The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-05-14
Furry Caused by Elk
Governor Flow
er's Death.
FALL OF 10 POINTS.
Boston Dealings Are Quiet
With Little Feat
s--
1TT0

Saturday mornings extraordinary
market gave. some idea of what the
late Ex-Governor Flowers personality,
which a mass of spectators followed
with the blindest faith imaginable,
meant to the speculative movement
generally. Not only were there such
overwhelming breaks in the prices of
stocks especially promoted by the ex-
.governor-suchs declines as IS 3-4 points
in Brooklyn Rapid Transit. 10 in Peo-
pies Gas, II II in Federal Steel, and
SIS in Rock Island-but even railway
shares in which Mr.. Flower had not
been conspieuously interested broke to
points. The industriais generally
dropped with great violence, the nota-
BILE movement in this direction being
running drop Of sixty points In New
York Air Brake stock. 1t will be re-
called that when the market first
opened after Mr.. Vanderbilt's sudden
death, strong support was put into the
railway market by powerful interests
, who could not afford TO let 1t go too
far. But the inside operators Of yes
terday worked on a somewhat different
principle. Some of them sold stocks Fri
day just before the close, having evil
{ IDENTIFY received private dispatches from
Long Island of what was impending. 1t
IS conceivable that some of them helped
along the early and excessive break to-
s day coming in as buyers only after
the extreme decline.
Owing to the diversified interests of
the late r. P. Flower, which include
number Of the highly speculative prop
critics, the bear faction who have been
very demonstrative Of late towards Sc
cufities of this class, considered his
death as q severance of a substantial
. prop to these properties. Consequently
they prepared for a concerted raid
against these stocks at the opening.
The opening was very wide in the
Flower specialties, and immense blocks
of stocks came out on scale down
from five to sixty points. About $4,000
shares were thrown over in Brooklyn
Transit during the first fifteen minutes,
with the blocks running up into the
thousands. Shiny margined accounts
vanished instantly, and although the
stocks were taken on the splurge to
cover shorts, the aggression Of the
bears produced other severe losses. The
fact that an extremely favorable bank
statement was expected was ignored
and the irresistible downward rush of
the specialties carried everything else
along with it. Standard stocks aver
aged 1-2 points down, with the
grangers and low-priced railways most
affected. Metropolitan Street Railway,
Manhattan and Sugar dropped seven
points.
Gov. Flowers personality was a
striking one and his influence was en-
phGtic in the market but it is unreal
sonable to suppose that his great in
..terests cease with his death; those in
terests viii be maintained and sup
ported and as the market in far less
/. favorable times surmounted the deaths
OF Gould and Vanderbilt and other
great men Of the street, so viii it sur
mount the loss Of one Of the most en-
~gaging personalities who ever handled
large affairs in a. large way.
Late in the day, Brooklyn Transit
rallied from 100 to ITO, and Peoples Gas
from 101 to 116. Recoveries in other
speeialties were from to z points.
Railroad stocks also recovered very
sharply, Burlington and Quincy max
ing a conspicuous gain. Brokers were
overwhelmed with orders to buy and
to SELL many Of the prominent operat-
ors on the exchange transferring part
of. their commission to other interests
when they could get them to take
them.
In the brokers' Offices, yesterday. the
Sceuc WIS 0llc [tAdA DA1o Ac4A " cuANAfc
IN the memory of those gathered about
the various tickers. AS the tape re-
corded the enormous transactions with
consequent depressions in values while
the selling movement was on, the enor-
nous shrinkage In prices which wiped
out marginal accounts caused democrat
ization among the spectators. On the
other hand, those who had short lines
were considerably elated and issued or
ders to cover and convert their paper
profits into cash This led to good
rally in the last hour, followed by an
other recession after the bank state
ment appeared, but closing well above