The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-20
ON THE STOCK MARKET.
The Effect That Flowers Death Had
On Prices.

On Prices.
New York May 19.-Bradstreet's of
tomorrow Will say:
Ex-Governor Flower has been the
most conspicuous bull leader for the
past two years, and the success which
had attended his operations in Peoples
Gas, Rock Island, New York Air Brake
Federal Steel, Brooklyn Rapid Transit
and other leading stocks had given him
an influence with the speculative public
unparalleled in the history of the mar
kets. The entirely unexpected news of
his death which awaited Wall street on
last Saturday morning seemed to many
the signal for decided break in the
market. On the other hand, il was
quickly recognized that the large finan-
cial interests engaged in the market
would be sure to prevent any serious
mishap. This proved to be the case
and though at the opening on Satur-
day morning a flood of short selling
and liquidation was met, which carried
Peoples Gas down from 119, the pre-
ceding nights close, to 10l: Brooklyn
Rapid Transit from 1174 TO 100 and
Federal Steel from 61A to 80, with cor
responding declines in not only the
Flower stocks, but in other parts of the
list, there was almost Instantly a sharp
rally. Brokers who are credited with
acting for the Standard Oil interest for
Keene and other large operators. had
buying orders. and prices were adj
Vanced, so that a large part of the
early declines Will be regained.
The danger of an outpouring of the
long stocks held by commission houses
for their customers was thus aVerted
and the liquidation, if one was neces-
Sdry, became question of time. Fur
Their assistance was given to the mar
IL -
bank statement on Saturday, and by
the assurance that the leading banks
would, so far as it was proper for them
to do so, extend all needful acco mo-
dation to stock-market borrowers
1t also appeared that the late Mr.
Flower had no large speculative hold
ings; that the firm in which he was
special partner would continue without
change, and that his associates We're
fully convinced of the value of his prop
critics. Beyond this 1t was recognized
that the larger interests of the street
having various important deals on
hand, like the Amalgamated Copper
company subscription, or the finan-
ciering of the Carnegie Steel company.
would not and could not allow the mar
ket to become demoraliZed. Support
from such quarters was plainly appar-
ent throughout the week. The indis-
position of the general public to buy
stocks and the tendency to reduce long
holdings, was also no less marked
London, though at first obliged to ac-
quire stocks at the concessions. after
ward turned a seller, and was cred
tied with disposing of considerable
holdings of Baltimore & Ohio securities
and of Southern Pacific. when they ex-
hibited a rising disposition.
The marked strength of the bond
market and advance of government
bond values, together with the relative
steadiness of the dividend paying stock
list, was taken into account by the
market, but, on the other hand, the
granger shares seemed heavy, a fact
attributed to the continuance of unfav-
orable crop rumors The support, which |
has already been described, was, in the |
earlier part of the week, largely con-
centrated in the Flower stocks and the |
induStrials.
Sugar was made active and strong !