The times. [volume] (Richmond, Va.) 1890-1903, 1899-05-20

THE WEEKS MARKET,


Roswell T.. Flower Death Not the
Detrimental actor Npecied.
NOW YORK, May s-Bgadstreet re-
yis., of the New FORK stock market Will
say.
Ex-Governor Flower had been the most
c0nspicuous bull leader for the past TWO
wears. and the success which mad at
tended has operations In People Gas
Kock Island New York Air-braNe' req
eral steel. Brooklyn Rapid Transit ana
other leading stocks, had given MN an
influence with the speculative public un-
paralleled I'm the history or ,he American
markets. Tho entirely unexpected news
or his death. which awaited Wall street
last Saturday morning seemed 10 many
the signal for a decided break in me mar
ket. ON the other hand 10 was quickly
recosnized that the large financial IN
terests engaged In the market would os
sure 10 prevent any serious disaster, ana
though al the opening on saturday morn
ing a Hood of short selling and liquoal.oh
was met. which carried People Gas
down from ll9 az the preceding hshl
close. 10 l0i: Brooklyn Rapid Transit from
III "a TO 100, and Federal steel from Oh il
TO 50. with corresponding declines IN not
only the Flower stocks, but IN olAeI
parts Of the list. there was almost Ih-
sfantly a sharp rally. Brokers, VINO are
credited with acting for the STANDARD Oh
interest, Mr.. kcene and other large ope-
rators. had buying orders. ana prices
were advanced so that large part or
the early declines We're regained. The
danger OF an outp0uring OF the long
stocks held by commission houses Tor
their customers. was thus ayefted' and
the liquidation. II one was necessary.
became d question OF time.
Further assistance was given 10 the
market by the appearance OF an eNoeiehl
bank statement on SATURDAY anu oy tIs
assurance that the leading banks would,
IN far AZ il was proper for them 10 DO
Ia extend an needful accommodation 70
stock market borrowers. 10 also appeared
tbat the late Mr. Flower had no 'arse
speculative holdings and the nrm 81
which he was special partner would con-
tinue without change ana mat MS ASST
ciates we're fully convinced OF the value
of his prOperty. They also recognized
that the larger interest or tne
having various important deals on manu-
ike the Amalgamated copper 'ofho'la.4 10"
s,ibscrlption or the hnanc>lg OF the Car
negie steel Company Would NOT @nu
could not allow the market 20 become de-
ultiaALNA
Support from such quarters was PLAINLY
app4rsnt throughout the week.
The indisposition OF the general pubic
IN buv stocks and the tendency 70 re-
duce long holdings was no less marked
London. though az first disposed 70 ac-
ouire stocks az the concessions. after
ward turned a seller and was credited
with disposing OF considerable hold ISs
Of Baltimore and Ohio securities and Of
Southern Pacific when they exhibited
rising disposition.
The marked strength Of the bond mar
fat and the advance OF government bond
values. together with the relative steadl-
ness ~ tie dividend paying stock hst'
was taken into account by the market
but ON the other hand. the Granger
shares seemed heayy-a fact attributed
To the continuance OF favorable crop
runois The support which has already
been described was. IN the earlier part or
the week. largely concentrated In the
Flower stocks and the Industrlals. Sugar
WIS made active and strong again ana
further recovegles scored In Peoples Gas
Federal Steel. Brooklyn RAPID Transit
an their comnsNi1ns
The decision o, Governor Roosevelt 70
call an extra session OF the New YORK
Legislature for the purpose OF Amending
tho Ford franchise bill was another IN