The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-23
Big GOLD EXPORT
Over 100000 viii Be Sent
Away Today-StoCk Market
Heavy on Thursday
SUGAR WAS OFF AT
THE OPENING
Boston Sells in Wall Street and
Some Sharp Losses Recorded
Financial Gossip

The effect of the Globe bank failure
was not marked strongly in the Boston
stock market.
Prices opened heavily and the mar
ket was weak all day, but there was
no great outpour of stocks and no
sharp break in local speciaities. New
York showed much more response and
prices there yielded briskly. Boston
was said to be a large seller of stocks
in Wall street. The decline there was
general, the sharp losses, of course,
appearing in the industrial shares, but
the general market was unsettled. The
arrangements for the shipment to Lon
don today OF 1925, 900 more gold did
not stimulate confidence. The Bank Of
France has refused further loans to
the Bank of England, and, of course,
tits necessary that we should relieve
London at this emergency. There was
a better tone at the close of the London
market, with some rally in consols,
but the situation there undeniably is
strained
Sugar fell Z to 1141a; Tobacco lost z,
to 8O12; Federal Steel S1a, Tennessee
Coal & Iron 512, Brooklyn Transit g.,
Chicago, Burlington & Quincy 31a, St.
Paul IA Rock Island 2%, Manhattan
AZ, and so on. The larket had little
or no rallying power, and at 2 p. m. was
at the lowest. In Boston, United
States Oil opened pa off, at 221s, rallied
to 234 and settled to % in the after
noon. Montana was 10 lower, at 255;
Osceola off 2, at 65; Parrot IL lower at
BAY; Centennial lost rs, to 1915 !;
American Zinc g. to Is, and Amalga-
mated IL, TO 1919 Despite rumors,
there was no more trouble in Boston,
and it appears that matters are going
through all right.
The New York stock market opened
weak. American Steel & Wire 40,
Atchison preferred 56H, Burlington
1161a, Continental Tobacco 26A
Federal Steel 4314, Leather IL, Leather
preferred 6719, Louisville and Nashville
"a Manhattan SSa4, Missouri Pacific So,
New York Central 127A, Brooklyn
Transit 6312, Northern Pacific 4914, Peo-
pies Gas 49, Rock Island 102. Sugar
1191a, st. Paul 114as, Southern pre-
ferred 501a, Tennessee Coal & Iron rs,
Tobacco 81, Union Pacific Abs, Union
Pacific preferred 69%. The market was
nouncement of the closing of a Boston
bank. Sugar was affected most con-
spicuously and fell Az points. A num-
Der of the internationals and leading
speeialties lost from l to 11a In Rock
Island and Manhattan the losses ex-
eeeded points, but after dropping 112,
they rallied a point and support was in
evidence in other stocks. Trading was
very active. Further inroads were
made on the prices of some stocks
notably the Tobacco shares and Ana
conda. A sharp upturn in Sugar of ~
caused a general rally, some of the
more active issues rising over a point
The grangers and Pacifics acted slug
gishly for time, but eventually i'm
proved fractionally. Buffalo, Rochester
and Pittsburg preferred lost s points
Business was less active on the rise
but the recoveries were strongly main
tanned at the end of the first hour.
Persistent liquidation in a number Of
usually inactive properties, including
Chicago Terminal preferred, Chicago
Great Western preferred and Western
Union, depressed them 1882 and en-.
eouraged renewed attack against the
prominent stocks. Liberal offerings OF
the specialties and western railroad:
unsettled speculation all around anC
violent declines occurred, Sugar yield
ed to 115A and Burlington and Western
Union lost 3R and 81, respectively
The losses were not uniform. Some
stocks fell only point, but the great
er, number lost over and many ovel
g. New York Air Brake slumped /!
points. A large part of the selling wal
attributed to Boston account and call
ing of loans by the trust companie!
forced some selling. Weakness char