The San Francisco call., 1899-05-20
STOCK OPERATIONS ON WALL STREET.

NEW YORK. May 19. - Bradstreets Re
view of the New York stock market to-
morrow will say: Ex-Governor Flower
had been the most conspicuous bull leader for
the past two weeks. and the success which had
attended his operations in Peoples Gas, Rock
Island, New York Air Brake, Federal Steel,
Brooklyn Rapid Transit and other leading
stocks had given FhIm an Influence with the
speculative public unparalleled in the history
Of the stock market. The unexpected news of
his death which awaited Wall street last
Saturday morning seemed to many the signal
for decided break in the market On the
other hand, il quickly recognized that the
large financial interests engaged in the mar
ket would be sure TO prevent any serious mis-
hap. This proved TO be the case, and though
at the opening on Saturday morning a flood of
short selling and liquidation was met which
carried Peoples Gas down from 119. the pre-
cedng nights close, to 101 Brooklyn Rapid
Transit from liza. to 100 and Federal Steel from
6ll TO 90. with corresponding declines in not
only the Flower stocks. but in other parts of
the list, there almost Instantly sharp
rally. Brokers who are credited with acting
for the Standard Oil interest. for keene and
other large operators. had buying orders and
prices were advanced so that a large part of the
early declines were regained. The danger OF
outpouring of the long stocks held by COM
mission houses for their customers was thus
averted, and the liquidation, If one was neces-
sary, became a question of time. Further as
sistance was given to the market by the ap-
pearance of an excellent bank statement on
Saturday and bv the assurance that the lead
ing banks would, far II was proper for
them to do so. extend all needful accommoda-
peared that the late Mr.. Flower had no large
speculative holdings, that the firm in which he
was principal partner would continue with
out change and that his associates were fully
convinced of the value of his properties. Be
yond this it was recognized that the larger In
terests of the street having various important
deals on hand, like the Amalgamated Copper
Company subscription or the financing OF the
Carnegie Steel Company, would not and could
not allow the market to become demoralized.
Support from such quarters was plainly ap-
parent throughout the week. The indiSpoSiton
of the general public to buy stocks and the ten
dency TO reduce long holdings was also no less
marked London though at frat Obliged Il
acquire stocks at the concessions, afterward
turned seller and credited with dispos-
ing of considerable holdings OF Baltimore and
Ohio securities and of Southern Pacific when
they exhibited a rising disposition. The mark
ed strength Of the bond market and advance OF
Government bond values, together with the rel
ative steadiness of the dividend paying stock
list was taken into account by the market but
on the other hand the granger shares seemed
heavy fact attributed to the continuance OF
/ unfavorable crop rumors. The support, which
Z has already been described, was In the earlier
part of the week largely concentrated in the
Flower stocks and the industrials. Sugar was
made active and strong again and further re-
coverics scored IN Peoples Gas, Federal Steel
( BROOKLYN Rapid Transit and their companions
The decision of Governor Roosevelt TO call ar
! extra session of the New York Legislature tol
the purpose of amending the Ford franchise ia,
bill was another factor having favorable eff
! feet upon speculative sentiment. Nevertheless
nv Thursday renewed reaction took place II
the Flower stocks and industrials, while the
support seemed to shift TO the grangers anC
the dividend payers. On Friday the marke
was generally dull and Irregular and showed
| a disposition to sell on