River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-12-26
A BOSTON Combination 0utwitted
lsan Francisco Evening Post.

San francisco Evening POST.
When the recent excitement in Sierra Nevada
and other north end stocks got fairly under
way, syndicate of prominent Boston
canitalists was formed for the
purpose of interesting themselves
in our market. This syndicate had its
headquarters with Stone d Bonner, leading
bankers on State street in that city, and about
S. O0O. OOC was put ID by the members for operat-
ing uses The Boston syndicate was largely
on teleglaphic orders to this city Sierra Nevada,
Union, Mexican and Opbir. Their purchases
were not confined to these stocks alone how
err for they corraled quite quantity OF such
eollaterals as Gould d Curry, Savage, Hale q
Norcross Bullion, etc., with the view that the
developments in the Sierra Nevada must cause
q vigorous appreeiatiou all along the Comstock
line. The syndicate received the best inform
alton obtainable by telegram from day to
day regarding the condition of the Sierra
Nevada etc., and the internal forces ct work
in the market. Having purchased most OF
the stocks before the imitation was at ITS
highest, and having made several success vi
turns with their holdings, the syndicate could
have cleaned up and retired from the field
before the final crash came, had they been
so disposed, with a third as much of our
peoples money as they themselves had origin
ally invested But like great many syndi-
Gates and combinations formed for the same
purpose on this coast the Boston capitalists were
thoroughly enthused and carried away by their
frat success. They hadn't had such glorious
opportunity to make money since the good old
times during the war, and they were going
to take ADVANTAGE of the occasion. They were
advised that some kind of a fight was going
on in the market between two rival oombina-
ton struggling for power, but they placed very
little Importance upon the fact, feeling ike
thousands of Others that none of the heavy
holders of the favorite stock would ever dream
of selling ont at less than $500 per share, and
that the Sierra Nevada mine was going to
all inc cancellations of its friends.
Immediately when cross-cutting commenced
on the TWENTY-FIVE hundred foot level. The
great crash, therefore, took the Boston syndl-
cate unawares. 1t came stealthlly as theft
in the night and the enormous shrlnkage In
values happened so suddenly that they were
unable to dispose of scarcely any stock. Their
profits were DESTROYED. But deemiug that the
decline was merely stock job result Of the
supposed fight between Flood and Skae, and
that the showing of the mine was not re-
sponsible they did what great many other
people nearer at have doue-average the cost
of their collaterals by purchasing more shares
on the decline. Two or three days OF aver
aging in the face of a fearful shrinkage and
constant call for money caused the Boston
syndicate to weaken. They found themselves
loaded to the gourds. They suspected chat some
thing was wrong. Not knowing exactly what
the something was, they did what has always
been deemed the proper thing by cas- ern
people, under similar COMMUNICATING
mines and everything else connected with
them up hill and down dale. This morning
weswere shown, through the courtesy of local
operator letter which be recently received
from one of the members of the Boston
syndicate, and were PERMITTED to make the
following extract;
BosroN. Nov. 20-Your telegram Of to-day
is before me. This break in California stocks
will tend to hurt business. People here are
inclined to consider the principals great Williams
and will not venture further. If the Sierra
Nevada developments prove as rich were
led to expect, it will change the sentiment
somewhat. Still the fearful decline will
shake confidence AMI our citizens will not he
disposed to go in again. Your people are worse
than folks here. If Sierra Nevada does not |
show huge body of ore it will be looked upon
as a scandalous job, and will give California |
very bad odor. | feel anxious to see the end of |
this. / am glad that am not more interested |
pecuniarily. However, you suggested, months |
ago, that such things might occur. but we
hardly believe it.
Just what is to blame for the havoc caused |
among our Boston friends is difficult matter |
to state A combination of things are at the |
bottom of the disaster, any one of which may /
have been the cause. The mine did not show !
Is rich as was expected on the 2,Io0 or 2,zJV /
levels II is quite certain that the large blocks |
of inside stock were thrown upon the market. |
The BONANZA fire. until recently made no effort |
to check the decline. But if the dissatisfaction
is great In Boston il is still greater here. More
anathemas on the market will be heard on Pine /
street in one hour than the staid old Hub |
in week. But we do believe the Sierra Nevada /
mine will yet come out all right. and that |
Boston will chance to get even on its invest |
ments; but il must not be impatient or too
hasty. Our folks ont here are not worse than
people there, the syndicate man to the contrary 1
If We possess any advantage /
over the syndicate. it is that they did not clean
up snd remove from this coast large profits 1
when they might easily have done so.
Mrs Tennyson, the wife OF the poet is 1
and has long been an invalid. 4 great
part of the time she reciiues on sofa IN
her drawing room, where she receives /
thelg guests and delights ell BY the wit
grace sna plsyssaess ef Ass talk.