The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-14
MARKET WAS BADLY RATIFIED.
EX-GOv. FLOWERS DEATH CAUSED
A GENERAL DECIINE.


& Co. That Their stocks Were All
Paid for, Was quite ReRssuring.
Exciting Scenes at the Exchange.
Slight Recovery.
New York, May 1S.-The death of the
central figure in the Flower specialties
spread CONSERVATION in financial circles
as il was realized that, owing to the Flow
er's diversified interests, a sentimental
alarm would necessarily follow and the
market might prove unable to absorb the
de'uge of long stock.
Before the market opened some brokers
went TO the banks and put up additional
collateral on loans they had secured so
as to prevent sacrifice of their securities
II the fall proved more severe than the
margin of safety contained an the loans
Commission houses called upon their
clients for additional collateral on the
stocks which were expected TO bear the
brunt of the attack.
AS partial offset to the heavy
liquidation which was proms
ed, there was large contingent
taneous with a financial crisis. They are
known as bargain hunters" who take
advantage of the low prices to utilize their
savings in purchases Of dividend-paying
shareS for permanent investment While
some of this class have ample means TO
take hundreds of shares, the great bulk
contine their orders TO fractional lots
Excitement at the Opening.
-
the galleries at the opening to-day. In
the brokers' offices much the same scenes
were enacted, and as the ticker relentless
ly ground out the quotations, which per-
haps meant absolute ruin to some of the
spectators, faces blanched and look OF
unutterabe despair settled on some of the
Venturesome traders.
On the floor Of the Stock Exchange there
| were but few absentees. Around the va
rlous trading posts where the Flower spe-
cialties were dealt in were throngs of men
thirty deep, awaiting the drop of the gav-
! el to commence operations. When the sig
nal was gwen there was an indescribable
! tumult, hoarse cries and wild gesticula-
tions making the scene the most tumult
uous i'm over twenty years.
| When the ticker recorded the opening
| transactions there was a block of $500
/ shares Of Brooklyn Rapid Transit at from
/ 10 down to 10O the low point rejecting I
/ break OF 1874 per cent Wide openings
/ were made In all The other Flower spe
cialties, IL 600 Federal steel going at from
56 down to so. and 10,5O0 Peoples Gas from
! 112 to 100 Although only 500 shares o
! New York Air-Brake were traded Ia O.
! the outset, the stock dropped from 1S5
the opening figure to 1885, the latter indi
eating a loss over night of 60 points. Sub
! sequently the price recovered 10 1G4.
Spread to Other Properties.
The panic in the Flower issues sprea,
to minor extent in other properties loss
| es, running from 8 to Il points, with man!
of the prime securities affected. After th'
| opening slump the market turned upwar'
at q lively rate under the influence o
enormous, buying by the leading substan
tial interests in the street Short covering
assisted the rise, the bears taking profit
as quicl1ly as possible, now that the!
had succeeded In opening the marke
down to am advantageous level.
All sorts of costly mistakes occurre'
during the excitement among the trading
element, one broker suffering to the ex
tent of over $4,000 Another had a big OF
der to buy at a fixed price and succeeds
in executing the commission at a leve
lower than the figure placed, thereb!
making a profit for the customer of G0
CO. Speciqlt.es in the different stock
were overwhelmed with orders, an
bought and sold so freely that many o
them could moi tell what the net result
OF the operations were until the days ac
counts were settled. Dealings throughou
the session were on an enormous scale.