The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-05-19
New Workers Caught in a Squeeze
Caused by the Willard
Smith Fight.
The Shorts Thought the Stock
Would Ease Up But Made
asMiscaIcuIation.
The Willard Element sure of Their Tri-
umph, But the smith Faction Do
Not Admit Defeat.

NEW YORK, May 18-The stock market
opened to-day with moderate volume of
business, with Oregon Transcontinental up
\ per cent. The squeeze of the shorts in
that stock still kept the chief interest in it,
and Immediately after the opening il be-
gan 10 rise rapidly and touched fifty-hve,
an advance of 20 per cent from last even
ing's price. From this there was a reces-
sion even more rapid than the advance.
and the starting point was reached on the
back track in less ten minutes At the
highest figure there was a flood of stock
offered, and the price dropped 5 per cent
at time TO forty. Ii later sold at thirty
nine, but there was a demand for many
many thousand shares at that figure, and il
quickly moved back to forty-three, and at
the close sold at forty-two. The unlocked
for discovery Of a big short interest in
Oregon Transcontinental made the brokers
anxious about short accounts in other
stocks, and fears were everywhere ex-
pressed that the entire market was heavily
oversold. This feeling was increased by
the course OF st. Paul preferred, which ad-
vanced per cent. on an attempt 10 cover
short stock. The buying fever extended
to Atchison, and orders TO cover shorts in
that stock caused IL to advance sharply.
Burlington moved up 2 per cent and Rock
Island followed The entire bear contin-
gent left the street anxious about the fu-
ture, and they wait for Mondays opening
with fear ana trembling
At the Willard Office everything appeared
very quiet, in marked contrast to the ex-
citement at the stock exchange. Willard
was not down and his private secretary
explained the excitement on the street was
an outside matter with which Willard had
nothing 70 do. The fight for the control of
the stock at the election is over. and Willard
has POI. 200 shares out of total of 100000.
He adds that there will be nothing new in
the affairs of the company until the
election at Portland, Ore. in June.
The other party, 10 which belong Elijah
Smith. sydney Dillon, Frederick l.. Ames
and other well known men, claim they hold
a majority of the stock; that Willard cannot
possibly vote 20l.000 shares unless he has
SlO,OO0,O00 of treasury stock, in
spite OF the Injunction. The opposition is
sued a joint call for proxies this morning
and stated their policy would be in favor
Northern Pacific. St. Paul, Minneapolis &
Manitoba and Union Pacific including the
connecting line, the Oregon Railway x
Navigation company.
The Evening Post says :he corner was
undoubtedly brought about uniutentially
aud that the contest for the control OF the
TranscontInental was responsible for IL.
Many of the biggest houses in the street
thought that when buying for control was
over the price would fall back, and they
after the closing of the books a safe specu-
lation- This Is what they did and they
now find that all the floating stock has
been bought for election purposes. and the
owners of il do not intend to part with IL
at present. The shorts, in fact, cornered
themselves.