Omaha daily bee., 1899-05-14
Decentralization scizes Market, Due 10
EN-GnNnrnnr LInAAcr,a ncnIh.

Ex-Governor Flowers Death.
NEW YORK, May l3.-Speculation opened
in a highly demoralized condition today,
owing to the announcement of the sudden
death of Former Governor Flower. Gen
eral news was scant but many rumors
connected with the properties identified
with the late hnancler were circulated.
The flood OF liquidating orders and bear ac-
tivity after the initial break carried ali
of the Flower speciaues down at a terriul
rate. Inc extreme breaks IN these proper
York Air Brake 50 points, bruOKlyn Transit
lSSt, People s Gas Is International Paper
it.s' neaera, s6ee steer Ha. a., ,S1 LOCK lsiana
the general railway list the extreme de-
clines ranged IN the active shares up to
clalties American Steel dropped ll5s Sugar
e1a, Colorado tuel "a, Manhattan and Met
ropoltan ba each, American smelters = and
National steel, Continental Tobacco and
Anaconda Mining over points each The
appearance OF supporting uruers ana the ab-
gate by bargain hunters, together with large
covering OF short lines, brought about
very material rally which was emphasized
in The properties when had sunered most
earlier.
Fart of the extreme decline was due to
the uncovering of innumerable stop-loss or
uers. as well as the wiping out of many
marginal accounts. Durlng the early ViO-
lence the facilities of brokers handling large
business were severely taxed and few orders
could be accepted Tor execution except lat
the market" The lowest point reached by
the low point on Tuesday last. The Flower
specialtes, however were exceptions and
touched the lowest III some time. The an
nouncement by member OF the firm of
Flower & Co. that Mr.. Flower had no stocks
on hand that were not paid for and that
they would not come on this market had
reassuring effect. That tirm, moreover,
was a purchaser for clients of large line
of stock on the decline. London sold some
10000 shares at the opening and later was
a small purchaser. The bank statement was
not fully up to the expectations Of some,
short lines again depressed prices after the
rally, but still left quotations much above
the lowest. The. net losses are generally
less than half of the extreme declines, In
the Flower specialties net losses are: New
York, Air Brake, 81 Brooklyn Transit, ia;
Peoples Gas, 61a; Federal Steel, Uls; In
ternatlonal Paper 3A and Atchison pre-
ferred and Rock Island about 2Ia eacn.
The dealings for the day aggregated about
the lightning changes of quotations as tre-
mendous blocks of stock changed owner
ers. The. opinions of many old operators
were widely divergent, and the quotations
quickly proved the uselessness' of attempt
ing to guess at the course of prices. After
the first fifteen minutes comparative quiet
en&ued, but still compared with other days
the dealings were enormous. The market
closed under pressure, but materially above
tho Lowest
The market this week suffered two violent
tion as to the probable effect of the Ford
tax bill worked havoc with values. This
was followed by an irregular recovery until
the announcement of the death of ex-Gov-
ernor Flower today gave a shock to the
market, resulting in dip below the figures
the list down nearly to the lowest level
established earlier in the weak. A recovery
of of Of the Loss took place before the end
railways range from fractions up to over 3
points in Burlington. Lackawanna lost 3
northwestern are over point each off for
the week. In the specialties the more pro-
n,ounGed losses for the week were New York
Peoples Gas, 10; Federal steel So, and and
Atchison preferred and international Paper
in which the Flower interest was prom
inent faent Among the local shares which ssuf,
ranchse tax bill e q law t1e we're we're
Metropolitan Street Railway, 1915; Third
Avenue, l3; Consolidated Gas, rs, and Man
made by American Tobacco and the iron
and steel shares. The government crop re-
port was at first favorably received, but
out as dscouraging factor with result
ant N1 depressi,ng effect IF, upon the grangers.
change receded on the announcement that
all the needed exchange had been secured
for the settlement OF the Spanish indemnify.
Another influence on the exchange market
We're the enormous purchases of stocks for
foreign for account which aggregated about
resold on the announcement of Mr.. Flower S
death, anla The The dep3sit Of the final s5,ooCOoO
warrant lOr the spanish lndemnlty with Il
local bank which was announced for Mon
day, was expected to be reflected in a con-
tinqed Improvement in next weeks bank
statement The traffic, returns for April
compared favorably with recent months and
with the corresponding month in the last
four years, The reports of failures for the
iirst week of May showed the smallest
Liabilities of any week in six years This
was not unnaturally accompanied by favor
able trade reports, especially in the iron and
steel industries, where higher quotations for
many classes of the output were noticeable
INhs, market was highly professional in stock
dealings and while small holdings were
sacrificed confident buying was not lacking
by large interests on declines.
Increased activity was noted in the week 8
bond market and a generally higher level of
prices was established for the gilt-edge is
sues. Speculative bonds, however, suffered.
moving pretty much in unison with stocks.
United States As advanced y; United States,
coupon the 3s and the 5s, coupon, n; United
States. registered, and the old As, coupon, lb
and United States As, registered, IS in the
bid price.
| The following are the closing quotations
| for the leading stocks on the New York
! exchange today:
Atchison ........... 17% st. L. & S. F....... 10Y
do r)fl 62A 90 MD ~