New-York tribune., 1906-08-19
WALL ST. MAKES RECORD
BIGGEST SATURDAY, YET.
Busang Frenzy Continues and Stocks
Still Soar.

The frenzied stock market which began
rdaay morning with the announcement of the
g,rrtnan roads dividends. eliminated yesterday
be Wild burst OF excitement which sent stocks
.HeIong the line rocketing, landed the Hartman
sosss several points higher, and rolled up a
,sOgd breaking total of sales for a Saturday
1885 600 shares. Buying Of almost every stock
-,s tremendous. Orders had piled up long. be-
sre the opening OF the Exchange. and the short
$40 hours business on the floor resembled the
-.sdened rush of mob after prey.
Uncn Pacific which closed on Friday night
r l7Ss touched 1S5, and closed at 1s4A.
Southern Pacific, closing at S71s Friday. reached
81 selling of at closing to 9O% Sales Of Union
Pachc were 252.1oO shares. and OF Southern
rssac 90, 800 The volume OF business in sew
s-,l other active stocks was almost as large. and
aims we're proportionately as great. Penn
rlyania. with sales of 132,50O shares, touched
,g making a net gain Of 2A points United
s,rtss Steel on sales Of more than 100000
ssares vent up rs points. Reading came into
fhe spiurge. rising points on sales Of 1880
GaEes
Just how long this bewiidering ascent Of the
socks and overwhelming food Of buying can
u-inue is bothering many Of the brokers.
Many declared that it looked like a small
Flower boom" and hoped the bottom wouldn't
al out as happened the death Of Governor
Ewe- Most of them, however, did not concern
fn-selves with idle considerations Of that sort,
hmecuted the orders which rushed in by the
gwe And while many were anxious 10 buy, as
nssy were eager 20 sell. and the declaration Uas
ns6s al the close Of the Exchange that the ac-
runulated holdings of months had been shunted
e by many operators who had not dared TO
Rrt with them before.
EXCHANGE FLOOR CROWDED.
Before the market opened the hoorsof the ex-
thange was thronged with excited brokers' and
ihe visitors galleries were packed. When the
glval fell business began with great rush
that for a time the brokers found difficulty in
making their comparisons. Five minutes after
he opening Union Pacific appeared. 10000
shares. ct from 1914 10 1S5. a tremendous gain
wenight. Southern Pacific had preceded it,
$500 shares. at from 50 to 902s. also strong
gain Steel common opened with 10000 shares
4S5s TO 44l4. and Pennsylvania, 10000 shares
a from l45 to 145Ia, where on Friday it was
Sx
Gher stocks. also were sold in large blocks,
ey9 and l00o lots and the prediction was
made that probably in the first minute Of bust
iss l50Oo shares had changed hands. At that
fsaFe record for the first minute probably
sead have been established. The rush did not
1sie afier the first few minutes, either Sale
~hr sale Of large blocks of various stocks was
71fced on the tape, almost invariably at slight
: increased prices. although a few stocks went
@sh trihe on big profit taking sales. After
s hrs' hour the breaking OF the record looked
slah and the developments of the day did not
-'s appearances The largest Saturday total
j. 'ess'ered on February - 1906 when the
e' mounted 10 l.272.s9l, caused by hull
- n Union Pacific and New York Central
-, along by stories of the greatest railroad
me age Subsequently came the collapse
HOW THE FRENZY BEGAN
eieiary Ely Of the Stock Exchange said yes
usE mat the notices of the Hartman divi-
We're posted on the floor Of the exchange
iHeay for At least five minutes before the
- ,sl'cenent was flashed over the tape and
=, 1g began Formal announcements from
,,s uuVe committees Of the Union Pacific
F-sher 1oalhern Pacific were received by him on
80 morning al 80 O'Clock, he said. The
-, S were so stupendous that he determined
ny Them before having them posted. There
u 'ie delay in obtaining telephone connec-
DE. 'a NE due verihcation, and when the no.
'e posted il probably was 1915 a. m. A
'les ger he tickers flashed the word
=, sioliowing formal statement was given out
,o,,.- Union Pacific offices. in answer 20 the
-. criticism among bankers and broker
q. FUSES concerning the failure to announce
=, '4aend rates Thursday after the meetings
executive committees.
an ,bs ocssds s Of directors Of the Union Pacific
s8,bo.se southern Pacific met on Wednesday and
tr. --eo action the dividends Fy he evac,,-
n I9ninittees ~
ocoelo, o,'5IaanitteeE however. did not meet until
gtbs - thursday afternoon, and formal notice
% fbs -eciaIation of the dividend was delivered
d n Friday "eio'e
~. Vas supplemented by an explanation
"a Joseph HELEN. assistant secretary OF the
n.,. 49, Facihe. who declared. that the announce
\, vas not made Immediately after the meet
y. VI thursday because the Stock Exchange
4. .ad closed for the day. and Il was not
r,, 60 fair 10 give the London market the
st,s apfaniaee which it would have had II the
Na rates were matte public then
d, ne preferred 10 hold them until morning. and
a.. NE New York Stock Exchange all the adj
-i'ase' said he
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