The age-herald., 1899-05-14
Caused By News of Former Gov
 ernQr's Death.
REACHED THE LOWEST POINT
They Have Gone in Some Time-Fed- eral Steel Lost l-9-Deals for the Day Aggregated Three
 Quarters of Million

a highly -demoralized condition today ow- ing to the announcement of the sudden death of former Governor Flower. General news was scant, but many rumors con nected with the properties identified with the late financier were circulated. The flood of liquidatng orders and bear activi- ty after the initial break carried ai1 of the Flower speciaties down at a terrific rate.
 The extreme breaks in these properties as compared with yesterday were New York Air Brake. 60 points, Brooklyn Trans it, 1S%; Peoples Gas, IS; International paper 141s; Federal Steel, 11A; Rock Island, 45s and Atchison preferred, f. In the gen. eral railway list the extreme declines ranged in the active shares up to 4ss, in Burlington. In the speculative specialties American Steel dropped 11%. Sugar lost, S1h; Colorado Fuel, "A; Manhattan and Metropolitan, 6A each; American Shelters, G. and National Steel Continental Tobacco and Anaconda Mining over points each. The appearance of supporting orders and the absorption of a large amount in the aggregate by bargain hunters, together with large covering of short lines brought out very material rally which was em- phasized in the properties which had suf- fered most earlier. Part of the extreme de- cllHe was uu6 lO lIle uuCONelHlS Ol erable stop loss orders as well as the wip- ing out of many marginal accounts. Dur ing the early violence the facilities of brok- CTS handling large business were severely taxed and few orders could be accepted for execution except lat the market The lowest point reached by stocks today was in many instances above the low point on Tuesday last The Flower specialties, how ever, were exceptions and touched the low est in some time. The announcement by member of the firm of Flower & Co, that MT Flower had no stocks on hand that were not paid for and that they would not come on this market, had a reassuring ef- feet. That frm moreover, was pur- chaser for clients of large amount of stock on the decline. London sold some 2O0O0 shares at the opening and later was a small purchaser. 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 epecialties net losses are:
 New York Air Brake, 21; Brooklyn Transit, 11A Peoples Gas, 61k; Federal Steel 6s; International Paper, SIS; and At chison preferred and Rock Island about 2h each. The dealings for the day aggre- gated about three quarters of a million -PhdiSo udllli5 lue lWO HOuIS tIdulIS anu the lightning changes of quotations as the tremendous blocks of stock changed own ersh1p was bewildering to the ordinary traders. The opinions of many old operat- ors were widely divergent and the quota tions quickly proved the uselessness of attempting to guess at the course of prices After the first fifteen minutes comparative quiet ensued, but still compared with other days the dealings were enormous. The market closed under pressure, but mater tally above the lowest.
 The market this week suffered two vio- lent declines, the first on Tuesday with the agitation as to the probable effect of the Ford tax bill, which worked havoc with values. This was followed by an irregular recovery until the announcement of the death of eX-Governor Flower today gave shock to the market resulting in a dip below the figures of Tuesday for his specialties, and bringing the general list nearly down to the lower level established earlier in the week. A recovery of part of the loss took place before the end of the days session. The net losses in the rail- ways range from fraction up to over , points in Burlington. Lackawana lost 8 points, and Central Pacific, Southern Pa- efic and Northwest are over a point each off for the week. In the specialtieS the more pronounced losses for the week were Now York Air Brake 2S12; Brooklyn Tram sit, 221a; Peoples Cas- 10; Federal Steel,
  tional Paper over points each. All these are properties in which the Flower interest was prominent. Among the local shares which suffered because of the probability of the Ford franchise tax bill becoming law were Metropolitan Street Railway, 161s; Third Avenue, 13; Consolidated Gas, 7H and Manhattan, 6. Sharp declines were likewise made by American Tobacco and the iron and steel shares. The gov ernment crop report was at first favorably received but later the decrease in acreage was pointed out as a discouragng factor, with a resultant depressing effect upon the Changers. Money ruled fairly easy, and sterling exchange receded on the an- nouncement that all the needed exchange had been secured for the settlement or the Spanish indemnity. Another influence III the exchange market was the enormous purchases of stocks for aoreign account, which aggregated about 2OJ,000 shares, only A tenth of which were resold on the an nouncement of MT. Flowers death.
 The deposit of final $5,0O0,000 warrant for the Spanish indemnity with local bank, which was announced for Monday, was ex- nected to be reflected in a continued im- movement in next weeks bank statement The traffic returns for April compared fayorably with recent months, and with the corresponding month in the last Iour wears. The reports of far1ures TOT the first week of May showed the smallest na- huit;as of any week in six years. This was
 
 not unnaturally accompanied by favoraple trado reports, especially in the iron and street industries, where hlgher quotatloiie for many classes of the output was notice- able. The market was highly professional in stock dealings, and while small holdings were sacrificed, confident buying was not lacking by large interests on declines.
 Increased activity was noted 1n the weeks bond market, and generally high- CT level of prices was estaphsneu TOT llle srilt-edge issues. Speculative bonds, how ever. suffered, moving pretty much ill unison with stocks.
 limited States new As advanced F; do coupon, the 3s and the 5s coupon, ss; do registered and the old As coupon, F. and do registered ss in the bid price,
 New York, May 13.--Total sales or stocks today amounted to 75i, ,535- shares, includ- ing; American Steel and Wire, Sl6oo; Amer iean Steel and Wire, pfd., 72.100; American Sugar Refining, 21 400; American Tin Plate, C sso: American Tobacco, 6,5Oo; Atchison, g. 900 IAtchison, pfd., S6,7Oo; Brooklyn Tran
 r,,, riOhtc 900. RlIrlipg- .