New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1879-01-01
a BOSTON Combination Outwitse,|
San Francisco Evening Post

/ -s=i-. ~ iSoh ~ dAS1SCO evening fOSt. 81
| When the recent excitement in Sierra NevlFFS
and other north end stocks got fairly u,
way, syndicate Of prominent Bo.
capitalists was formed for
purpose of interesting themss
in our market. This syndicate had,
headquarters with Stone Il Donner, led
bankers on State street in that city, and a .
$1,000, OOc was put up by the members for OF ~
ing uses The Boston syndicate was lar N
on Geographic orders to this city, Sierra Ne,
Union, Mexican and Ophir Their purchasl .
were not confined to these stocks alone cva
sver Tor they corralled quite quantity of sucH
collaterals as Gould 4 Curry, Savage. Hale 4
Norcross, Bullion etc., with the view that tn
developments in the Sierra Nevada must caus
vigorous appreciation all along the Comstocla
| line. The syndicate received the best informf
alton obtalnable by telegram from day Ass
day regarding the condition of the Serf
| Nevada, ETC.. and the internal forces 1T wo,
IN the market. Having purchased most o
| the stocks before the imitation was at il
highest, and having made several successful
| turns with their holdings the syndicate coul 4,
have cleaned up and retired from the fie I
before the final crash came. had they b
so disposed, with third as much of +
people money as they themselves had oril
| ally invested, But like great many syn
Gates and combinations formed for the sam
purpose on this coast, the Boston capitalists wer
thoroughly enthused and carried away by their
first success. They hadn It 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 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, a
nQf $no do
realize all sanguine expeditions of its freh -.
| hmm diately when croSkcutting commence.
on the twenty-five hundred foot level Tl5'
great crash, therefore, took the Boston syri
cate unawares. It came stealthily as
in the night, and the enormous shrinkal
values happened SO suddeHy that, they
unable to dispose of scarcely any stock. jr
| profits were destroyed Bnt deeming that Tie
decline was merely stock 5eb, l. result of the
supposed fight between Flood and Skae and
that the showing Of the mine was not Ae-
sponsible, they did what great many other
of their collaterals by purchasing more share,
on the decline. Two or three days of I.ver-
aging in the face Of fearful shrinkage ahC
constant call for money caused the Bosom
syndicate to weaken. They found themselves
loaded to the gourds. They suspected that some
thing was wrong. Not knowing exactly what
the something was, they did what has always
people, under similar circumstances-they
fell to anathemizing California, Nevada the
mines and everything else connected wit i
them up hill and down dnle. This mornint
weswere shown, through the: courtesy of , locs
operator, a letter which he recently receive
from one of the members of the BoStoit
syndicate and were PERMITTED to make tn I
following extract: @ j. I
, BosTon Nov. 2O-Your telegram Of Pso-dsl
is before me. This break il California stock
will tend to hurt business. People here at :
inclinedto consider the principals great tilliaat
and will not venture further. 1t the Sierra
Nevada developments prove as rich as WI wee
, led to expect, it will change the sentiment
somewhat. Still the fearful decline will
, shake confidence, and our citizens will not be
7 disposed to 90 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 scandalous job, and wiz give California
t very bad odor. feel anxious to see the END Of
o this. lam glad that am not more lnterestea
/ pecuniarily. However, yousuggested, montps
! 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 a difficult matte
? to state. A combination of things are at the
: bottom Of the disaster, any one OF which ma!
9 have been the cause. The mine did not show
Q as rich as was expected on the 2. 100 or wv
levels. 1t is quite certain that the large blocks
n of inside stock were thrown upon the marry
. The bonanza firm until recently made no en5r
. to check the decline. But it the dissatisfaction
is great in Boston it is still greater here. Nor
9 anathemas on the market wall be heard on RI
q street in one hour than the staid old "H9
Il IN a week. But we do believe the Sierra Ne
q mine will yet come out all right, and
d Boston will a chance to get even on Its IN.
ments; but it must not be impatient or j.
hasty. Our folks out here are not worse t4l
. people there, the syndicate man to the contIar!
= Notwithstanding. IF we possess any advantas
over the syndicate, it is that they did not eeal
u up and remove from this coast large proh'