The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-17
FURTHER DECLINE
Another Slump in the Stock Mar
ket-DiSappointment With
the Bank Statement
BOSTON FAILURES
AND THE RESULTS
Lower Prices Made BY British
War NeWS-Sharp Losses in
BoSton-NeWS and Notes

The combination of British reverses
gold exports, Boston bank troubles and
general unsettlement put prices still
lower in the stock market trading yes
terday. No less than 597,S 35 shares
and S2,326,0OO bonds changed hands in
Wall street in the two hours, and Bos-
ton business also was heavy. Short
covering was vigorous in New York
thousands of shares being covered in,
but in the face of this the closing was
heavy, at the lowest on the present
movement. The bank statement was
less favorable than had been expected
the banks losing in cash. Some of the
New York banks have made heavy
shipments of funds to Boston, one
bank sending $1,000, OOO and this aided
in the loss of cash shown by the New
York bank statement Loans We're
contracted by five millions, while de-
posits decreased not quite so much
The surplus reserve increases slightly,
but the statement was regarded as I'M
favorable and the final selling partook
of the nature of break
1t is denied that our government can
place $4,000, 900 gold at the disposal of
London to tide it over its crisis. 1t is
not within law for the treasury to do
So The gold that went yesterday will
aid London over Jan. /. That more
will go next week is doubted. Another
steamer available for gold shipments
will not sail until next Saturday, and
1t is thought that no more gold may
be needed this month. While the Brit
ish reverses and the undeniable strain
that London is under by reason there
of are positive deterrenIs against any
thing like buying of stocks, yet the
sharp decline in good shares has led to
buying for investment and commits
sion houses note the changing from
bonds to stocks in many cases The
Boston bank troubles also exert bane-
full influence on stock market prices
The fact is that as in some of the in
dustrial shares there, so with some of
our Boston specialties the prosperity
cry has been overworked. The pros
perity is here and bids fair to stay, but
the speculative structure erected on
that basis has proved topheavy.
The Broadway bank failure seems to
be one of the chain of unpleasant de-
velopments of the Globe bank troubles
which began with the change in the
presidency of that institution Certain
mercantile firms have found it difficult
to respond to calling of loans. and the
the bank first named above has been
OF nature to compel the latter to
close its doors. The chairman of the
Boston clearing house committee de-
clares that everything is all right now
and that there is no occasion for fur
Their issue of certificates.
Liquidation continued in United
States Oil, which fell ~, to 20, against
IS week ago, and 1925 at the begin
ming of the month. Montana was off
s, at 270, against 295 last Saturday but
1t has sold as low as $50 this week
Thursday. Gold Dredging was off to
s. with bid at the close; Tamarack
lost 5, to 1S5; Osceola 255 to sc: Old
Dominion IL to 20A. a net loss of az
for the week; Parrot lost 315, to 331k /;
Amalgamated only %, to so; Butte 81
to 4s; Arcadian 3. to %; Dominion Coal
2, to 40; American Zinc q to IT, Boston
Elevated fell 3, to "a; Utah 21k, to q.
and Centennial III, to II.
The New York stock market opened
weak. American Steel & Wire 81
Atchison 81, Burlington 1851, Cont
mental Tobacco BIZ, Federal Steel 52@
Leather 10, Leather preferred 741b
Louisville and Nashville 1919, Manhat-
tan 9S, Missouri Pacific 421z. New York
Central 1870, Brooklyn Transit 70, North
ern Pacific 53@4, Peoples Gas l06 Rock
Island 10S&, Sugar 131, st. Paul 1857
10 ll9A, southern preferred 81. Tonnes
see Coal & Iron 81. Tobacco 80, Union
Pacific 46 to AZ, Union Pacific preferred
1875. There was a violent slump in
prices at the opening Of the stock mar
ket in sympathy with the disordered
conditions on the London exchange.
Declines in the international stocks
ranged up to 21s points in Pennsylvania
and some of the grangers. In the in
dustrial specialties losses were greater
ranging up to 4 points in Sugar and 5
in Tennessee Coal and Metropolitan
Street Railway. Pittsburg, c.. c. & st.
L. lost Of Yesterdays 10-point gain.
The blocks offered at the opening were
very large in all the prominent stocks.
but supporting orders were placed all
through the list and prices were lifted
Immediately from / to points in the
international and specalties, There
was no cessation of the activity by rea-
son OF the support, and liquidation pro-
ceeded on a very large scale.
The trading at the opening was at
tended by considerable excitement, and
indeed the Wall street district showed
unwonted signs Of activity before the
market opened. The news in the
morning papsrs of Gen. Buffers reverse
brought brokers and stock operators
early on the ground to make prepara-
tons for the demands upon them. Many
did not wait for the opening Of the New
York exchange, but cabled buying orders