The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-04-04
Wild Scramble in the New York
Stock Exchange.
Bewildering Fluctuations Char
acterized the Session.
SPECULATION FEVER.
Appears to Have Attacked the
Whole Country at Once.
Rock Island Shot Up to 4 Sd
Raided Down 2 ga.


lation in stocks started off with a rush
and roar this morning. The breaking of
stocks in all departments OF the list
showed frantic eagerness and the re-
Sult-Was some wild and bewilder1ng huc-
tuaf1on in prices The extraordinary adj
Vances IN yesterdays stock market
seemed to have awakened a fever of
speculation all through the country and
the result was heavy congestion of
buying orders in commission brolxerages
this morning.
Apparently there were many of these
eager Spectators who had placed no
limit as to price in their orders, but
had instructed their agents to buy round
amounts of various stocks at 1.-The mar
ket-" With their pockets full of these
ORDERS the brokers were naturally in a
hlgnly nervous and excited condition
when they gathered on the floor of the
exchange shortly before the opening.
Ihere was a general atmosphere of ito
do or to die in the big board room
when the cha1rman'S gaVel fell, mark
ing the beginning of the trading. There
was very full attendance and every
body seemed to have something to do
The spectators in the gallery witnessed
a scrimmage which proved to be highly
entertaining.
The scene was one Of confusion con-
founded, and even the most skilfuI floor
operators found difficulty in following
the chord of events. Stocks changed
hands at the same instant in the same
group at widely varying prices One
broker was eagerly selling Missouri
Pacific at 105, While another was fran
tically bidding 1861 for the stock and
paying that price for it. In Northwest
ern the opening spread was as wide as
three points, simultaneous sales being
made at 100 and 1913.
AS soon as actual quotations began to
be made the trading was reduced to
little more form and order. But prices
continued to fiuctuate in a very wild and
feveriSh manner. The opening bulge car
ried Rock Island AZ over last night, ST.
Paul and Northwestern 2sz, Missouri 2ss,
Illinois Central 81, Colorado Fuel 61z,
New York Central As, Pennsylvania 2A
and Peoples Gas, Louisville, Sugar,
Tobacco and q number Of less important
stocks two points. The list Of gains of
one to two points was a long one.
With this buoyant rise on top Of yes
terday's surprising gains, the operators
who had bought yesterday with seeming
recklessness, sold again with a similar
indifference without exactitude in prices.
satisfied to skim the cream OF their
profits and get out. Prices yielded by
Vloient intervals, While the constant re-
Enforcement Of the buying demand
caused caused sensational rebounds, the
prices on the recovery in some cases ex-
ceeding the first high level. But on each
advance the market staggered under the
avalanche of stock which was hurled at
it to realize profits
The relapse during the first hour ran
TO As IN Burlington, "A in Rock Island.
5 in Delaware & Hudson, 31h each in To-
bacco and Illinois Central, 35k In North
western and 255 in Missouri Pacific and
in a long list of stocks.
RED under last night under the pres
sure Of the tremendous liquidation
United States Steel stocks particularly
ruled under last night, the preferred to
the extent of a point, through the ex-
element With the working off of the
over night accumulation of orders the
huctuation Of prices became less violent
although the trading continued very
heavy and the price movement wide and
confused But the excitement died out
considerably and an attitude Of waiting
for further developments prevailed
Later in the day as the liquidation
had somewhat spent its force the spec
ulative leaders endeavored to revive the
enthusiasm by developing new points Of
strength New York Central was lifted
to 1851 and Pennsylvania to 1874 There
were striking gains all through the list
of trunk lines and Vanderbilts. AmaIga-
mated Copper was also pushed up an
extreme Az The liquidation was re-
newed at other points in list and there
were some violent declines and sensa-
tiOnal rebounds. the market becoming
extremely feverish and irregular again
Rock Island was raided down to 14S |
IA below the high point and other stocks |
fell to the lowest again. The excitement |
and wide fuctuation of prices continued |
during the rest of the session as con- |
test between the bull and bear factions !