The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-05-10

savings banks deposits with the deter
mination to make one successful
stroke and then retire with the pro-
ceeds. The demonstrations from this
class, which includes many women
spectators, furnished the hysterical
scenes and sensations of the day.
All classes of employees in the stock
exchange district were under tremen-
dous pressure throughout the day. The
impression made by contact with those
was due to their coolness and nerve
under the most trying and exciting
circumstances. Brokers, messenger
boys, telephone boys, clerks and the
like have learned during the past few
weeks to waste little time in demon
strations. They do things in the quiet.
est and shortest manner and so made
things go smoothly today at period
when a lack Of coolness might have
meant disaster to many persons.
Concerted Action To Support Market.
There was a strong feeling this
morning before trading had COM
menced on the stock exchange that
a panic could be averted only by the
strongest measures and with the great
est difficulty. The fact was apparent
when the corner in Northern Pacific
was still unbroken. The excited bid
ding last night to secure the stocn
for delivery today made that very
apparent. The first steps to avert
the panic were devoted to circulating
reports that the conference between
the contending interests in Northern
Pacific, which continued in one form
or another throughout the night, had
resulted in a compromise which would
free the shorts in the stock from their
compromised position. Their efforts
proved utterly ineffective in face Of
the first quotations of Northern Pa
cific on the tape. The price paid for
the stock ran up quickly to 5000 per
share and then to $500, to $500, and
even to $500 per share on regular
transactions and $1,000 per share for
cash. The cash price paid meant that
unfortunate shorts who were unable
to buy the stock last night for deliv-
cry today had to pay whatever price
the engineers of the corner chose to
ask for it. The figures indicated in
these open transactions meant ruin
for a very large outstanding short in
terest in the stock. The perception Of
this fact was the principal impelling
cause in producing the demoraliza-
ton in the stock market The con-
certed effort to support the market by
buying all stocks which might be Of
fered, which is always the most effec-
tive manner of dissuading persons
from selling and which was undertake
en-, according to the current belief in
Wall street caused some of the most
powerful capitalists in the country to
be swept away like whirlpool under
the deluge of offerings which came
upon the market.
AS prices began to go down the dis
position to buy ceased and the deter
mination to sell seemed to grow in
geometrical ratio, as a falling body
gains in velocity the further it falls.
Such shoveling out of stocks as oc-
Cured during the second hour OF to-
days stock market was never seen
before. Before sale had been made
at a fixed price broker would throw
in an additional block at anywhere
from 5 to 10 points lower without
stopping to demand any intermediate
price for his offering. The extent OF
the decline during the half hour was
as great in some cases as it hau TAX
en- weeks to attain on the advance,
although all observers have agreed
that the rate at which prices have
been going up has exceeded any pre-
vious experience.