The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-05-23
EFFECT On raE STOCK MARKET


Roswell II. Flower
New York. May 19.-Bradstreecs re-
view OF the New York stock market.
will say:
Ex-Governor Flower had been the
most conspicuous bull leader for the
past two years and he success which
had attended his operations in Peoples
Gas, Rock Island, New York, Air Brake
Federal Steel. Brooklyn Rapid Tran
sit and other leading stocks had given
him an influence with tho speculative
public unparalleled in the history OF
the American markets. The entirely
unexpected news OF his death. which
awaited Wall street On last Saturday
morning seemed To many the signal for
a decided break in the market Ga tho
other hand. IL was quickly recognized
that the large financial interests en-
gagged in the market would be sure TO
prevent any serious mis1ap.
This nroyed To be the case. aad
though At the opening on Saturday
morning a flood Of short selling and
~hqufdating was met, which carried
Peoples Gas down from 119 1t this pre-
ceeding nights close to 10l. Brooklyn
Rapid Transit from 1l72 to 100 and
Federal Steel from s1i 10 90 with cor
responding declines in not only tho
F1ower stocks, but i'm other parts OF the
list, there was almost instantly a sharp
rally Brokers who are credited with
acting for the Standard Oil interest,
Mr.. keene and other large operators.
had buying orders, and prices were ad-
vanoed so that a large part OF the early
were reg2ined The danger OF
an outpourins OF the Long stocks held
by commission houses for their eusto-
mers was thus ayerted, and the Iiqui-
dation, IL n was necessary, became
a question of time.
Further assistace was given 10 the
market by the appearances OF an excel
lent bank statement on SATURDAYS and
by he's assurance that the Leading banks
would, SO far as it was proper for them
to do SO, extend all needfuI accommo-
dation to the stock market borrowers.
1t also appe AIRED. that the late Mr.. Rlow-
er had no large speculative holdings;
that the firin in which he was a special
pdibhV1 "OILu NohliluG "lelOul tudlkB
and that his associates were fully con-
WINGED Of tn e value OF his properties.
Beyond tllis it was recognized that
the larger in terests OF the street having
various imp ortant deals on hand, like
the Amalgs rmated Copper Company
subscription or the financing of the
Carnegie Stock Company, would not
and could NOT allow the market TO be-
come dernora LIKED. Support from such
quarters was plainly apparent through
out the week. The indisposition Of the
general public 10 buy stock and the
tendency to reduce long holdings was
also no less marked.
London, though at first disposed to
acquire stocks at the concessions. az
terward turned a seller and was cred
tied with dispOsing of considerable
holdings Of Baltimore and Ohio securi-
ties, and Of Southern Pacific when they
exhibited a rising disposition.
The marked strength OF the bond
| market and the advance OF government
bono values, together with the relative
| s~teadiness of the dividend paying stock
list, was taken into ccoun by the
| market, but, On the other hand, the
| granger shares seemed heavy-a fact
attributed to the continuance Of I'M.
favorable crop rumorS. The support,
which has been already described, was,
in the earlier part Of the week, largely
concentrated in the Flower stocks and
! the industriais.
Sugar was made active and strong
again and further r~ecoveries scored In
Peoples Gas, Federal Steel, Brooklyn
Rapid Tlansit and their champions.
The decision of Governor Roosevelt
to call an extra session OF the New
, York legislature for the purpose OF
amending the Ford franchise tax bin
was another incident having a favor
able effect on speculative sentiment.
} Nevertheless, by Thursday a renewed
action took place in the Flower stocks
and industrials, while the support
seemed to shift TO the grangers and the
J, dividend payers.
, On Friday the market was generally
} dull n irregular and showed a re-
, newed disposition to SELF off