New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The death of Ex-Governor Flower was utilzed
by Wall Street harpies and ghouls to depress
securities prices. Stocks were sold down WIFI
out sense or reason. marginal traders were cioseo
out in frightful rapidity at the opening anu
timid holders sold because the wall street
ghouls told them that the death OF great
generator meant the end Of bull markets ana Ma
tional prosperity. The Flower stocks were al
tackled viciously aggressively and unleehheN'
Absurd stories we're put out tending TO scare
the Street into panic. as, for instance IL WAS
said that the Flower holdings would be thrown
on the market the properties with winch
Mr. Flower was identified become disintegrateu
ora the banking house of Flower & Co go out
NJ business Ex-Governor Flowers securities
holdings were not marginal speculations. The
companies in which he was interested VIII not
be affected by his death and the banking house
~ Flower g. Co will not GO out Of business.
Ex-Governor Flower was special partner IN
the firm of Flower & Co., and Flower d Co.,
which represents some of the most important
financial interests in the Street and is bacKeu
by two powerful trust companies, VIII continue
10 support, build up and protect the great imam
cial undertakings with which Ex-Governor
Flowers name has been so conspicuousiy hhKeu'
There are no ADLER men in the Street than those
whom Mr. Flower has left behind him In the
arm of Flower co.
The so-called Flower properties were ham
1nered 10 the extent Of an 1871 point decline in
"B r. T." an Is point loss in Peoples Gas. ia
points In Federal Steel. points in ROCK lslano'
go points in New-York Air Brake and IA points
IN International Paper. The general railroad
list declined in sympathy but losses sustained
were not especially important. Selling for both
accounts was active and transactions reached
the enormous total of 737.601 shares, the
heaviest dealings Of any Saturday on record, ex-
cept on Saturday, January Il, when sales
amounted to 757. 225 shares. Buyers were OF a
substantial character and whatever the tnhu
holders had to sell the capitalists were ready 10
take When "B R. T." reached par the buying
pressure was so heavy that the STOCK quickly re-
covered 10 10S while PEOPLES Gas at IO1 was
bought so actively that its recovery TO liz was
almost instantaneous. Every stock sold found
buyer. Bargain hunters who knew that the
tmd traders would liQuidate, and that tne
harpies would pound prices without mercy were
in the Street at the opening, and they secured
many rich and tempting offerings.
The weekly bank statement showed, as ex-
pected big increase in cash and surplus hold
ings and a substantial decrease in loans. sur
plus reserve increased SI.ISo,6I5. loans De
creased So, 1856. 700 and cash increased IS 9S0O
The total reserve now stands at S2I,l36.62o'
against S46.997 225 this time a year ago. Com
pared with last year deposits are larger by
1924 S42 400 and loans by Sl9i,Oio,9W Inc
bank statement helped the market somewhat
but the chief cause responsible for the rally
after the first ten minutes of serni-panic was
found in the heavy supporting orders or the
most prominent financial interests in the street
In the first few minutes Of business transactions
were enormous. and bear traders endeavored to
encourage the idea that the bottom would ran
out of prices The shorts made handsome
profits The marginal operators lost heavily
and the capitalists secured good bargains.
The usual weekly table showing net price
changes in the more active issues follows;