Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-14
WALL STREET SLUMP
Most Tunu|tu0us Scenes 10
Over Twenty Years.
PANIC IN FLOWER ISSUES
Il Spreads 10 Many Of the Print
Securities.
WILD PROCEEDINGS on CHANGE
Hoar.e Cries and Frantic GesticuIs-
lions Wake the Picture a Most Rec
mari<"hIe one-rhc Dealing. ON an
Enormous Scale.
WILD PROCEEDINGS on CHANGE

NEW YORK. May 1.-THE death OF the
central figure In the Flower specialties
spread CONSERVATION In financial circles
to-day. as II was realized that, owing Ia
the Flowers diversified interests. a sentis
mental alarm would necessarily follow
and the market might prove unable 70
absorb the deuge OF long stock.
Before the market opened some brokers
went to the banks aud put up additional
collateral on loans they had secured. 50
as to prevent a sacrifice of their secMi-
ties If the fall proved more severe than
the margin OF safety contained in the
loans. Commissions houses called upon
their clients for additional collateral on
the stocks which were expected to bear
the brunt OF the attack.
BARGAIN-HUNTERs
AS a partial set-ofr to the heavy liquid
alton which was promised there was .
large contingent downtown whose APP
pearance Is simultaneous with u financial
crisis. They are known as bargain
hunters" who take advantage OF the low
prices to utilize their savings In purs
mGnent investment. While some Of this
class have ample means to take hundreds
of shares. the great bulk confine their or.
ders TO fractional lots. Hundreds OF ex-
cited people thronged the galleries ut tbs
opening OF the market In the brokers'
offices pretty much the same scenes wero
enacted, and as the ticker relentlessly
ground out quotations which perhaps
meant absolute ruin TO some OF the spec
ulatOrs, faces blanched and a look of UNI
utterable despair settled upon the ven-
turesome traders.
NOT MANY ASSEMBLIES.
On the floor OF the Stock Exchange
there were but few absentees. Around
the various trading posts where the
Flower specialtics were dealt In were
throngs OF men thirty deep, awaiting the
drop of the gavel 10 commence operas
lions. When the signal was given there
was an indescribable tumult. hoarse
cries and wild gesticulations making the
scene the most tumultuous In over TWEEN
~ years. When the ticker recorded the
opening transactions there was block
OF 5000 shares OF Brooklyn Rapid Tran
sit sold at from 10 down TO 100. the low
point rejecting a break OF is "a per cent.
Wide openings were made In all the other
flOWOr SpttldilsS, ll,pV sndTtS OF rturs
raj Steel going at from 56 down TO 80, and
1850 shares OF Peoples Gas at from LII
TO 100. Although only 900 shares Of New
York Air-Brake were traded In at this
outset, the stock dropped from 10, the
opening figure, to 12J, the latter Indicating
a loss overnight OF 90 points. Subsequent
ly, the price recovered TO lGt.
The panic I'm the Flower issues spread
TO other properties, the losses running
from TO II points, sith many OF the
prime securities affected. After the OPEN
ing slump, the market turned upward
at lively rate. under the influence Of
enormous buying by the leading sub
stantial interests I'm the street Short
covering assisted the RISE the bears taking
profits as quickly as possible. now thae
they had succeeded In opening the market
down to an advantageous level.
COSTLY MISTAKES.
All sorts Of costly mistakes occurred
during the excitement among the trading
element one broker suffering to the ex-
tent OF $4,000. Another had a big order
to buy at fixed price and succeeded
in executing the commission at lower
figure than that placed, thereby making
a profit for the customer OF $4,000. Special
dealers In the different stocks were over
whelmed with orders. and bought and
sold so freely that many OF them could
not tell what the net results Of their OPP
erations were until the days accounts
were settled. Dealings throughout the
session were on an enormous scale.