between trades, and the panic was spreading to the other poles, as is
always the case, for when there are sudden large losses in one stock, the
losers must throw over the other stocks they hold to meet this loss, and
thus the whole structure tumbles like a house of cards. Sugar had just
crossed 110 when the loud bang of the president's gavel resounded through
the room. Instantly there was a silence as of death. All knew the meaning
of the sound, the most ominous ever heard in a stock exchange, calling for
the temporary suspension of business while the president announces the
failure of some member or house.

Perkins, Blanchard & Company

Announce that They Cannot Meet Their Obligations

This statement that one of the oldest houses had been swamped in the crash
Bob had started caused further frantic selling, and, as though every
member had employed the lull to refill his lungs, a howl arose that pealed
and wailed to the dome.

I watched Bob closely; in fact, it was impossible for me to take my eyes
off him; he seemed absolutely unmindful of the agonised shrieks about him,
for the frenzied brokers were no longer crying their bids or offers, but
screaming them. He still continued relentlessly to hammer Sugar, offering
it in thousand and tens of thousand lots.

Again and again the gavel fell, and again and again an announcement of
failure was followed by blood-curdling howls. When Sugar struck 80--not
180, but plain 80--it seemed that the last day of stock speculation was
at hand. Announcements were being made every few minutes of the failure of
this bank, the closing of the doors of that trust company. Where would it