The Penn's Grove record., 1901-05-03

brokers, ~"Swamped" by Orders, Have
to Refuse Notwithstanding About
the Boom and the Immense Fortunes
Now Being Made in Wall Street.
New York City. - The Stock Ex-
change had another day of record
smashing on Tuesday. Recorded rams
actions ran up TO the enormous total
of over 100000 shares-to be exact,
3270,S51-which is more than 100000
shares greater than the record estab-
Iished OH 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-nlght sessions, banking and
brokerage firms have had to seek
larger quarters, and mechanical con
triyances 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 a tren-
zied and stock-mad public.
wall Street is one big vortex IN
which the speculative interests OF a
country whose people have recently
been handling more money than was
their wont are seething and eddying IN
n STYLE the hardest financial veteran
cannot explain, and that casts every
ordinary maxim to the winds. me
orders come from all over. the civilized
world. some of the big firms buying
on account of Russia, France ana
Germany. Canada felt the contagion
and there was considerable buying Tor
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 wills
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 tina
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 a 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
If news to account for the fluctuations,
The question arises: Who is making
all the money in Wall Street today
The reply seems to be that every one,
pretty much throughout the country
Is participating in Wall Streets pros
peffty. ! ever before has speculation
In stocks appealed to so many persons.
Men are specializing in Wall Street
who live as far west rs 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 its 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
EAIiItlSN LiS PEI IN Va -
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 1t possesses wealth in the
form of more gold than any other
monetary centre.
This growth is reflected on the Stock
Exchange by a dazzling increase of
business without any corresponding
increase of membership. The Stock
Exchange membership stands at 100
as it has for years. A recent PROPOSE
ton to increase the membership forty
was adversely decided. Memberships
have advanced in a year from $4,000
to $4,000, and ii the present business
is maintained tney will soon be quoted
at 100000. To say that Stock Elk
change members are growing rich Is
putting 1t mildly. They are growing
wealthy so fast that they have to re
fuse business. Many young men un
der t~hirty-ive years are earning mon
ey at the rate of $4,000 to 100000
year.
The great boom brings into sharp re
lief the commercial genius Of man!
men. Mr.. J. Pierpont Morgan stand
out as the leader of American finance
A mar would be blind, however, VIII,
shut his eyes to the great money-mak
ers of the West who are becoming per
manent residents of this city, The,
have startled conservative Wall Stree
with the force of their constructive ca
pacity, and are destined to be promin
ent figures in Wall Street in the yea
to come.
Volumes could be written Of recen
events. A great many Spectator
have been sadly deceived by the secr
rites market, and the conservativ
Wall Street man is practically speech
less by the stock market results a
measured by prices. Ask him what h
thinks of the market and the speculG
tive public, and he will most likely te
you that he has quit thinking about 1t