secu-
rites market, and the conservative
Wall Street man is practically speech
less by the stock market results as
measured by prices. Ask him what he
thinks of the market and the specula-
tive public, and he will most likely tell
you that he has quit thinking about it.
Killed Himself For Trlfe.
The siy-masted schooner George W.
Wells came into port at Boston with
the news that Engineer William Matt.
son jumped overheard and drowned
in fir of desDOndency over badly in