New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-14
finantial.
The Financial World.

'What would happen 10 this market II anything
occurred TO Governor Flower over nighty' ovr
and over again one has heard this question:
mooted around the ticker In the commission
houses; and the answer was usually a significant
gesture, or frankly that the market would 60 to
the deuce When the contingency became a
sudden reality when people picked up their
morning paper and found that the man around
whom the great bull speculation had centered
had gone down under the tremendous strain.
there was no time or room for indulgence In
feelings of sorrow. II was every man for nj.
own house What everyone who was carrying
securities had to ask himself what every com.
mission broker with an Office full OF customers
had to think Of. was: How do stsnd?" Nine
tenths OF the offices were on the bull side. az
must be the case when there is great bun
speculation running Only lately had there de-
veloped enough division OF opinion about the
future of the market as 10 make a short in
terest and this limited 1t was In fact.
limited In the main 20 Mr. Keenes following.
that gentleman having for some time past coun-
seized that the market was too high. and had
outrun conditions. To the extent that there was
a short interest it was a bull factor as It was
certain that every short would be bought In
But the universal question was as to where the
these matters predicted that the opening prices
would be the lowest Of the day This was gen
orally the case.
II was impossible that there should not be A
food OF stock thrown upon the market at the
start The state Of the commission houses made
this certain. 1t was also supposable. indeed Ger.
tain. that the powerful combination Of capital
lists conferred around Gov. Flower would have
ba death Ia
opening of the Exchange. to make their prepare
tions for this What was uncertain how
far their buying would suffice to stay the oncom-
ing flood What sort OF an opening It was may
be surmised from the fact that b. r. T. sold al
most simultaneously in the wild crowd at Ito
and par; Federal Steel at IS and 30; Peoples
Gas at 112 and 101: Steel Wire at 50 and 80;
while numerous other stocks in which there
were no such crowds making simultaneous
trades opened five TO ten points below Fridays
closing prices In less than ten minutes the
rally came Thereafter till the close, the mar
ket heaved and surged, and finally wound up
rather steady with not nearly so much net loss
for the day as might have been anticipated.
The railroad stocks had comparatively little
par. in the affair A list Of these. standing
alone, would not indicate there had been any
serious commotion in the market.
The heaviest buyers Of the Flower stocks
Brooklyn Traction being the chief were the
house Of Flower & Co. itself and houses most
closely connected with 1t. One OF these alone
bought % 900 shares OF Brooklyn al the opening,
1t may be we'll understood that the big capi-
talists had prepared themselves. Offers Of as
sistance to Flower & Co. were enormous The
richest men in the country placed their means at
its disposal But a matter OF fact, the house
did not need It. In the first place, II mas not
been carrying nearly as much stock as Is COM
monty supposed; having considerably lightened
Its holdings OF late Secondly, it has always
been the rule with the house 10 require ample
margin. from big and little. 1t took care OF all
its customers yesterday They were all IN
formed before the opening that no matter now
the market went no man would be sold out.
whatever the state Of his account. The house
was able to buy 1t did yesterday because it
had previously distributed such large amounts
OF the stocks II had held. Where there are any
large punches of these stocks still lodged they
are lodged where they are only drop in the
bucket Of their holders wealth
The Governor has gone. and with him great
personality from Wall Street. He was Of
the most popular leaders ever had there.
He loved to be in a crowd. to have everybody
was such that he could get along with anybody
This neculiarly fitted him to be the centre OK
combinations OF strong men. who without this
easy going and happy dispostioned personality
linking them together might have found 1t hard
to act unitedly 1t is matter Of fact that the
combinations made in the Flower Office in the
past two or three years have been the strongest
ever made in Wall Street. 1t was his strongly
optimistic temper which carried him. and the
men with him. into extremes OF speculation
which alarmed many people OF less sanguine
temper But the Governor could never see any
thing but the bright side. yet wthal he did not
lose his shrewdness. He never himself took on
a great load OF stocks: and he was often sup
posed to be carrying lines OF them which IN iaet
he had judiciously parted with.
He has gone-and the question which wan
Street is already asking is. who shall be his sue
cessor? Who shall take up the travelled ends OF
combinations. carry 10 completion the unnnlshet
schemes hold together the various interests
There is singular unanmity OF opinion ths'
Mr. Anthony n Brady is the man. il Is saiu
that the whole scheme OF the Brooklyn Iracuon
enterprise is his. Mr.. Brady is very unlike 'n'
man he is to succeed. IL he is TO succeed. ne
very reticeni. shrinks from publicity does mol
Ike to see his name in the papers. He mas Tue
quiet manner the low voice. the unrufheo te'''
per. OF a once great leader in Wall Street his
business associates say he is "a white man al
through" His ability a protector as
thinker out OF problems. and as diplomat u
the sphere OF business is beyond question
was he who once astonished his fellow directors
In a certain company by getting with the utnos'
ease an agreement from Mr. Gould which tne'
said was impossible to be had. Mr. Brady
charming man 10 understanding because ne
one Of those who can refuse request nlo's
gracefully than many men can grant one IL he
has to say no to you. you actually feel sorry io'
the distress he suffers at being unable 10 hep
you In the matter.
No man is necessary. therefore "oNer"V,
Flower was not necessary to the continuance '.
a bull market. IL general conditions wal'a"'
such a market II Is useless. however. 70 ois