Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1901-06-07
LIVELY DAY ON CHANGE
Million a Minute In Stock Sales
u Wall Street Record.
UNPARALLELED SPECULATION.

Measengers Observation-Disclosures
In Demand at High Wages.
Every time the second hand in the
big clock on the Stock Exchange licked
off GO seconds on Tuesday, April 80. Sc
curities approximating 81, 200, 900 chang
ed hands. All speculation records were
broken, and the high water mark was
set 662, $50 shares higher than ever be-
fore. says the New York World. On
the New York Stock Exchange between
10 a. m. and 3 p. M. 3.314,1 100 shares
were bought and sold. Everybody was
speculation mad-millionaires, messen-
gers. clerks. bankers, office boys, scrub
women. financiers. Never was there
such a day. Everything went up. Con-
servation. %precaution, foresight, knowl-
edge, business-all were thrown to the
winds. Everybody wanted to buy, 40
body to sell. The madness seized ev-
erybody.
The New York Stock Exchange has
moved to the Produce Exchange while
its old building in New street is being
RACED, and a new splendid pile is be-
ing erected. With limited facilities.
with telephones hardly in working Or
der, with members not yet accustomed
to their bearings. Tuesday was n day
that made history.
Outside in the street the mighty COM
motion of 1900 brokers trying to buy
and sell at the same time in the face
of n tremendously rising market at
tracted a crowd of 1000 people. They
filled Whitehall street and Beaver
street, drawn by a riot Of e%cstatic spec
ulation. The Broadway cars were
blocked by the crowd. Inside was bed
lam. Union Pacific, once n drug On the
market, was mounting by point jumps.
Only Il little while ago it had been be-
low 100. Monday it touched lit. The
next day it scared. above 100.
"Morgan's in it."
This vas enough to send any stock
soaring. Nobody wanted to sell; every
body wanted to buy. And SO prices
mounted madly. The whisper Of j.
Pierpont Morgan's name was enough.
1t sent up anything. Nobody had time
to eat. All the restaurants in Wall
street suffered. Only lcisurely days
mean money for the purvcyors of food
to hungry brokers. Not a man Of them
dared leave his post on the floor for
mOr than a moment.
"Steel! Steel! STEEL"
That was the cry all day long. The
billion dollar trust was booming. Nor
gan's magic had made it. Men wanted
it at any price. Up, up. up went the
price. Talbot j. Taylor, son-in-law of
James r. Keene, took 100000 shares of
United States Steel alone. Every time
it broke a trife the Morgan brokers
rushed into the ring and bought all the
stock in sight.
"Keene's a bull!" was the cry.
1t vas true. The veteran bear had
realized that everything was going up.
and he was in to buy, not sell. as of
yore. He had been wise enough to
foresee the second triumph of sound
money. and he had switched off. "He's
made $20,OOO,OOO since the RISE" was
he gossip everywhere. and thousands
rushed in to duplicate his wonderful
winnings.
Every rule of speculation was knock
ed to flinders. Weeks ago conserva-
tive bankers and brokers began warn
ing their clients against overspecula-
ton. They were of the opinion that
prices were high enough even with un-
paralleled prosperity. They might just
as we'll have talked to the winds.
Since that time the market has given
them the lie. Great fortunes have been
piled up. All stocks of any value have
advanced from 10 to % points. Intoxi-
Gated with success, spectators have
scorned the warnings Of the wise.
Their seem boundless. Tues
days record for the day amounted to
1914 100 shares. This means 662, $40
shares an hour and 11.047 q minute.
Brokers receive one-eighth as commits
sion. The commissions amounted to
$414.2G2. or more than $4,000 q men,
Der. even IL he didn't make a penny in
the market.
But while these tremendous sales
were mounting up Wall street went
mad. Even clerks and messengers de-
serted their posts. They had realized
what was coming. and a good win
meant more than their places. They
swarmed about the new Stock Ex-
change, gambling mad. wild to hear the
news. They even distrusted the tick
ers because they could not get the
news out fast enough.
"Gates has made $40 10000" was the
cry.
1t was true. The story of how he
marketed 10000 shares of Steel com
MOI at an average of 81 was in every
mouth. This netted him $780, 900 alone.
His friends declared that he was $5,-
100000 richer than he was a year ago.
Nobody denied it.
Other fortunes piled up rapidly.
Clerks suddenly resigned their jobs be-
cause they had to watch their rapidly
increasing holdings. Messenger boys
who could be depended upon got a 100
per cent increase. Bookkeepers that
were glad to work for 500 a month a