The San Francisco call., 1899-05-14
EASTERN MARKETS.
NEW YORK. STOCK MARKET


NEW YORK. May 13.-speculation opened in
"a highly demoralized condition to-day owing to
the sudden death Of former Governor Flower.
General news was scant but many rumors con
-uscted with the properties identified with the
date financier We're circulated. The flood Of
ilquidating orders and the activity after the
initial break carried all of the Flower special
"rfes down at terrific rate. The extreme
breaks in these properties compared with
yesterday were New York Air Brake 60 points.
Brooklyn Transit 1S&, People, Gas IS, Inter
:uattonal Paper 1915 Federal Steel ia, Rock
p island AS and Atchison preferred !. In the
general railway list extreme declines ranged in
the active shares up TO As in Burlington. In
the speculative specialties American Steel
dropped ll7s, Sugar S12, Colorado Fuel IA
Manhattan and Metropolitan 6s4 each, Ameri-
can Smelter and National Steel, Continental
Tobacco and Anaconda Mining over points
each The appearance OF supporting orders and
the absorption of a large amount in the ag
greEate by bargain hunters, together with large
covering OF short lines brought about very
material rally. which emphasized in the
properties which had suffered most earlier
Part of the extreme decline was due to the in
Vulnerable StOp-loss orders as Well as the wip-
Ing out OF many Inarglnal accounts DURING
the early violence the facilities Of brokers had
been more or less severely taxed and orders
could not be accepted for execution except at
the market The lowest point reached by
d stocks to-day in many instances was above the
low point on Tuesday last. The Flower special
ties. however, were exceptions and touched the
lowest in some time. The announcement by a
member ~ the firm Of Flower n Co that MIR
Flower had no stocks on hand that We're not
paid fOr and that they would not come to this
market had reassuring effect. That firm,
moreover. purchaser for clients or d
large line OF stock on the decline. London sold
some ~ 900 shares at the opening, and later
Was small purchaser. ne pank sLa'eilieill "a =a
was not fully UP TO the expectations OF some,
and realizing and the putting out of fresh short
lines against depressed prices after the rally
be left quotations Inuch apQfe tne toW-
est The net losses were generally less than half
OF the extreme declines. In the Flower special
ties net losses are. New York Air Brake q.
Brooklyn Transit 1115. Peoples Gas 612, Federal
steel 6ls. international Paper 31s and Atchison
and Rock Island about 2is each. The dealings
for the day aggregate about three-quarters OF
a million shares during the two hours trading
md the lightning changes of quotations as ire
fnendous blocks OF stock changed ownership
was bewildering u the ordinary traders The
opinions OF many old operators were widely
divergent, and the quotations quickly proved
the uselessness of attempting TO guess at the
course of prices. After the first fifteen min
pared with other days, the dealings Were eiioi
nous The market closed under pressure, but
materially above the lowest
The market TINS week suffered TWO Klo!ent I!e
declines, the first on Tuesday, when agitation
a. 10 the probable effect of the Ford tax
bill worked havoc with values rms was Iol-
lowed by an Irregular recovery until the an
uouncemeut Of the death Of eX-Governor Flower
to-day gave shock to the market, resulting
IN a dip below the figures of Tuesday for his
specialties and bringing the general list nearly
the week. A recovery Of part Of the loss took
place before the end of the day session. The
net losses in the railways range from frac-
tons up TO over points in Burlington. Lacka-
wanna lost 3 and Central Pacific, Southern Pa
cifc and Northwest are over point each off
nOunced losses for the week We're. New York
Air Brake. Pr; Brooklyn Transit. 22iA People s
ferred and International Paper, over points
each. All these are properties in which the
local shares which suffered because OF the
prOba bility OF the Ford franchise bill becoming
law were Metropolitan street Railway, 1873;
Third Avenue 10 consolidated Cas- ~, and
Manhattan. g. Sharp declines likewise
made by American % =, lobacco ana the iron and
steel shares The Government crop report was
at first bly, received. but later the de-
crease in acreage was pointed out dis
couragng factor, with a resultant depressing
effect upon the granGers. Money ruled fairly
easy aad sterling exchange receded on the an
nouncement that all the needed exchange had
been secured for the sediment OF the Spanish
indemnity. Another influence on the exchange
market the enormous purchases Of stocks
for foreign account, which aggregated about
2OO. 900 shares, only tenth of which were re-
sold on the announcement of Mr. Flower s
death The deposit of the final S COO 900 war
rant for the Spanish Indemnity with a local
bank which was announced for Monday was
expected to be reflected in a continued i'm
provement in next weeks bank statement. The
traffic returns for April compared favorably
month in the last four years. The reports OF
failures for the first week Of May showed the
smallest liabilities OF any week in six years
This was not unnaturally accompanied by IA
vorable trade reports. especially in the iron
and steel Industries, wnere higher quotations
for many classes of the output were noticea BILE
The market highly professional in stock
dealings and while some holdings We're sacri-
feed confident buying not lacking by large
interests on declines.
Increased activity was noted in the week +
bond market and a generally higher level OF
prices established for the gilt-edged is
sues. Speculative bonds however suffered
moving pretty much in unison with stocks
United States As advanced p, do coupon
the 81 and the SIS coupon 5s. do registered and
the old As u and the IS registered 7s in the
hid price.
The total sales Of stocks to-day amounted tc
757 535 shares including American Steel and
Wire. 81 COO; DO preferred. r. 100; American Su-
gar Refining, q, 400; American Tin Plate $500
American Tobacco $500; Anaconda, $500; Atch-
ison, 34O0: do preferred 1900: Colorado f. and I.
1000: Continental Tobacco, 20, 300; Federal Steel
10l 200 do preferred. 49, 200: international Paper
500; Louisville and Nashville 10,3OO; Manhattan,
~ 100; Metropolitan, 500; Missouri Paclfc, g4eg
do preferred 22O0; Peoples Gas, 1890; Rock
Island, 24,2O0; ST. Paul, 1890; Southern Pa