New-York tribune., 1901-05-02
SOME RELIEF FOR BROKERS
PRESSURE OF BUSINESS ON STOCK EN-
CHANGE RELAXES A LITTLE.
PRODUCE EXCHANGE ASKED TO LEASE
MORE OF ITS FLOOR SPACE TO ITS
NOISY TENANTS-DEALING IN
UNION PACIFIC
UNION PACIFIC.

The Stock Exchange made another remarkable
record yesterday, for never before in its history
had it been heartily thankful in a rising market
that orders 70 buy showed d distinct falling Off
That the days sales were half a million less
than Tuesdays was regarded with joy rather
than regret by the overbUrdened brokers. How
glad their clerks were may be judged Py the fact
that the Stock Exchange clearing house had not
succeeded in balancing Tuesdays business until
far into yesterday afternoon.
The feature Of yesterdays market was the
enormous dealings in Union Pacific. 572.5O0
shares being bought and sold. while the total
of all shares dealt in was 2.SOI.2 200. One room
trader Otto Loeb. cleared $4,000 on sales Of
Union Pacific common shares. which it is said
he had been holding for months. This stock
jumped more than dozen points Some per-
sons thought this meant that the fight for con-
troll of the Union Pacific was still undecided.
but the prevailing opinion seemed to be that it
was caused by the widespread belief that Van
derbilt interests have captured Union Pacific and
that there will be guaranteed dividends on the
stock.
UNABLE TO EXECUTE ORDERS.
Some explained the falling off in business yes
terday by the actual inability of commission
houses to execute all their orders under the in
adequate cOnveniences to be found in the Stock
EXCHANGES new quarters Already the govern
ors of the Stock Exchange have opened negOtia-
tions with the Produce Exchange for more floor
space. They would take the whole floor if they
could get it. report says. On the other hand, so
distracting is the noise made by the Stock En-
change brokers that not few Produce Ex-
change men would be willing 10 pay big bonus
for the cancellation of the lease and restoration
of at least quiet enough in which to hear them
selves yell An application from the stock Ex-
change for an additional strip of the floor
twenty-five feet wide and extending from one
side of the room to the other will be considered
to-day by the Produce Exchange managers
MORE ROOM NEEDED.
Large as the space now is. the additional
amount Is badly needed for it is feared that a
continuation of business on the present scale
must result in a breakdown in some form 1t
is almost impossible to place orders with special
lists at any time. not to speak of the half hour
before the opening One commission broker
Yesterday had stop orders in twelve stocks and
three orders of over one thousand shares each
at the market at the opening. He could place
none of these. but had to take chances on them
all. Four-ifths of the men who usually confne
themselves to room trading are now doing moth
ing but executing orders.
The New-York Clearing House reflects the
stupendous volume of these financial transac-
tons. a day or two ago one check for $16,-
100000 passed through that institution. A few
years ago a check for S1QO00,O00 would have
been preserved as something worth looking at.
Now checks for $5,OOOOOO are not uncommon.
and a S10O00O0 check causes no comment at
all. The par value of bonds sold on the Stock
Exchange yesterday was $11 ,SS5,000. and this
makes new record in that direction. The tele-
graph companies say that never before has there
been such a demand for private or leased wires.