The daily morning journal and courier., 1903-05-22

Their Failure Announces on FIoor CT
 Stock Exchange fin the Hub-LIRbiIi-
 ties of "a Quarter Of . MiIlion.-Large Dividend May be PaId-wide FIuctua-
 lions In cotton Caused the TroubIe.
 Boston, May 2t.-At the close of bus mess in the speculative markets to- day the situation indicated that the furry of the past two days on the Bos- ton stock exchange was at an end. Following yesterdays tremendous de- cline in Canadian securities there was heavy selling in them when the mar ket opened to-day, but after the first violent plunge, stocks steadied and at the close to-day's losses had been re- gained.
 The interest in the excited cotton market was great all day. Partly as result of the wide fiuctuation in cot ton, the failure of F. M. Tucker & Co.,, bankers and brokers of 60 State street, this city, was announced on the floor of the stock exchange this afternoon. It is understood the concern has lia- bilities approaching quarter of a million.
 The firm is a member of the ex- change and also holds membership with the New York cotton exchange. It has been doing a large commission business, having devoted most of it's attention to it. The firm is composed of Frederic M. Tucker and Tracey H. Tucker, and has been in business since January, 1898. The assignee, Hollis R. Bailey, State street attorney, made the following statement tonight:
 "The firm of F. M. Tucker & O., bankers and brokers at 60 State street. have assigned to Hollis R. Bailey Of Cambridge, Mass, their attorney, in order to prevent attachments and se- cure an equal distribution of their as- sets. The failure is unexpected and is due to their having loaned money on securities which, while very valuable, are not readily convertible into cash. It is impossible to make any definite statement at present until the books have been examined, but it is believed that the assets will pay a large divi- dend and possibly may amount to enough to pay creditors in full. As is usual large amount of assets are pledged to various banking institutions as collateral for loans. The assignee expects to be able to make careful report to the creditors at an early day. The total liabilities secured and unse- cured amount to considerably over $200, ,000, (signed)
 "Hollis R. Bailey"
 When the hammer fell on the Bos- ton Stock Exchange at 10 o'clock liqui- dation was renewed. The Canadians were again the leaders, Dominion Iron & Steel opening at r. a loss of 6 per cent. in twenty four hours The stock crumbied to 13 in less than twenty minutes, no less than 5000 shares com ing out. At 13, the stock steadied, and gradually recovered, closing at IT 1-4.
 Dominion Coal was not as active af- ter it's sensational clump of 15 points yesterday. This morning it opened here at 90 and touched S6 1-2, rallying and closing at 91.. In the forenoon l. 250 shares changed hands. Both Coal and Iron were quieter after noon.
 At the close a. much better feeling prevailed. Dominion Coal rose from 54 in January, 1902, to 146 1-2 in septem- Der, and it sold as high as 1S1 7-S in January this year; Dominion Ore rose from 25 in January last year to 79 7-S in August and it began in 1902 at 62 IA. From highest of last year to the low figures to-day, Coal has fallen 59 1-2 and Iron 66 7-S, of which amounts A 7-S and 49 1-4 respectively have been lost this year. ..
 In financial circles here the following. statement was made:
 Dominion Coal and Dominion Iron & Steel are at present time capitalized for $53,0O0,0o0. These securities at one time sold in the market for $54,000,00O. The present selling price is $26,500,0O0, representing a shrinkage of $27, ,5O0,0 ,00O."