The San Francisco call., 1899-05-14
EXCITING
TCMULT IN
WALL STREET
Spectators Madly Rush to
Sell the Favorite Stocks
of Flower.
Special Dispatch to The Call.


NEW YORK, May 13.-Former Gov
ernor Flowers sudden death at East
port, L. L, Friday night, created the
most exciting tumult that Wall street
has seen for nearly twenty years when
the stock market opened this morning.
Spectators tumbled over one another
in their haste to dispose of industrial
stocks in which he was the dominant
power. Heavy holders in what are
known as Flower stocks felt that the
most important factor in their market
was gone.
In the early hours it was period Of
great interest and anxiety. There was
a tendency TO wildness in the general
market, but nothing like to the same
extent in the Flower interests. TIE
shrinkage on Flower stocks is estimated
to be more than SIS. 200, 900, and the gem
eral loss outside of these stocks about
$100 Gee, 900. Some of the more conserva-
tive brokers advised their customers not
to be in a hurry TO sell Flower stocks.
Many persons took this advice after
a while. Rapid Transit, which had
been Governor Flowers favorite stock
for the last two years. was sold as soon
as the gavel fell to the extent of % 900
shares.
Trading was so wild that brokers act
ing for the same firm, one executing
buying orders and another selling, made
transactions seven points apart. Prob
ably never has there been such a white
heat of excitement among customers as
was witnessed during the first half hour
of business.
Manhattan opening sales 1000 at log, -
shouted a man at the ticker in one of
the brokers' offices. This was the first
quotation TO come out. 1t had closed the
day before at 111A.
Great Scott" replied one Of the by
ISLANDERS, five and three quarters off
What will Brooklyn be if Manhattan is
keen expectancy for the first Flower
stock.
Brooklyn Rapid Transit, $4,000
shares, opened at 10 to 100" cried the
man at the ticker. 'Whew, that's only
1872 points off. Federal Steel, II 900
shares, 56 10 so. That's ia points off
from yesterday" and so they went.
Peoples Gas sold all the way from 112
to 104 on the first sales. 1t had closed
at 119 the day before. This, next to
Brooklyn, was Governor Flowers IA
vorite. Just 900 shares of this stock
were dumped on the market all at once.
Outside of the Flower issues other
sharp breaks occurred in American
Steel and Wire. which lost 9 points at
the opening: in Metropolitan Street
Railway. which lost points; Atchison
preferred. 33A. and in many Of the
highly speculative industrials. New
York Air Brake. which is also one of
the Flower favorites and which had the
most remarkable rise of any stock on
the list, did not come out for few
minutes. and traders could hardly be-
lieve their eyes when the first sale was
made at 155, as against 1S5 the previous
day. a break of 80 points. Then it went
tearing down 5, 10 and even Is points
between sales until ii struck 125, or SO
points below the previous days closing.
Amid the frenzy of the unfortunate
traders. whose holdings were thrown
over because their margins had been
wiped out" many investors jumped
in and seized the opportunity to pick
up bargains. This fact. and the sup
port of strong pools. saved the situa-
ton from what otherwise might have
proved the most disastrous panic that