Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-14
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

New York, May Misrepresentation
opened in a highly demoralized condi-
ton to-day owing to the announcement
Of the sudden death of former Govern
or Flower. General news was scant, but
many rumors connected with the prop
critics identified with the late financier
were circulated. The flood of liquidat-
ing orders and bear activity after the
initial break carried all of the Flower
specialtieS down at a terrific rate. The
extreme breaks in these properties, as
compared with yesterday, We're: New
York Air Brake, 60 points; Brooklyn
Transit. 1871; Peoples Gas. Is; Inter
national Paper 141s; Federal Steel,
Tx; Rock Island, As, and Atchison
preferred. 4.
In the general railway list the en-
IRENE declines ranged In the active
shares up to 45s, in Burlington.
In the speculative specialtea Ameri
can Steel dropped 11%; Sugar, SO: Col
oredo Fuel, IA Manhattan and Metro
politan, So each, American Shelters,
6, and National Steel, Continental To-
bacco and Anaconda Mining over
points each.
The appearance of supporting orders
end the absorption OF a large amount in
the. aggregate by bargain hunters, to-
gether with large covering of short
lines, brought about a very material
rally, which was cmnha sized in the
properties which had suffered most
earlier. Part of the extreme decline
WAS uue 10 tne uncONe1inE OF lflnutn-
CRADLE stop loss orders. as we'll as the
wiplng out Of many marginal accounts.
During the early violence the facilities
of brokers' handling large business We're
severely taxed, and few orders could
be accepted for execution except lat
the market" The lowest point reached
by stocks to-day was in many instances
above the low roint on Tuesday last.
The Flower specialties. however. were
exec tons, and touched the lowest In
some time. The announcement by q
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 morning. had
reessurirS effect That firm. move
over. was n purchaser for clients Of n
large line Of stock on the decline. Lon
don sold some 10000 shares Mt the open
Ing. and later was n small purchaser.
Two large firms collectively purchased
about sixty thousand shares and many
other large concerns absorbed stocks
the principal sufferers seemingly being
those who held stocks ON margin
The bank statement was not fully
up to the eNpectat on OF some. and real
iZins and the putting out of fresh short
lines again depressed prices after tho
rally, but stil left quotations much
above the lowest.
The net losses are generally les than
half of the extreme declines. In the
Flower specialties. net losses are: New
IL.
J1A: Peoples Gas. GiI: Federal steel.
61s: 1nterna tional Paper 3lS. and Atoh-
ison preferred end Rock Island about
2R EACH
The DEALINGS for the day aggregated
about thrce-Gunrtors Of n million shares
during two hcur:' trading. and the
lightning changes of quotations as
tremendous blocks OF stock changed
ownership WAS bewildoring to the ords-
nary treders. The opinions OF many old
operators Wee widely divergent and
the quota tons quickly proved the usa-
lessness Of attempting to guess the
course of prices.
After the first fifteen minutes COM
Darative quiet ersued. but stil COM
pared with other days the dealings were
enormous.
The market closed under pressure.
but materially above the lowest
Increased activity was noted in the
weeks bond market, and n generally
higher level Of prices was established
for tho gilt edge issues. Speculative
bonds however. suffered. moving pref
ty much IN unison with stocks
United states rs advanced II: do
coupon. the 9s rnd tho Sc couron 70
do REGISTERED ard the old IS coupon II.
and do rerls:orod :. in tho BID nricA.
Tho total sales OF stocks to-day were
757 ECO shares.
New York, May 1s.-sianaard Oil,
4SS@4S9.