Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1878-12-26
A Boston Combination OutWitted.
San Francisco Evening Post. |

When the recent excitement in Sierra Nevada
and other north end stocks got fairly under
way, syndicate Of prominent Boston
capitalists was formed for the
in our market. This syndicate had its
headquarters with Stone d Bonner, leading
bankers on State street in that city, and about
$5.OOO, O0C was put up by the members for operat-
ing uses. The Boston syndicate was largely
on telegraphic orders to this CITY, Sierra Nevada,
were not confined to these stocks alone ow-
ever, for they corralled quite quantity of such
collaterals a. Gould 4 Curry, Savage, Hale g.
Norcross, Bullion, ETC., with the view that the
developments in the Sierra Nevada must cause
. vigorous appreciation ali along the Constock
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 successful
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 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
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 fight was going
on in the market between two rival combina-
ton struggling for power, but they placed very
little Importance upon the fact, feeling, like
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
realize all sanguine expectations of it's friends,
Immediately when cross-cutting commenced
on the twenty-five hundred foot level. The
great crash, therefore, took the Boston syndi-
cate unawares. 1t came stealthily as a theft
in the night, and the enormous shrinkage in
values happened so suddenly that they were
unable to dispose of scarcely any stock Their
profits were destroyed. But deeming 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 fearful shrinkage and
constant call for money caused the Boston
loaded to the gourds. They suspected that 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 circumstances-they
fell to anathemizing California, Nevada, the
mines and everything else connected with
them up hill and down dale. This morning
weswere shown, through the courtesy of local
operator, letter which. he recently received
from one of the members of the Boston
syndicate, and were PERMITTED to make the
following extract: ~ ~
:? Boston, Nov. 2o.-Your telegram of to-day
is before me. This break in California stocks
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