The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-04-08
STOCKS SLUMPED.
Yesterday Was Black
Friday in the
Market.
A FEARFUL THUD.
But It VIII Tend to Make
the Atmosphere
Clearer.

Yesterday was a good Black Friday
in the stock market.
The deadly industrial combination
boom, that element of danger that has
been so feared by the banks and COM
mission houses, has begun its work.
Just before noon yesterday the fail
ure of Dimock & Co. was announced N
Wall street as due to the general con-
ditions. Fortunately it is not large
house.
The bear contingent paid old scores
with a vengeance and succeeded IN
creating general Generalization in The
market. The course CT some of the
specialties seemed to indicate tEIt
there was no bottom TO them, aud
points were Clipped off their values
with as much ease as eighths are man
aged at ordinary times. Interests
which are usually counted upon as Il
back log during any extended bear ven
ture stood one side and let values
plunge down with an abandon that
wrought havoc to margin accounts.
Sugar fell Is IA, Brooklyn Rapid
Transit Is S-4, Federal Steel IL, pre-
ferred s, Continental Tobacco 5 81
AMERICAN IObdCCO ~, eOpIt ; Vas
II ga, Rubber 8 5-S, Steel & Wire / p
and Metropolitan Is IA Most of them
recovered in part. Meanwhile railroad
stocks yielded slightly in comparison.
c., B. & @. was off +, with rally of
8, New York Central IA, with rally
of and Northwestern 4 IA, with rally
IA.
The scene or the stock exchange
floor in the morning was one of wild
confusion ppnlrare -n,1,,,s
further margins on many properties
were obliged to sacrifice them 10 pro-
tect themselves. The volume of busl-
ness was tremendous and the selling
movement obtained more momentum
as time progressed.
The manifest Indifference of what is
termed inside interests to secure tne
course of their specialties aroused up-
, prehensiol of holders of the numerous
industrial securities, consequently -he
declines were most serious in proper
ties Of this class, and an additional i'll
centive to the selling was produced by
the conservative attitude which the
banks had taken toward this collat-
eral.
The selling movement spent its force
about midday and the market iapsed
into dulness. There was quiet buying
OF various shares which combined to
raise the general market with adVan-
ces in some instances equally as SEN
sational as the earlier declines. Metro
politan, Sugar, Manhattan and Brook
Ign Transit went up rapidly. In a gen
eral way the list gained from two to
ten points during the course Of the
hour following midday. The later trad
ing maintained comparative strength,
but a D. m the average of leading
stocks appropriated points lower
than at the close yesterday, although
some l - higher than at the lowest
of the day
A very real danger has been prevent
ed. Nobody felt scared yesterday; the
causes of the decline are understood
perfectly, and the quick rallies in the
standard stocks showed that there is
no lack Of confidence in the market.
Over-speculating has been dealt Il
blow which must clear the general sit
uation and go a long way towards as
surfing it against what many were
dreading-a collapse similar to that III
London on its South African boom.
The fO11OV-iDar C11Dfo451,,- ,,-or. 800 j.