The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-10

which includes many women spectators,
furnished the hysterical scenes and sensa-
tions of the day.
All classes of employees in the Stock Ex-
change district were under tremendous
pressure throughout the day. The impress
sion produced by contact with those was
due to their GOODNESS and nerve under the
most trying and exciting circumstances.
Brokers, messenger boys, telephone boys,
clerks and the like have learned during the
last few weeks TO waste little time in dem
onstrations. They do things in the quickest
and shortest manner. and so made things
go smoothly to-day at period when lack
of GOODNESS might have meant disaster to
many persons.
There was a strong feeling this morning.
before proceedings had commenced on the
Stock Exchange, that a panic could be
averted only by the strongest measures
and with the greatest difficulty. The fact
was apparent that the corner in Northern
! Pacific was still unbroken. The excited
bidding last night to secure the stock for
Selivery to-day made that very apparent.
.he first steps to avert the panic were
devoted to circulating reports that the
conferences between the contending inter-
ests In Northern Pacific, which continued in
one form another throughout the night,
had resulted in a compromise which woul1
free the shorts in the stock from their
compromised position. These efforts proved
utterly ineffective in face of the first
quotations for Northern Pacific on the
tape. The price paid for the stock ran
UP quickly to 500 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 bor
row the stock last night for delivery to-
oay had TO pay whatever cash price the
engineers of the corner chose to ask for it.
The figures indicated in these opening
transactions meant ruin for a very large
outstanding short interest in the stock.
The perception of this fact was the prin-
cipal impelng cause in producing the
decentralization in the stock market.
DELUGE OF OFFERINGS.
The concerted effort TO support the mar
ket by buying all stocks which might be
offered. which is always the most effective
r.anner of dissuading persons from selling
and which was undertaken, according to
the current belief in Wall street, by some
of the most powerful capitalists in the
OF offerings which came upon the market.
rs prices began to go down the disposition
to buy decreased and the determination TO
sell seemed TO grow Such a shovelng out
OF stocks as occurred during the second
hour of to-days market was never seen.
After a sale had been made to a fixed price
broker would throw in an additional
t.ock at anywhere from to 10 points lower
without stopping 10 demand any inter-
mediate price for his Offering. The extent
OF the decline during the half hour was as
great IN some cases as has taken weeks to
attain on the advance. although all OBJ
servers have agreed that the rate at which
prices have been going up has exceeded
any previous experience.
The figures alone suffice TO indicate the
proportions of the drop. In Delaware &
Hudson the extreme decline was 50 points;
Manhattan. ISIS Rock Island, 35ls; Union
Pacific. SS: Atchison. S4ia; Atchison pre-
ferred. 2Sis: St Paul. Soi.; Missouri Pacific.
80: Southern Pacific 29s4, United States
Steel preferred. 26is. while range of TO 90
points would cover the collapse in nearly
every active stock on the exchange.
In the outside market the stress of the de-
mand FOR funds was shown by the per-
pendicular drop in the price of Standard Oil
OF III points over night. The stock sold al
$50. compared with S2l last night. The same
urgent need was reflected in the bond mar
ket. where all grades OF bonds were offered
on a declining scale. The sacrifices there
were naturally-much less than in the stock
district of the market After the turn in
the market came. which il did about noon,
some noticeable selling OF bonds still con-
tinued and this was explained being due
10 a wish TO secure funds TO buy stocks al
the attractive level of prices TO which the
market had fallen. In fact the bargain
hunter was on hand and alert and even in
such a scene OF disaster as that presented
there are those who reap the benefit The
drop in prices carried stocks OF many sub
stantial properties down 10 a level at which
the current rate of dividends paid upon
them. and well assured make them at
tractive investments.
DUE TO OVERSPECULATION.
IL was very notable fact that through
out the most acute period OF to-dsy's dis
turbance there was nothing heard to indi-
cate doubt of the sound and prosperous
conditions OF industry and business at large