The Providence news. (Providence [R.I.]) 1891-1906, 1899-05-13
FINANCIAL.
BULLS AND BEARS.
Governor Flowers Death Causes a
Smash In the Market.
Flour Stocks Go 10 Pieces and the Whole
List Is DemoraIIzed.

Wall Street, May l3.--The death Of
former Governor Roswell p. Flower
precipitated crash i'm the stock mar
ket that was quite the equal of that OF
Friday, April z. which also by singu-
lar coincidence has passed into Wall
street history as Flowers Black FRI
day"
The uncertainty and irregularity OF
values since the elimination onTuesday
OF the drop that began "A weK ago Fri
day made the incident OF the death OF
so strong a bull factor as Governor
Flower has been i'm the marker "A seri-
OILS ca amity The market had no real
strength TO send anything and coming
at such a time the result ws.5 disnstrou9
3 ta- prices that seemed TO b.s hi, ing
not too easy time OF 4. holding up.
OF course the Flower group was the
most severe sufferer. brooklyn Rapid
1;ansit. the movement of which pre-
n!oitd by the Flower mouse. closed at
above Us yesterday. This morning IL
opened at liJ and rushed rapidly down
to par. There was a rally in the first
half hour, but after see saving between
10g and 10 the stock went down Imply
below the former figure IL was given
out that the firm of Flower a. Co. didn't
sell share of the stock today and this
WAS quite St0tTHily DtlltNtu.
Federal Steel common, anotherFlow-
er interest. fell To so from it's close
above 81 last evening. rebuunfed tn 81
and closed weak at 55. Federal Steel
preferred OF course sank With the COM
mon. Chicago Gas smashed down 10
los. but hurried back to il6 and closed
around 1l2. Atchison, with which the
Flower narne has been associated. drop
ped six points and recovered two.
he An on hal la 90 af Ga. 4.
rites was serious. but naturally noI
50 panicky as on the especial Fl"wer
stocks. Sugar, which closed at 156 last
evening. dropped To 147 reacted To lac
and closed weak at 149iE. Burlington
fell from lsa nearly TO 12s. and closed
around 1So. Manhattan went down To
sOG and rallied feebly. Steel and Wire
sympathized with Federal Steel by
scuttling toS4. But IL had the best rally
of ANYTHING on the board except Chi
cago Gas climbing rapidly 10 60 and
holding well point lover.
At the close of the week the market
presents very demoralized aspect.
Every one OF the Flower stocks is down
lower than il has been for several
months and the bottom is entirely out
of them. While the rest of the market
IS In rather better shape by comparison
with their low figures OF five or six
months ago everything has had baG
shaking up and II is not easy TO get
line on the direction of operations for
the Immediate future. II Will probably
take some time 20 get "A substantial
balance from the shock occas.oned by
the sudden death OF the great bun
header.
The average price OF sixteen leadina
securities which was just above par at
lLe close last evening and which did
not 90 below par I'm the break which
eliminated on Tuesday IL today down
20 about %. There Is gloom i'm the
street and something more than ordi-
nary nanipulations OF traders will be
needed 20 bring the market back to
life TO say nothing OF determining ts
direction That great az has been the
shock its fun effects are probablynot yet
realized. was Indicated plen the bank
statement came out this forenoon. IL
vas the most satisfactory statement
that has ben published for u number
~ weeks. but after steadying for awhile
the market refused To be comforted 0ic
values slid on again 10 the close