The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-14
SLUMP N FLOWERS"
Sudden Death of the Ex-Gov-
ernor Brings on a Panic.
ONE BREAK OF 90 POINTS
Later Recoveries Still Leave
Big Net Losses.

owing to the announcement of the sudden
death o1-Former Governor Flower. Cen
eral news was scant but many rumors
connected with the properties identified
with the late fnancier were circulated.
The food Of iquuidating orders and bear
activity after the initial break carried all
Of the Flower specialties down at a, ter
rife rate. The extreme breaks in these
properties as compared with yesterdays
We're: New York Air Brake, 90 points;
Brooklyn Transit, 1S&l; Peoples Gas, IS;
International Paper 1875; Federela Steel,
ia; Rock Island, AS, and Atchison pre-
ferred, 4. In the general railway list the
extfeme declines ranged in the active
shares up TO AS in Burlington. In the
speculuat live specialties American Steel
dropped 117s, Scgar ST. Colorado Fuel,
IA, Manhattan and Metropolitan 634 each,
American Shelters, 8, and National Steel
! Continental Tobacco and Anaconda Min
ig over points each. The appearance of
| supporting orders and the absorption of
large amount in the aggregate by bargain
! hunters, together with large covering Of
short lines brought about a very material
rally, which was emphasized in the prop
critics which had suffered most, early
Part of the extreme decline was. dee TO
the uncover;ng of innumerable stop-loss
orders as VIII as the wiping out of many
1 marginal accounts. During the early vio-
lence the facilities of brokers handling
large business were severely taxed and
/ few orders could be accepted for execu-
! ton except "at the. market" The low
| est point reached by stocks today was in
many instances above the low point on
| Tuesday last. The Flower specialties.
! however, were exceptions and touched
| the lowest in some time. The announce
ment by a member of the firm of Flower
& Co. that Mr.. Flower had no stock on
! hand that was not paid for, and that they
| would not come on this market, had a
/ reassuring effect. That firm, moreover.
| was purchaser for clients, of a large
line Of stock on the decline London sold
some 10000 shares at the opening and lat
er was a small purchaser. The bank
I statement was not fully up to the expac-
tatons Of some, and realizing and the
/ putting oct of fresh short lines again
! stopped prices after the rally but still left
quotations much above the lowest The
/ net losses are generally less than half of
/ the extreme declines. In the Flower spe-
/ e1alties net losses are: New York Air
Brake, p; Brooklyn Transit, ia; Peo-
pies Gas, 6l3; Federal Steel 61s; Interna-
/ uonal Paper 31s, and Atcsison preferred
! and Rock Island about 2Ia each. The
/ dealings for the day aggregated about
/ three-quarters of a million shares during
two hours trading and the lightning
! changes Of quotations ast the tremendous
I blocks of stock
( bewiidering to the ordinary traders. The
opinions of many old operators were wide
/ " divergent and the quotations quickly
proved the Uselessness of attempting to-
/ guess at the course of prices. After the
frst fifteen minutes comparative quiet en-
sued, but still, compared with other days.
the dealings were enormous. The market
closed under pressure but materially
above the lowest.
The total sales Of stocks today amount
ed to 1885 shares including American
Steel and Wire, 31600; American Steel and
/ Wire preferred, 721O0; American Sugar
Refining, p, 400; American Tin Plate. $500:
American Tobacco. $500: Anaconda. $500:
Atchison. 9,405 Atch.son preferred. 8. 300;
| Colorado Fuel and Iron, 5000: Continental
Tobacco, 2030o; Federal Steel 10. POO; Fed
eral Steel preferred. % 200; International
Paper, 6.100; Louisville and Nashville.
1000; Manhattan. 20, 700: Metal, $780, Ms
souri, Pacific, 9.40O; National Steel 1000:
Rock Island. 4, 400 ST. Paul 81. 900: South
ern Pacific 400: Tennessee Coal and
Iron. 6.40O; Union Pacific II 500: Union Pa
cifc preferred, 800; United States Rub
Der. 800.
The market this week suffered two vio-
lent declines. the first on Tuesday. when
specuulations as to the probable effect
Of the Ford tax bill worked havoc with
values. This was followed by an irreg-
ular recovery until the announcement of
tse death Of Ex-Governor Flower today
gave a shock 10 the market. resulcting in
a dip below the figures Of Tuesdap for his
specialues and bringing the general LIST
Marty down to the lower level established
earlier in the week. \ recovery of part
Of the loss took pplace before the end Of
the days session. The net losses in the
railways range from fractions M 10 over
3 points in Burlington. LackawaEna lost /
3 and Central Pacific Southern Pacific /
and Northwest are over point each Of
for the week. In the specialJies the more
70r7rcunced losses for the week were:
Transit. 22la; Peoples Gas. 10: Federal
Steel. SIS and Atchison preferred and In .
ternational Paper over 6 points each. All
these are properties in which the Flower /
interest was prominent. Among the local (
shares which suffered because Of the !
probability Of the Ford franchise tax bill /.
becoming a law were: Metropolitan Street /
Railway. I5is: Third Avenue b: Consol- /
idated Gas. rs. and Manhattan s. Sharp /
declines are likewise made by American /
Tobacco and che Iron and Steel shares. !
The government crop report was ar first /.
favorahly received. bu, late-tthe decrease I.
in acreage vas pointed ou- as discour- +
aging factor, with q resultant depressing +
effect upon the grangers. Money ruined .
fairly easy and syerlin exchange receded +
on the announcement that all the needed /,
exchange had been seccred fer the settle I
ment Of the Spanish indemnify. Another
Influence on the exchange market was 4
The enormous purchases % stocks for for- 2
eisn account. which aggregated ABOUT ga 1
W-1 shares, onlp a tenth % which were re- 4
sold on the announcement u Mr.. Flow I
e-'s death The deposit of the final s. /
oto sao warrant tcr the spanish indemnity
with q local bank, which was announced /
for Monday was expected "a be reflected /
in continued improvement n next 4
weeks bauo statemeu-- TIE traffic re-
turns for April compared favu-aoly wi;h I
recent months and with the correspond (
ing month in the last four years. The Ts- 4
ports % failures fo-' yhe first week Of 4
day showed the smallest Liabilities o. any I
week in s.x years. This was rot GuRnst-
u-aily accompanied by favorable trade I