The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-14
Sudden Death of Ex-GOv. Flower
Causes Decentralization.
AFTERWARDS WAS QUIET
FLOWER SPECIALTIES TOUCHED
LOWEST IN SOME TIME.
Announcement From His Firm That
He Had No Stocks On Hand That
surfing Effect Two Causes For
Violent Declines Last Week.

New York, May 13.-Speculation opened
in a highly denloralized condition today.
owing to the announcement of the sudden
death of former Governor Flower. Cen
eral news was scant, but many rumors
connected with the properties identified
with the late financier were circulated.
The flood of liquidating orders and the
activity after the initial break carried
all of the Flower Specialties down at
terrific rate. The extreme breaks in these
properties, as compared with yesterday,
We're: New York Air Brake, % points;
Brooklyn Transit, 1881: International Pa
per- 1is; Federal Steel, 11H: Peoples Gas,
Is: Rock Island, AS, and Atchlson pre-
ferred, l. In the general railway list the
extreme declines ranged in the active
shares up to AS, in Burlington. In the
speculative specialties, American Steel
dropped HIS; Sugar, 81; Colorado Fuel,
IA; Manhattan and Metropolitan, "a
each: American Shelters 6, and National
Steel, Continental Tobacco and Anaconda
AIIiiIng, over i points each
The appearance of supporting orders
and the absorption of a large amount In
the aggregate by Observation-Disclosures, to-
Sether with large covering of short lines.
brought about very material rally,
which was emphasized in the properties
which had suffered most earlier. Part OF
the extreme decline was due TO the IN
Vulnerable stop-loss orders. as well as the
wiping out of many marginal accounts.
During the early violence the facilities OF
brokers had been more or less severely
taxed, and orders could not be accepted
for execution except lat the market
The lowest point reached by stocks to-
day, in many instances, was above the
low point on Tuesday last. The Flower
specialtieS. however. We're exceptions and
touched the lowest in some time. The
announcement by a member of the hrm
of Flower & Co. that Mr.. Flower had no
stocks on hand that were not paid Tor.
and that they would not come on this
market. had a reassuring effect. That
ents of a large line of stock on the de-
cline. London sold some 10000 shares on
the opening, and later was a small pur-
chaser. The bank statement was not
fully up to the expectations of some, and
realizing and the putting out OF fresh
short lines again depressed prices after
the rally but still left quotations much
above the lowest The net losses are
generally less than half of the extreme
declines. In the Flower specialties net
losses are: New York Air Brake, q;
Brooklyn Transit. liz; Peoples Gas. 81;
Federal Steel, 6ls; International Paper,
31s. and AtchiSon and Rock Island, about
21a each. The dealings for the day aggre-
gated about three-quarters of million
shares during the two hours trading,
and the lightning changes of quotations
as tremendous blocks of stock changed
ownership was bewildering to the ordi-
nary traders The opinions of many old
operators We're widely divergent, and the
quotations quickly proved the uselessnesS
of attempting to guess at the course OF
prices After the first fifteen minutes
comparative quiet enSued, but still. COM
pared with other days. the dealings We're
enormous The market closed under
pressure, but materially above the low
est.