The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-14
r1NASoYxI AND COMMERCIAL.


SASSON NONtoI WIN khO " bttSSA Nbo
the speculation in securities has sustained In
long time. For two years past the late ex-Gov
Flower was the most conspicuous leader OF
the long side OF the market. His agRres
s~iveness. integrity and fidelity to the prop,
critics in which he was Interested and TO hi
friends attracted to him a large following that
a succession OF successes constantly in.
creased. The group OF properties which
he and his business associates have been
engaged in developing is not a large
one. but the securities based upon thom
have been prominent In the market because
thar have as q rule followed the course that he
predicted for them. The popularity Of the So
called Flower stocks thus established was OBJ
viously responsible for the sharp break In
them to-day.
The opening OF the market was panioky un-
der an enormous volume OF liquidation. Stocks
in which the late Ex-Governor and his asso-
ciates were not Interested suffered severely
because OF the unsettled feeling created by his
sudden death and also because many opera
tors were compelled to l~louidate throughoutthe
general list to take care OF their ventures In
the Flower stocks or to make good the sudden
losses caused by the decline in them. The
business associates OF the late bull leader
showed their confidence in his judg-
ment and In the properties in the man.
agement Of which he was active by
making extensive purchases OF Brooklyn
Rapid Transit. Peoples Gas. Federal Steel and
Rock Island. 1t Is estimated that they pur-
chased upward OF 100000 shares Of those
stocks. The decline also attracted buying from
other sources. Some Of the large commission
houses were conspicuous buyers. Stilllanother
element OF support was the short interest.
which has been fairly large for some time past.
In consequence the market rallied almost as
-l-.-I- -. ~ Inatt.al att1 Goal via
materially below those OF. yesterday. %particu-
Arly for the stock directly affected by last
evenings sad event.
To describe the fluctuations that took place
during the two hours OF business would be
practically to reproduce the tables that follow
this report. A reference to them will show
that the changes in values. both temporary
and permanent. are suf1cientto affectth the great
majority Of speculative accounts and cause a
readjustment Of loans. Fortunately. brokers
and their customers have nearly forty eight
hours In which to rearrange their affairs and
prepare for the resumption Of business on Mon
day. BY that time it Is probable that a calmer
view OF the situation will prevail than existed
this morning. Although Wall street has sus-
tanned a great loss. the fact Is not likely to be
overlooked that the properties in which the
late Mr.. Flower was interested have suffered
no impairment OF their earning power, and. 1t
may he added. OF their prospects. for his associ-
ates In the management OF them are men OF
recognized shrewdness and ability. 1t is posi-
ible his loss may prove an incentive to even
greater efforts than have heretofore been made
TO increase the value OF the various properties.
The weekly statement Of averages OF the As
ISOLATED Banks was quite as favorable as had
been expected and its publication had some eff
feet upon the market toward the close OF bust
naaa Tho hapka haya naipai pyar AZ rrilIiopa
in lawful money. nearly all OF it In specie
from the Sub-Treasury. The loans have been
liQuidated to the extent OF nearly $4,000. 900.
The net result Is an increase in the surplus
reserve OF 81. 7S5. 900. bringing that item up
to more than 1927. 000. 00O. The statement did
not have the effect upon speculation that 1t
ordinarily would have had. because the sudden
taking Off OF Mr.. Flowe overshadowed all
other considerations.
As compared with the final prices OF last
Saturday the list is lower. with the exception
OF Denver and Rio Grande preferred and
Reading second preferred. which are y y cent.
higher bid each. The more important net
declines are In Brooklyn Rapid Transit. 22k
2 cent. American Tobacco. 17H; Metropolitan
Street Railway. 16K: PEOPLES Gas. 10; Federal
Steel. on American Steel and Wire. IN: Con-
solidated Gas. Tx: Federal Steel preferred and
international Paper. 81 each: American Sugar
Refining and Manhattan Railway. 6 each:
American Tin Plate. SIX: Continental
Tobacco. g.: Colorado Fuel and Iron.
AZ: Atchison preferred and New York
Central. Az each; Rock Island. 81: Burlington
and Quincy and Tennessee Coal and Iron. 81
each Missouri Pacific. 20 st. Paul. 2H: Union
Pacific. 2S; Anaconda Mining and heading
first preferred. X each Union Pacific pre-
ferred and Northern Pacific. TX each: N. J.
Central and Chesapeake and Ohio. IL each:
Norfolk and Western preferred. IL. and Penn
~sylvania Railroad. "a q cent.
Now York Stock EKchanRe-SaIes May, 10.
UNITED STATES AND STATE BONDS lin 81 .O0Oal-