New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-15


The death Of Ex-Governor Flower furnishes
no valid reason for selling stocks. The proper
Ties with which he identified VIII not be
d,sintegrated because Of his death And the
securities holdings Of Mr.. Flower VIII not De
thrown upon the market These holdings were
owned outright and represented no marginal
sneculation. Naturally. the death OF such
,ro,,,rent leader exerted depressing influence
upon speculative sentiment, and the vicious ano
ghou,fsh traders who feed upon other peoples
ynisrortunes put forth every effort to produce
manic IN the securities market Their success
was not important outside Of the so-called
Flower stocks nor are they likely to profit for
any length OF time out Of the distressing death
NJ the great speculative leader. Mr.. Flower had
bacoroe An important factor in Wall Street His
success was the result OF honesty and inteli-
eence and his work organizer Of strug-
Cling properties will live after him He leaves
behind him a powerful house, ably equipped TO
handle the vast enterprises with which his
name and fortune were connected. and the fool-
ish man alone will risk his money in attempts
TO weaken confidence in the Flower properties
Mr. Flower was widely known, widely liked and
admired. His friends in Wall Street were
numerous his enemies few. Those who opposed
his leadership acknowledged his power and his
honesty Of purpose and when even they lost IN
their speculative dealings against him they
found in him a generous conqueror. stock
market review would not be complete without
a kindly reference to the sterling worth of MT
Flower as a market leader and man Of pleas
ing sociability. and this column therefore records
its sincere tribute TO his memory.
The break in prices Saturday forced many
marginal holders out Of stocks 1t frightened
call Ito OF dino
enormous profits for the shorts. and rare bar
gains for the people who are always ready 70
buy on decline The Flower properties suf-
fered severe losses but the general railroad list
was not affected 10 any noteworthy degree. The
effect Of the death OF Mr. Flower may not dis
appear for several days but every genuine
holder Of stocks may rest assured that the
greater number OF stocks in the hands Of
people who do not intend to permit bear picnic
this summer The loss Saturday should he
recovered easily. The best-nformed and rich
est IN the Street said on Saturday that
they felt absolutely no uneasiness over the
future Of the market. because values were
based upon solid business conditions, and stocks
were In the hands Of capitalists.
Money market conditions are favorable to
higher prices In the securities markets Techn-
cal speculative conditions are strongly in favor
OF the bulls, and actual business conditions are
making the intrinsic value Of stocks and bonds
stronger every day. The exports Of breadstufs
from this country lighter than they We're
last year. but heavier than in recent average
years. Losses trade balance through the
falling of IN exports Of grain about Offset
by the increase in the exports OF manufactured
articles. The sterling exchange market Is likely
10 rule firm throughout the summer. but gold
exports are not probable. The balances IF
American bankers abroad have been reduced
by the heavy sales Of foreign held American
securities in the last year. but the present ten
dency OF European operators appears to favor
increase IN their holdings Of our stocks and
bonds. On the decline last week buying for the
foreign account heavy, and conse-
Quence sterling exchange was considerably
easier. The crop situation continues 20 worry
the timid trader. but trustworthy estimates
show no cause for alarm The Western rail-
roads are exhibiting enormous earnings. despite
the decrease in grain traffic, and in their in
creased tonnage reflect that the Western roads
are no longer dependent upon the grain move
ment alone for their traffic business.
The stock market declined the greater part
Of the week with severe losses on Monday
Tuesday and Saturday. The result of this de.
cline has weakened small bank accounts, but
strengthened the general position Of specula
ton. There now practically no weak &C.
counts IN the market. Unless investors sell, vii
the bears lie able 10 make further important
progress?