New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-16
THE MARKET QUIET AGAIN.
NO RECURRENCE OF SATURDAYS PAN
ICKY CONDITIONS.
ASSURANCES THAT THERE WILL BE NO
CHANGE IN THE FLOWER FIRM
BANKS HELP SUSTAIN THE

BANKS HELP SUSTAIN ihE
MARKET.
There was no recurrence yesterday OF the pan
icky conditions which prevailed at the opening
of the Stock Exchange on Saturday as result
OF Ex-Governor Flowers sudden death. IL was
known that great capitalists and financial IN
stitutions had pledged themselves to support
the market and this fact was powerful infiu-
ence in restoring confidence and steadying
prices. There was too. extensive buying III the
London market before the opening oil the iocai
Exchange. at prices from Il to nearly per cent
above New-York parity Under these influences
opening prices in this market yesterday were. as
a rule we'll above Saturdays closing quotations.
Brooklyn Rapid Transit. which closed on Satur-
day at 1861 opened wide" at prices ranging
between los and 1904. Peoples Gas, the last
quotation for which Saturday was llZ1f'
opered at 115, 2ia points up. Federal steel COM
mon, another Flower stock. opened at o. an
advance OF per cent as compared with Satur-
days close. The opening quotation for Federal
Steel preferred was 7S%, gain OF Ia per cent.
Rock Island. which opened at 1lOla, had closed
on the last preceding business day at lVt7s'
International Paper opened at 46ls, an advance
of q per cent There was, naturally, some
liquidation early in the day. but the offerings
rallied Thereafter the course of trading was
uneventful until we'll along in the afternoon,
when an attempt at raid was made by the
bears, but was speedily checked
All the Flower stocks except International
Paper and many others OF thu list closed above
Saturdays last figures. Brooklyn Rapid Tran
sit closed at 1O97s, a net advance for the day OF
3% points: Peoples Gas, at 114h, net gain, 1as;
Federal Steel common, at &C. net gain, Is per
cent Federal Steel, preferred. at 7Sb. net ad-
vance x per cent; New-York Air Brake. which
on Saturday touched 12J, clcsed yesterday at
175. a net advance from Saturdays last price
OF IL points; International Paper closed at 4ol2.
a net decline Of u per cent, and Rock Island. at
HOY, net gain u per cent. Metropolitan adj
vanced sharply on the news OF Governor Roose-
velts decision not to sign the Ford bill at once.
and closed at 226A net gain for the day OF
7% per cent Manhattan gained l point. closing
at 100 Sugar which had ranged between lo4%
and 15Oh. closed at 151, gain for the day OF
per cent.
Again Yesterday many business men called at
the office Of Flower e. Co.. to offer their SYM
pathy and their financial support, If that should
prove necessary, to the members OF the flrm
Arson R. Flower, senior member Of the house,
said that there would be no change in the firm
or in its policy, and that there was no founda-
ton for the report that Anthony y. Brady
would take the place of the late Ex-Governor
as special partner Mr.. Flower was quoted also
as saying In answer TO a question as TO who
would succeed his brother as the bull leader
place which opinion in the financial district Is
inclined to assign to Mr.. Brady:
"Oh. there are men ready to fill that post.
l do not underestimate the Governors per-
sonal qualities and power when say that these
stocks do not require a leader. In themselves
lie their very strength. Governor Flower did
not make the demand for steel. or the demand
for other staples. He simply had faith in stocks
they represented, and sustained them Dy III
fuence and money"
The banks yesterday and on Saturday did
their full snare in sustaining the market, very
little calling OF loans being done. President L:
d. Happen of the Gallatin National Bank voiced
the opinion generally held in saying tnat tne
hanks are ready 10 help any banker or broker
who may be legitImately entitled to assistance
where the embarrassment Is likely TO be only
temporary. Mr.. Tappen said: "There is no
reason for the public to have any Apprehension
as to the financial situation 1t Is my opinion
that the stock market will steacy itself at once
During the interval since Mr.. Flowers death
we have had an opportunity to rest, and ! De-
lieve the market trouble ended Saturday. There
may be some liquidation for day or two. but
I do not believe 1t will be very extensive"
A dispatch from Chicago yesterday quoted
President Purdy Ct the Rock Island road as
expressing the belief that Ex-Governor Flower $
death would not have any appreciate erect
upon the securities of that company. II is under
stood that Arson II. Flower or f. S. Flower VIII
represent the r. p. Flower interests in the Board
| of Directors Of the Rock Island and the former.
! II is thought. will take the late EX-GOVERNOR
place az a director Of the Peoples Gas Light and
! Coke Company. and one Of the three voting
trustees Of the Brooklyn Rapid Transit Com
pany
| Many stories were told in Wall-st. yesterday
| of Governor Flowers generosity and kindness
| of heart, and many men showed that they felt
| his death personal sorrow His benefac-
| tons unostentatious but continued, ex-
tended to churches and charities and individuals
| all over the United States. thousands of persons,
according to the assertions of his intimate
| friends. having been indebted TO him for timely
and liberal aid. His fortune has been estimated
as high as S25 600 600 but OF his near friends
said yesterday that it probably would prove to
be between $J0000C0 ard 100000.
| 1t cannot be learned definitely whether or not
! the Governor left will dsposlng OF his large
estate.
Ex-Lieutenant- Governor William +. Sheehan
! said yesterday. in answer to question: II don't
know whether the Governor has made will or
not. Unlike a great many rich people. who wait
to do charity after their death, he had been
| doing 1t all his life
JAMES R. KEENE's VIEWS
James r. Keene. the leader OF the bear move
ment in Wall Street, yesterday made a statement
REGARDING market conditions in which said.