Morris tribune., 1901-04-06

1
Staggered by the Avalanche of Sell
ing by Spectators in Order to Re
alize Profits.
New York. April 5s-Speculation in
stocks started off with a\rush and q
roar. Buying IN al departments
showed g frantic eagGrn6ss and the
result was some wild and bewii!ltder-
ing fluctuations III prices. Extraor-
binary advances in Wednesdays stock
market seemed to have awakened the
fever of speculation all through the
country and the result vas g heavy
congestion of buying orders In Cons
mission brokerage Offices. Appar6nt-.
" there We're, many Of these specu-
lators who had placed no limit as to
PRICE in their orders, but had instruct
ed their agents to buy round amounts
of various stocks 'tat the market
With their pockets full Of these orders
the brokers were naturally in a highly
nervous and excited condition when
they gathered on the floor of the Elk
change shortly before the opening.
There was a general atmosphere Of
ITO do or to de-" In the big board
room when the chairman's gavel fell.
marking the beginning of the trading.
There was very full attendance and
everybody seemed to have something
to do. The spectators in.,the gallery
witnessed scrimmage which proved
to be highly entertaining: The scene
vas one Ct Confusion and even The
most gkfliful flq6F operators found
difficulty in following the course of
events. Stocks changed hands at The
same instant in the same, gfoup. at
widely varying. prices. One broker
was eagerly selling Missouri at los,
while another was frantically bidding
106 ga for the, stock and paying Il
price for It, In Northwestern the
opening spread was as wide as 8
points, simultaneous sales being made
at 100 and 1913. AS soon as
Actual Quotations Began to Be Made
the trading was reduced to a little
more form and order. ]. But prices con-
tinued to fuctuate in very wild and
feverish manner. The opening bulge
carried Rock Island 3-4 over the
previous night, st. Paul and North
western 2 "a, Missouri Pacific 2 SIS,
Illinois Central Ia, Colorado Fuel
6 IL, New York Central 2 3-8, Penn
sylvania Ia and Peoples Gas, Louis
vile, Sugar, Tobacco and number
of less important stocks 2 points.
The list of gains of / to points was
a long one.
With this buoyant rise on top of
Wednesdays surprising gains. the OPP
orators who had bought Wednesday
with seeming recklessness sold again /
with a. similar Indifference without
exactitude in price, satisfied to skim
the cream Of their profits and get out.
Prices yielded by violent intervals,
while constant reinforcements of the
buying demand caused sensational re
bounds, the prices on the recovery in
some cases exceeding the first high
level But on each advance the mar
ket staggered under the avalanche
IF stock which was hurled at it to
'ealize profits.
The relapse during the first hour
an to SO in Burlington, 4 ia in
Rock Island, 5 in Delaware and Hud-
son, IL each in Tobacco and iii
lois Central, 8 5-8 in Northwestern
md 2 IL in Missouri Pacific and 2
n along list of stocks.
With the working off of the over
light accumulation of orders the fuc-
uations Of prices became much less
'iolent, although the trading contin-
led very heavy and the price move
nent wide and confused. But the
excitement died out considerably and
y attitude of waiting for further de-
prevailed.