Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-05-14
WALL STREET OPENED WILD.
The Flower Stocks Led the Way With
Extremely Heavy DecGpeS
FROM % TO $40 LOWER\THE
SUDDEN D1.TH OF THE \EX-
GOVERNOR On NEW YOAY
CAUSED HOLDERS II THROW
SECURITIES OvERBoARD-aQulE
BEARS MADE THE MOST OF
THEIR OPPORTUNITY.

! New York, May 13-The stock mar
ket opened demoralized to-day on
| heavy selling by the bears and liquida-
ton OF long stocks on apprehension ex-
cited by the death of former Gov. Flow
er. Twenty-Five thousand shares Of
Brooklyn Rapid Transit were sold at
from 10 to 100, the low point indicat-
| ing a drop of 1874 points from yester-
days close. Peoples Gas slumped Is
| points and other Flower specialties
from to 10 points each. New York
| Air Brake dropped so points TO 125.
Federal Steel was down IL per cent,
| Rock Island 5 per cent, Sugar per cent
| and other stocks smaller amounts. The
| trading was very heavy and excited
| Owing to the diversified interests Of
! the late R. p Flower, which include a
| number of highly speculative properties
| on the New York Stock Exchange, the
| bear faction who have been very de-
monstrative of late towards securities
Of This class, considered his demise as
| a severance of a substantial prop TO
| these properties Consequently they
| prepared for concerted raid against
| these stocks at the opening. and the
recognized bear leaders obtained subs
stantial following from the rank and
file of traders who have no decided at
| titude in the market and are prepared
to go short or long, as the case may
| be, when favorable opportunity pre-
sents itself. Before the opening com
mission house clients were called upon
to put up additional margins in order
to insure a comfortable leeway for the
| expected drop.
Arson r. Flower head Of the firm of
Flower & Co., said to-day: GOV.
| Flower had no stocks on hand other
than those which ne held for invest
| ment. These stocks were paid for, and
will not be placed on the market. They
| represent properties which Gov. Flower
believed in. There is no reason for any
tuneasiness respecting any Of the prop
| critics we are interested in. Gov. Flow
er's death should have no effect so far
as Flower & Co. s holdings are con-
cerned. Our properties are all doing
WE'LL
| General news was scant, but many
rumors connected with the properties
| identified with the late financier were
| circulated. The food Of liquidation or
| dars and bear activity after the initial
! break carried all of the Flower spec
! ialties down at terrific rate. The ex-
| IRENE breaks in these properties as
| compared with yesterday were New
| York Air Brake so points; Brooklyn
/ Transit 1874 Peoples Gas IS; Interna-
| tional Paper 49,; Federal Steel liz;
| Rock Island Az, and Atchison prefer
\ red 4. In the general railroad list the
| extreme declines ranged in the active
| shares IN to 45s, in Burlington. In the
| speculative specialties American Steel
| dropped 117s; Sugar 81a; Colorado Fuel
| IL; Manhattan and Metropolitan ga
| each: American Shelters s, and Ma
| tiopal Steel. Continental Tobacco and
| Anaconda Mining over 4 points each
| The appearance of supporting orders
| and the absorption Of a large amount in
| the aggregate by bargain hunters. to-
| gether with large covering Of short
| lines, brought about a very material
rally which was emphasized in the
| properties which had suffered most
| earlier Part Of the extreme decline
| was due to the uncovering OF innumer
| able stop loss orders as well as the
wiping out of many marginal accounts.
| During the early violence the facilities
| Of brokers handling large business were
severely taxed and few orders could be
| accepted for execution except at the
market" The lowest point reached by
| stocks to-day was in many instances
above the low point on Tuesday last.
| The Flower specialties. however, were
exceptions and touched the lowest in
| some time.
Later in the day A. r. Flower made
an informal statement, in which he
said the firm had been overwhelmed
| with offers Of assistance from some Of
| the larger financial interests No
names were mentioned, but it is be-
/ lieved that the Rockefellers and some
| of the presidents OF the largest banks
4 anu u u5L EOlA fAl-C5 OfAs@4 GA ~ tE4+A
| Flower & Co. any sums required The
company refused all offers and said il
did not need money. Air. Rockefeller
is said TO have offered 800, 900 geo, or
so much of it as might be needed.
| 1t was reported later in the day that
the Flowers had saved many Of their
customers from ruin BIZ telling them in
| the early morning that even If their
margins were wiped out they would
not be called upon 10 furnish another
| cent. What the Flowers actually did
| do was stated in the afternoon by a. r.
| Flower. who said.
When / came in this morning I said
10 our customers: You can buy what
you ike, and you will be protected
| That was al there was OF it.
/ Russell Sage said Of Mr. Flower: II
| have known Flower twenty years. HIS
| integrity was unquestioned His word
was worth 81 900, 600 at any time I
1 don't think. however. that II will be
! found that he was worth over s.. os0 600
or IS 600 coo. He had good business as
sociates, who will probably be able to
| handle. his holdings we'll | expected
Flower would live many years yet
| London sold over q. 900 shares at the
opening and later was small pur-
/ chaser Two large T~rnS crf1aoti,roIr,