The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-14
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-Wool Prices and
Northumberland and Pro-
duce-Rsview of Trade.

owing to the announcement of the sudden
death of former Governor Flower Cen
eral news was scant, but many rumors
connected with the properties identified
with the late financier We're circulated
The flood of liquidating orders and the
activity after the initial break carried all
Of the Flower speculatives down at Il ter
rife rate. The extreme breaks in these
properties as compared with yesterday
were New York Air Brake, 60 points;
Brooklyn Transit. 1874 Peoples Gas, 49,
International Paper, 141s; Federal Steeb
liz; Rock Island, AS.
In the general railway list the extreme
declines ranged in the active shares up
to 4as in Burlington. In the speculative
specialties American Steel dropped IFS
Sugar S12, Colorado Fuel ia Manhattan
and Metropolitan 6a each. American
Smelters and National Tobacco and Ana
conda Mining more than 4 points each
The appearance of supporting orders
and the absorption of large amount in
the aggregate by bargain hunters, togeth-
er with large covering of short lines,
brought about a very material rally,
which was 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
During the early violence the facilities
of brokers had been more or less severely
taxed and orders could not be accepted
FOR execution. The lowest point reached
by stocks to-day was in many instances
above the low point on Tuesday last. The
Flower specialties. however, were excep-
tons and touched the lowest in some
time. The announcement by member
of the firm of Flower & Co. that Mrs
Flower on han hat
not paid for. and that they would not
come on this market had a reassuring eff
feet. That firm, moreover, was pur-
chaser for clients of large line of stock
on the day.
London sold some 10000 shares on the
opening and later was a small pur-
chaser. The bank statement was not
fully up to the expectations of some and
realizing and the putting out of fresh
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 points; Brooklyn Rap
id Transit, lily; Peoples Gas, 612; Federal
Steel, 61s; International Paper. SIS and
Atchison and Rock Island about 2h points
each.
The dealings for the day aggregate
about three-quarters of a million shares
during the two hours of trading and the
lightning changes of quotations, as ire
mendous blocks of stock changed owner
ship, was bewildering.
The opinions of many old operators
we're widely divergent and the quotations
quickly proved the uselessness of at
tempting to guess at the course of prices.
After the first 10 minutes comparative
quiet ensued, but still. compared with
other days the dealings were enormous
The market closed under pressure, but
materially above the lowest
The market this week suffered two vio-
lent declines the first on Tuesday, when
agitation as to the probable effect of the
Ford tax bill worked havoc with values
This was followed by an irregular recov-
cry until the announcement of the death
of Ex-Governor Flower to-day gave a
shock to the market. resulting in a dip
below the figures of Tuesday for his spe-
cialties and bringing the general list
nearly down to the lower level establish
ed earlier in the week A recovery of part
of the loss took place before the end of
the days session. The net losses in the |
railways range from fractions to more
than points in Burlington. Lackawanna |
lost points, and Central Pacific. South
ern Pacific and Northwest are more than
a point off each for the week.
losses for the week are New York Air |
Brake, 23lb; Brooklyn Rapid Transit, 221a; |
Peoples Gas, 10: Federal Steel, S5s and |
Atchison preferred and International Pa
per more than 3 points each All these |
are properties in which the Flower inter- |
ests were prominent. Among the local |
shares which suffered because of the |
of the Ford franchise bill be- |
coming a law were Metropolitan Street |
Railway, 1875; Third Avenue, 10; Console
dated Gas, rs, and Manhattan g. Sharp
declines We're likewise made by Ameri-
can Tobacco and the iron and steel shares |
The government crop report was at first
favorably received, but later the decrease
in acreage was pointed out as discour-
aging factor with a resultant depressing
effect upon the grangers.
Money ruled fairly easy and sterling ex-
change receded on the announcement that
all the needed exchange had been secured |
for the settlement of the Spanish indemni-
ty. Another influence on the exchange
market was the enormous purchases of
stocks for foreign accounts, which aggre-
gated about 200 shares, only a tenth of |
which were re-sold on the announcement
Of Mr.. Flowers death. lie deposit of the
final S., 600 900 warrant for the Spanish in
iemnity with local bank, which was
for Monday, was expected %
be reflected in an improvement in next
weeks bank statement
The traffic returns for april compare
favorably with recent months and with
The corresponding month in the last four
years.
The reports of failures for the first
week of May showed the smallest liabili-
les of any week in six years. This was
lot unnaturally accompanied by favorable
rade reports, especially in the iron and
steel Industries, where higher quotations
,1
iceable. The market was highly profess
'ional in stock dealings. and while some
holdings were sacrificed confident buying
vas not lacking by large interests on the
leclines.
Increased activity was noted in the
weeks bond market and a generally high
r level of prices was established for the
5ilt-edged issues. Speculative bonds
scwever, suffered, moving pretty much in
lpison with stocks.
Z. S. new As advanced Il per cent: the
:. S. new As coupon, the IS and the SIS
coupon "a per cent: the 3S and as regis