The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-15
AN EVENTFUL DAY
Exciting Scenes in the Stock
Market-Wide Fluctuations
in Wall Street
FURTHER LOSSES
AND SMART RALLIES
Boston Banks to Issue Clearing
House Certificates to Aid the
GIobe-kotes

Yesterday was an eventful day on the
stock exchange. both of New York and
Boston.
The governments announcement that
it will anticipate January bond interest
beginning tomorrow, releasing 81, 800 900,
was favorable factor, and the open
ing in Wall street generally showed
better prices. Bears renewed their SELL
ing, however, at talk of possible gold
exports, sterling exchange having ad-
vanced further and it being lntimated
that London was working so as to af-
feet conditions as to draw gold from
New York. On the other hand came
assurances that the Bank of England
through the assistance received from
France, is able to tide over the critical
situation without resort to forcible
measures to compel gold from this
country. The rumor of great British
success in South Africa, although I'M
confirmed authoritatively, produced g
wave of bullish enthusiasm; the Bos-
ton exchange united in cheering the
news and in both markets prices re-
sponded with sharp rallies. The lack
of confirmation of the rumor caused
easing in prices later, and the market
as whole was as feverish and as ir-
regular as it has been in the whole
of this movement. Sugar ran up IA,
fell back 8 "a and then rose 5, the eX-
trennes being 1875 and 1871 A 10 rise
in Tobacco was followed by a IA loss,
and to a somewhat less extent the
whole active list fuctuated in much the
same manner.
Boston had an excited market. The
troubles over accounts with certain in
terests, among others, which caused a
recent change in the presidency of the
Globe Bank, have continued The con-
ditions have not been favorable to easy
rehabilitation of strength and the
steady and sharp liquidation in the
stocks generally known as the Three
C's" reached a climax yesterday morn
ing, while the break in the Bigelow
stocks, Montana, Tamarack and Osce-
ola-three of the soundest and best of
the dividend earning and paying mines
was suggestive of trouble somewhere.
A drop of $45 in less than four days,
$25 of ii this morning, in such a stock
as Boston & Montana, made it clear
that there was need of the conferer ces
about which considerable has en-
heard this week. Something was nee
essary to support Boston's coppers. The
whirlwind evidently was reaping, a
whirlwind starting in over booming of
the whole copper share business in the
blind pool tactics Of last spring and
summer Forced liquidation has been
aggravated by the money pinch, and in
the climax the best stocks seem to suf-
fer proportionately more than the par
ticular objects of OVERCOMING regard
The Globe bank has been aided, the
Boston Clearing House association vot-
ing an issue of SO, 500, 600 clearing house
af hA 1etc
cent interest. There is reason for be-
lief that this action will accomplish its
purpose and that the unpleasant cpl
sode will be closed. The bank is sol
vent and will continue so; the clearing
house action would not have been tax
en- had not its members been confident
that it would suffice. With the facts In
its possession it has acted we'll in
strengthening a financial position in
Boston, the most strained since the old
Maverick bank days. Moreover, it is
announced that Boston passes over a
large block of its copper stocks as col
lateral to New York, receiving several
millions in cash on a long time loan.
OF course this settlement of the over
strained copper situation is independ-
ent of the bank trouble. The bank was
unable to hold up it's part in financier-
ing the Boston copper deals, or, rather,
the deals in Boston copper shares, but
that was part only of the trouble. The
rest Of it has been adjusted, through
conferences. and relief to the money
market presumably win result. This is
not very definite, for the terms of the
settlement are not announced, but the
News Bureau states the fact of the
consummation of a settlement as out
lined above as official"
The New York stock market opened