The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1899-05-19
RxcITEs THE MARKET.


Great shrinkase In stocks-MII-
IIonaiTes to the Reseue.
New York, May I5.-One hundred
millions of dollars were ready Saturday
to avert panic in Wall street in ease q
disaster. seemed imminent on account
Of the unexpected death of Roswell p
Flower. The Rockefellers, Morgans,
Vanderbilts and others who control the
financial world stood ready to place this
immense sum at the disposal of the
firm to which the former governor be-
Ionged. But no offer was made to the
firm. The men of money knew that the
firm was in splendid condition and
could stand almost anything. The news
that the financial kings were ready to
place this great sum in the street got
abroad, however, and saved the day for
many others, some of whom were not so
we'll able to stand the strain.
In the early hours it was period OF
great interest and anxiety. There was
tendency to wildness in the general
market, but nothing like to the same ex-
tent in the Flower issues. The shrink
age on Flower stocks is estimated to be
more than $1s.0OO,Oo0 and the general
loss outside of these stocks about $780,
100000.
Some of the more conservative brok-
ers advised their customers not to be in
hurry to sell the Flower stocks Many
o1r
awhile the Flower stocks followed the
general market in an upward turn
again. In Brooklyn Rapid Transit,
which has been Gov. Flowers favorite
stock for the last two years. $4,000
shares were sold as soon as the gavef
fell. The trading was so wild that
brokers acting for the same firm, one
executing buying orders and another
selling, made transactions seven points
apart.
The scene in the stock exchange be-
fore the market opened was indescriba-
bic. The frantic actions of the brokers
was like an infection in the galleries
and men and women jumped up and
! down, yelled and cried out, and it
seemed as if all those In and about the
stock exchange had suddenly been
seized with violent dementia. There
was reason for it. The market had
opened and had broken
The interest on the stock exchange
and in the brokers' Offices conferred in
Brooklyn Rapid Transit, which closed
Friday night at 1857 After a wait of
several minutes the ticker announced
that the opening sales in this stock
were $4,000 shares, at prices ranging
from 40 to 100. At the latter figure 600
shares were sold. Tt was stated, how
ever, by the stock exchange operators
that the actual aggregate of the OPEN
ing sales was nearer 50, 900 shares than
$4,000 shares. Hausman was apparent
Iy the agent of the men who wished to
announced that he would buy any part
of 10000 shares at no. The crowd
rushed for him like pack of wolves
In one second his order was filled and
ia another second the stock was selling
| at los. After the price struck par there
was rapid recovery to 1Os- From then
until the close of the market quota
tons averaged 107, and it closed at
1863, with total recorded sales of $780,
600 shares.
Peoples Gas, another Flower special
ty, which closed at 1881 Friday night,
opened at 112, declined to 101, rallied to
116 and closed at 112k.
Federal Steel, another Flower stock
which closed Friday night at e1A.
opened at Sc, dropped to so, rallied to
So and closed at 55A.
The most sensational break of the
day was in New York Air Brake, which
Gov. Flower had bought all the way
from 30 to $50, and which had closed
Friday night at 1885, It dropped 5, 10
and Is points at time to 125, loss of
80 points. Slowly recovering, it closed
at 1854.
The transactions in some of the spe-
cialties were something enormous for
a short day. OF Peoples Gas $1,000
900 shares; of st. Paul, $4,000; of Bur
ington, $4,000; of Atchison preferred,
$4,000; of Steel and Wire. $1,000
The rally in the market was princi-
pally due to the fact that the Rookie
felIers bought 100000 shares of the va
rious stocks. They and other finan-
ciers, including J. Pierpont Morgan and
the Vanderbilts, offered the firm of
| Flower & Co. the use of 500, O0O, 600 If It
needed it to support it's securities The
firm, however, did not need a cent It
not only sailed through the storm IT.
self, but carried all it's customers with
| il, taking care of their stocks, although
the margins had been wiped out in
many cases. This was an instance of
| liberality unheard of in Wall street.
Awful Charge Against Father
BentonviIle, Ark, May 15-J. c. But
Ter, prominent citizen living IS miles
south of this place, was lodged in Jail
here Sunday. charged with the murder
of his 15-year-old daughter Saturday
The body was horribly butchered, her
head being split open with an AK and
her throat cut.
Lumber Plant Burned.
ManiSfee Mich Nav 1S-R q D.