Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-02
TIE BOON IN STOCKS
The Speculative Craze Getting
Beyond all Reason in
Wall Street.
Commission Brokers Are Unable
to Execute Orders OF
Their Patrons.
Many Large Winnings Are Re.
ported..Gates Clears
$500, 900 in U. P.

@5UU,VVU IN ". Z.
New York May 2.The5 present spec
ulatipn in stocks is unprecedented, and
the members of the stock exchange are
q hard Worked set of men and have
more thar they can do Old commits
lssiois houses have been begging stha spe-
cialists TO take their orders, and many
l5times have been turned away Disputes
rand misunderstanding have been nu-
nerous. and the tangle Will not be
frightened out for some time. Many
Specialists not only refuse 10 accept
stepsordsrs but they also refuse 10 ar
eeps orders from their regular custo-
tnsrs Other Specialists have had 10
| quit, as the strain was TO great This
has been especially true of the old men.
| The vigorous youngsters have had to
| fight their way in the big crowds, like
those of United states Steel and Union
Paeitic. and The old men could not com
pete With them.
Tbs average outsider believes that the.
broker has a Very easy time of ii and.
that all he has 10 do is 10 take a shovel:
and pile up a fortune Nothing is
farther from the truth Take. for in
stance. a commission broker who exc
cutes orders from other firms at 81 per
loo shares. Some Of these men are max
ing fran $500 10 $1,000 a day. but when.
they take such orders they assume re-
sponsibility for the proper execution of
lithenl. For example a broker yesterday
received an order 10 buy 1000 Union
Pacific II he market. He read the
order sell instead Of buy After he.
executed ~ and notified the senavr Of;
the erdsr the error was ascertained, and
the broker had to buy back the 5000
SHARES and 5000 more 10 make gopd the
mistake. Last night he was figuring
up that he had lost $4,000 on he trans
laotion, simply because in the excite
Iment he read sell" instead OF buy
Today II was announced that Two or
three more specialists had quit. The
strain and dread of costly errors were
responsible for their action. Mistakes.
are matters OF hourly occurrence. and
500 ones are commonplace. a broker is
responsible for his mistake, and thar is
Why many of the specialists ara in
cined 10 absent themselves in times of
panic or great excitement. Mistakes
arg 10 costly
Yesterday one specialist handled 50
many orders that he absolutely refused
- ss;nt5 reports until the day was closed.
''Yqur stock Mas bought or soltl. h.
explained 70 one commission house
but am 10 busy TO stop and send you.
Prices am handling enough business
TO Kill fwe ordinary men,.
Commission houses of course :'cfuse
10 accept s.np-l0ss orders, and he trad
ers Who made daily transactions in and
eut5of the market are now al i tre-
niendpns disadvantage, With the ticker
seven ar ten minutes behind. To show
how this works out. trader yesterday
had this experiences: Delaware ard
HUDSON was selling on the tape al l79
He. gave an order TO buy 100 shares a {
tire market as ii looked good enough.
far n %, and NJ Vas loaded win the.
stock at ISL. quite a bunch coming out
At that price. he decided 10 take
chances On a very small lass nr profit.
He gave an order "a sell 100 Delaware
anf,ts Hudson At the market. and the
Y,sge.z.ls. pot was 1901. In FIVE minutes
4 ~. taa ,ost $500 and was satisfied To
si,sI,ena his scalpin. operations. This
: t1rtt
tt,at his an extraordinary market.
I-njess there * s,n,e unforeseen cal
isT,,ify s,,a rrefits Of commission houses
.hiss vaa, v.;l, basstt,e ereatest in their.
.bi,.s,,.,- and n,ora .i,an one hroker will
+ 10 a.,ie. "a retire on a fortune Onlv4tswa
r,sr,r.t, ne, ago I,oi,is Rem and Edward Tall
est, ttvo of he q f,ies,t room traders II, al
a,.a,,, g,,,ara Tod On .t,a t,nar ,,f The a,,-
ahatee retired each credited with hay
ing aeeum,,lated $1,000 o0o Last, wear
/ the Cashier ,,f a litt1e commission honse
In BROAD stree, contracted The Yam,,inp
4 fever and started ~, nvra n, M on IN. h,,,I
side he ran a few thousand dollar,
4 mt, q roll mat enabled him "a b1y \
stocls aycharoe. scat HI. ca,1f,h. ,ba :, CO
a burlington q Quincy and rlave,, +, I,
# the limit Of ti, capital. he ann Quincy
4 and e,,,itet,ee, iy,,o, eock Islard ,yb..n n !,
! AIoora Rrothera boosted /, from 1g8 10
1s5 and then into I,nian I,acific A
I f-ianas If his said last NIGHT tbat =.
4 co,,,d il h.. wax, called ,,no, ,,red,,os J,
4 certified check for from s4o0, Oo, 4, $500 :
\ mo Two years q "a he was workina fnr
/ $50 4 week
John " Gate.ia balievaa 10 bsva
roada 500. ono an, of the I-nion 1,aaific
common ROC and Iaooh ryie.,d ana 80
Ibia lie,,tenants, rrol,.hi,. ala as ,,.a,,