Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-14
WALL STREET PANIC
Effect of Death of Ex-Governor
Flower.
1rc"f Crowd rh'onEcd- Galleries
or stock Exchange nud Drop OF
G"vei IN Followed by un,nlt-
St"cks Tumble.

(By Telegraph to Virglnlan- PIlot)
New York. May 13.-Well Street Spe-
cial:
The death OF the central figure in the
flower specialties spread cons formation
III financial circles, as II was realized
that. owing TO the Flowers diversified
interest, sentimental alarm would
necessarily follow and the market
might prove unable to absorb the de-
lugc of long stock.
Before the market opened some broIz
ers went to the banks and put nm adj
ditional collateral on loans tbo, ia
secured. so as 10 prevent n sacrifico ar
'hc'r securities If the fall proved morc
| severe thar the margin of safety CON
'ained IN the loans. Commission housns
called upon their clients for additional
oo''i terai on The stocks which were ex-
pccted TO bear the brunt of the attacl,
rs u partiai offset to the heavy lioui
dat!on which was promised. there w,s
urge contingent down town ,vbocn
appearance is simultaneous with a
.iniincial crisis. They are known ms
oaISain hunters who take ADVANTAGE
~ me low prices to utilize their saw
inSS IN purchases of dividend novinr
shares for permanent invest mept Vyb;i
some OF this class have annie mcons
10 take hundreds of shares. the .rront
ouik coniine their orders to fractiop,I
lots. 'oiidi
ENCIrED PEOPLE.
hundreds of excited people thronrcd
IRE galleries at the opening today ~.
e!!e orokers- olllces nraits.- aauaA-.i,-
same scenes were enacted, and as III.
.lc .a reientiessly ground out the quo
flas.,.
rum 10 some of the spectators. faces
oianched and look OF unutterabIe do
SPAR settled on some of the yentur..
some traders. On the floor Of IN.
STOCK Exchange there were bur faw
doseh'ees. Around the various iro1ino
poSts where the Flower specialties wrra
uealt IN were throngs of men thru
deep. awaiting the drop of the govaI -
commence operations
AN 1NDISCRIBABLE TUA11rLT
When the signal was given there was
an lhdiScribablc tumult. hoarsc cr,cs
,.liu via gesticuations making tha
,.oai me most iumultuous in over 20
HedrS. When the ticker recor,led Tia
openlng transactions there was a blorI,
NJ zo'ooo shares of Rrooklvp Ra-;d
transit ct from Ito down to 100 the In,,
nDinL rejecting break of 1873. noints
,, luz openings We're made in all the
GIL 9PScl'iitlcS. IL 700 Federal
~ EolhS at from 80 down TO 80. and
iV,ouo feoDlc's Gas at from ll2 TO 10o
Aithoush only 800 shares of New yorl,
~, ~ Hrake We're traded in ut the outsat
enc STOCK dropped from lS5, the oDeninr
,,Sure' To 125. the latter indicating
go. $50 over night of sixty points. sub
f'e'ili! the price recovered to 1914
THE PANIC SPREADS.
ne panic in tho Flower issues spread
toss :" minor extent in other properties.
NAN. lnhninE from to II points. with
W. .. the crime securities affected
Alter the opening slump The r,a,.lfo.
turned upward at a lively ra te md,
me influence of enornous h,virg ~,
we reading substantial interests IN ~
snort covering assisted Tho rise
,,., nc'trs tekinS profits IS quickly ms
~, H:I"ie, now that they had succeed
w il o'ening the market down IN m
advantageous level - an
COSTLY MISTAKES
All sorts of costly m,s,al.a. ,.,..,
during the excitement, w." "a -. "a
trading element. one hro,.ar ' s ~, ..ir
10 the extent of over s9O 60o ano.i's
mad big order TO buy n, - fivai 49,
anu succeeded i'll executing tbn con,-
MISSION at n lower level than the fic,,ra
paced, thereby making n profit for ~
customer of 100000. Specialties in tha
Inherent stocks were overwhai,.,
with orders and bought and sod sa
Freely that many Of them could M. ,ali
what the net results of tho onera 49,
were until the days accounts $50
settled. Dealings throughout the ses-
SION were on an enormous scale.