The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-20
STOCKS RECLAIMED STRENGTH.
RECOVERED FROM DEPRESSION
DUE TO FLOWERS DEATH.

Brokers Had Large buying Orders,
and the OutpOuring of Long stocks
Was Avcrted by n Quick Pickup
in the MnrI<et-Bnnks Agreed to
Help Out-EIOwer's Firm Had No
Speculative StocISs-Strength of
the Bond Market.
New York, May 19,-Braastreets review
of the New York stock market viii
say: "Ex-Gov. Flower had been
the most conspicuous leader for
the past two years, and the success which
had attended his operations in Peoples
Gas, Rock Island, New York Air Brake,
Federal Steel, Brooklyn Rapid Transit and
other leading stocks, had given him an
influence with the speculative public un-
paralleled in the history of the American
markets.
The entirely unexpected news of his
death which awaited Wall street last Sat
urday morning, seemed to many the sig
nal for a decided break in the market.
On the other hand, it was quickly recog-
nized that the large financial interests en-
gagged in the market would be sure TO
prevent any serious mshap.
This proved TO be the case, and. though
at the opening on Saturday morning,
flood of short selling and liquidation was
met, which carried Peoples Gas down
from 119 at the preceding nights close to-
101 Brooklyn Rapid Transit from l172a
to 100, and Federal Steel from 6l14 to 80,
with corresponding declines in not only
the Flower stocks. but In other parts Of
the list. there was almost instantly a
sharp rally.
Brokers with buying orders.
Brokers who are credited with acting
for the Standard Oil interest. Mr.. Keene
and other large operators had buying or
ders, and prices were advanced 50 that -
large part Of the early declines were re-
gained. The danger of an outpouring OF
the long stocks held by commission houses
for their customers was thus averted, and
the liquidation, If one was necessary, be-
came question OF time.
Further assistance was given to the mar
ket by the appearance of an excellent
bank statement on Saturday, and by the
assurance that the leading banks would.
so far Is 1t was proper for them to do so.
extend ali needful accommodation to stock
market borrowers.
1t also appeared that the late Mr.. Flower
had no large speculative holdings, that the
nrm In which he was a special partner
would continue without change, and thar
his associates were fully convinced of the
value of Ills properties.
Beyond this, it was recognized that the
larger of the street interests having vari-
Gus important deals on hand, like the
Amalgamated Copper Company subscrip-
ton or the financing Of the Carnegie Steel
Company, would not and could not allow
the market to become demoralized. Sup
port from such quarters was plainly ap-
parent throughout the week
London Sold Heavily.
The indisposition of the general public
TO buy stocks and the tendency to reduce
long holdings was also no less marked.
London. though at first disposed to ac-
quire stocks at the concessions, afterwara
turned seller and was credited with dis
posing OF considerable holdings of Balti-
more and Ohio securities, and of Southern
Pacific when they exhibited a rising dis
position.
The marked strength of the bond mar
ket and the advance of government bond
values, together with the relative steadi-
ness Of the dividend paying stock list, was
taken into account by the market but
ON the other hand, the Granger shares
seemed heavy--a fact attributed to the
continuance of unfayorable crop rumors.
The support, which has been already de-
scribed was in the earlier part of the
week largely concentrated In the Flower
stocks and the IndusLrials.
The Market Picked Up.
Sugar was made active and strong
again, and further recoyeries scored in
Peoples Gas. Federal Steel, Brooklyn
Transit and their companions.
The decision of Gov. Roosevelt to call
an extra session of the New York Legis-
lature for the purpose of amending the
Ford franchise tax bill was another Incl
dent having a favorable effect on specu-
lative sentiment.
Nevertheless by Thursday a renewed re-
action took place in the Flower stocks.
and Industrials while the support seemed
TO shift to the Grangers and the dividend
payers. On Friday the market was gen.
orally dull and irregular, and showed
renewed disposition to sell off.