The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-05-19

Effect OF Announcements OF Death OF
p. Flower on h stocks Of Companies
Controlled by Hfm.

Controlled by Hfn.
New York, May 13.-The death OF
the central figure in the Flower spe-
~cialties spread CONSERVATION in finan-
cial circles, as it was realized that. ow-
ing to Mr.. Flowers diversified interests,
a sentimental alarm would necessarily
follow. and the market might prove
unable to absorb the deluge of long
stock.
Before the market opened some brok-
ers went TO the banks and put up
additional collateral on loans they had
secured so as TO prevent a sacrifice
OF their securities IL the fail proved
more severe than the margin OF safety
contained IN the loans.
Commission houses called up their
clients for additional collateral on the
stocks which were expected TO bear the
brunt OF the attack.
As a partial offset 10 the heavy ltqu-
idation which was promised, there was
a large contingent down town whose
appearance is simultaneous with a
financial crisis. They are known as
bargain hunters" who take advantage
Of the low prices TO utilize their saw
ings in purchases OF dividend paying
shares for permanent investment.
While some OF this class have ample
means to take hundreds Of shares, the
great bulk confine their orders TO frac-
ona lots.
Hundreds Of excited people thronged
the galleries at the opening today. In
the brokers offices pretty much the
same scenes were enacted, and as the
ticker relentlessly ground out the quo
tations which, perhaps, meant absolute
I ruin to some of the spectators, races
blanched and a look OF unutterable de-
- --r%Tn7 nm ~ Of fha vanfnrl-
some traders.
On the floor Of the stock exchange
there were but few absentees. Around
! the various trading posts where the
Flower specialties were dealt in were
throngs of men thirty deep, awaiting
the drop of the gavel to commence OPP
erations.
When the signal was given there was
an indescribable tumult, hoarse cries
and wild gesticulations making the
scene the most tumultuous in over
twenty years.
When the ticker recorded the open
ing transactions there was a block OF
25.O 00 shares of Brooklyn Rapid Tran
sit at from ITO down TO 100, the low
point rejecting a break of 1875 pei
cent. Wide openings were made in all
the other Flower specialties, ll,OO0 FED
eral Steel going at from Sc TO so, and
10. 500 Peoples Gas at from H. TO loo
Although only 0UU SHARES VI NEW "
Airbrake were traded in at the outset
the stock dropped from 1876, the open
ing figure, to 125, the latter indicating
a loss over night Of go points. Subse'
uuently the price recovered to 164.
The panic in the Flower issues spread
to a minor extent to other properties
losses running from 3 to IL points, witt
many of the prime securities affected.
After the opening slump the marke'
turned upward at a lively rate undel
the influence of buying by
the leading substantial interests III
the streets. Short covering assisted the
rise, the bears taking profits as quick
ly as possible, now that they had sue
ceeded in opening the market down tC
an advantageous level.
All sorts of costly mistakes ACQUIRED
during the excitement among the trad
ing element, one broke suffering K
the extent of over 10000. Another
had a big order to buy at a fixed price
and succeeded in executing the com
mission at a level lower h the figure
placed, thereby making a profit for thu
customer of $50, 900. Seculators in thu
| different stocks were OverwhelmeC
with orders, and bought and sold 81
| freely that many of them could no
| tell what the net results of the opera
ions were until the days account:
were settled.
Dealings throughout the session were
on an enormous scale.