The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-05-14
NO GENERAL DISASTER.

While the crash on Wall street
squeezed some firms and individuals
pretty hard, the apprehension enter
tanned in some quarters that the ef-
fects would be widespread and prob
ably provocative of a general tight
ness in monetary matters appears to
have been groundless. The demorali-
cation which existed at the close of
Thursdays trading, according to all
reports, was only short lived and when
'the street. was ready for business
Friday morning a feeling of confidence
amounting to almost buoyancy per-
vaded speculative quarters n the eff
feet became apparent at. once by the
rapid advance in the price of all
stocks. industrial and commercial.
The feeling of security was further
enhanced by the announcement that
the sheets of all the members Of the
exchange were clear and that not a
single failure had followed as the
result of the previous days slump.
The measures taken over night to
clear the situation by permitting the
shorts to settle their losses at a low
figure instead of holding them to the
highest notch at which the disturbing
stock sold also had a tendency to re-
lieve the situation, as all could settle
on this basis, while to have held them
to the full amount of their losses
would probably have forced more than
one concern to the wall. The gam
bling spirit which prevails in the
speculative ranks at once made itself
apparent by the desire of some of the
more %sanguine to again boom the mar
ket and possibly enc the events of
the past few weeks. Ineir efforts,
fortunately, met with but little en-
couragement and matters were permit
ted to run along on more reasonable
and conservative lines. The reaction
which followed the previous days
break, however, was remarkable, and
the rebound in prices was a surprise
TO the oldest and most sanguine trad
er.
A particularly interesting feature in
connection with the whole affair is
the uncertainty which still exists at
this writing concerning the identity
of the parties who emerged as the vic
tors in the fierce struggle for suprema-
cy in the affairs of the Northern Pa
cific, the struggle which in reality was
responsible for the entire dazzling
performance Of the days preceding the
final collapse. Both sides to the fight
claim to hold control. 1t was be-
lieved that when the settlement with
the shorts was made all doubt would
be removed, but this belief was not to
be verified. The dispatches say that
when accounts were squared no stock,
or almost none, was upon the mar
ket, showing that the contesting par
ties were not yet prepared to let go
n giving evidence that the fight then
was Sail not over. 1t seems a set
tied fact, however, that the deal
with the Burlington is to be consum-
mated, whichever side wins, but pos
sibly along lines different than were
originally contemplated. The Harri-
man interests appear to have dipped
in oeep enough to give them a voice
when the time comes for a final ad-
justment and ratification of the tran
saction. Should this prove to be the
case the danger which the Union Pa.
cific had reason to fear will have been
averted and arrangements will no
doubt be made that will maintain
peace between the transcontinental
lines, as a division of business will be
agreed upon satisfactorily to all con.
cerned. 1t was for this that the bat
tie was principally waged.