Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1899-05-18
A PANIC IN STOCKS
EX-GOV. FLOWERS DEATH
DISTURBS WALL STREET.
SCENES UNPRECEDENTED
Results-The Flowers Protect Their
Customers-Brooklyn Rapid Tran
sit Drops Over Is Points-Other
Fluctuations.

New York, May 1.-THE stock mar
ket opened demoralized Saturday on
heavy selling by the bears and liQuida-
ton Of long stocks on the apprehen-
sion excited by the death of ex-Gov.
Roswell P. Flower. twenty-five thou
sand shares of Brooklyn Rapid Transit
were sold at from ITO down to 100, the
low point indicating a drop of 1874
from Fridays close. Peoples Gas
slumped 15 points and other Flower
specialties from to 10 points each.
New York Air Brake dropped 60 points
to 125.
Owing to the diversified interests of
the late Roswell P. Flower, which in
Guided number of speculative proper
ties on the New York stock exchange,
the bear faction, which has been very
demonstrative Of late towards securi-
ties of this class, considers his demise
as severance of substantial prop to
these properties. Consequently they
prepared for concerted raid against
these stocks at the opening and the
substantial following of the rank and
file Of the traders who have no decided
attitude in the market and are pre-
pared to go short or long as
the case may be when a fav-
orable opportunity presents it
self. Before the opening commission
house clients were called upon to put
up additional margins in order to in
sure a comfortable leeway for the eX-
pected drop. The opening was very
wide in the Flower specialties and i'm
mense blocks Of stocks came out on a
scale down Of from to 10 points, the
latter in Brooklyn transit. Peoples Gas
slumped Is points and Federal Steel,
Rock Island and other Flower issues
dropped off from to 10 points. About
$4,000 shares were thrown over in
Brooklyn Transit during the first Is
minutes with the blocks running up in
to the thousands. New York Air
Brake dropped 60 points to 125.
The fact that an extremely favorable
bank statement was expected was ig-
nOred for the moment and the irresis-
tible downward rush of the specialties
carried everything else along with it.
Standard stocks averaged 31a points
down with the grangers and low priced
railways were most affected. Metro
politan Street Railway, Manhat-
tan and Sugar dropped 7
points. The attendance on the
floor of the exchange was unusual
ly large and many brokers who gener-
ally are absent on a Saturday put in an
appearance. The galleries were
packed with sightseers who came down
town in expectation of witnessing eX-
citing scenes. After the first quarter
of an hour the market turned violently
upward New York Air Brake recov-
cred 40 points, going to 165.
Arson R. Flower, head Of the firm
Of Flower & Co., said:
Gov. Flower had no stocks on hand
other than those which he held for in
Vestment. These stocks were paid for
and will not be placed on the market.
They represent properties which Gov.
Flower believed in and properties
which we believe in and will hold
for investment as Gov. Flower intend
ed to hold for investment. There is
no reason for any uneasiness respect
ing any Of the properties we are inter-
ested in. Gov. Flowers death should
have no effect so far as his or Flower
& Co.'s holdings are concerned. Our
properties are all doing we'll"
1t was reported later in the day that
the Flowers had saved many of their
customers from ruin by telling them
early in the morning that even if their
margins were wiped out now they
would not be called upon to furnish
another cent. That the Flowers act
ually did do SO was stated in the after
noon by A. R. Flower, who said:
when | came in in the morning l
said to our customers you can buy
what you like, you will be protected
That is all there was about it,
The trading in the stock exchange
during the first hour eclipsed anything
ever witnessed in the local market for
violence of fluctuations Variations
of to points were common and in
one instance there was a split in New
York Air Brake of 10 points on a sin
gle transaction. There appeared to
be some unanimity of action among
substantial interests to support the
market after the opening demoraliza-
ton and stocks were purchased at rap
idly improving prices. Although the
movement was very feverish Brooklyn
Transit rallied from 100 to 10. Peo-
pies Gas from 101 to 116. and recover
les in other specialties were from to
7 points. Railroad stocks also recov-
cred very sharply, Burlington making
a conspicuous gain. Brokers were
overwhelmed with orders to buy and