The Cairo bulletin., 1904-12-13
TOM LAWSON AND HIS CAME
Wonders Whether He Led
or Was Led.


| dire foreboding, nothing happened.
In the afternoon Lawson came out
with a statement that he had found
on investigation that the reports
were NOT true, chat he dil not own
amy snch fines Of stock. and that
therefore ne ccald nG sell them
Did it strike any one a. peculiar
that il should be possible for a brok-
en- 10 have not even an approximate
idea OF his own holdings? II SO. then
wha; was the purpose of tae whole
i ff0rmance9 There wega many
heads III Wall street who asked this
question and WAo argued that mat
ter ont for themselves without arriv-
ing at any satisfactory conclusion.
Events move swiftly in Wall street
and the week after THANKSGIVING the
street had forgotten an about the
Lawson prayer ana the succeeding
Incidents.
Il was after this that the sseat
activity in Amalgamated Copper de
yeloped Once more Lawson came
lnso evidence He advised every
one to buy copper Il would cross
So and every one had better buy Il
before il crossed IS. because after
that it would jump 10 par so fast that
The advance would resemble the pro
verbal blue streak Hundreds Of
thousands Of shares changed hands
on this advice. During the week end
ed Dec there were traded in 473,
125 shares in a narrow range be-
tween S0h and $3.50 Lawson pre-
dicted that on Friday. Dec ?, an an
affecting the value OF
the stock would be made. The an
nouncement was the record dividend
by the Boston and Montana company
which is owned by the Amalgamatei
Copper company Many men in Wall
street then asked how il was that
Lawson had advance information OF
.his action. but this question was
never answered.
On Tuesday nocn last the presi
ient's message was due TO become
public Was ii only an accident that
IN that very morning appeared the
irst OF Lawson hamboyant warn
ngs to all stockholders of Amalga-
mated TO sell their holdings, as the
price would smash? This was a
sudden change OF front by Lawson
md il fairly took the spectators
Jreath away. They had really no
light to be surprised for every mar.
iet leader that ever lived. and no
natter in what market he operated,
las ever done the same. That sud
len change of front, the announce
nent over night that he had sold his
holdings or covered his short sales, !
las In fact always been one of the
'hief sources of revenue to the lead
n. for. having prepared himself for
he new position, he has been able
o reap the full benefit of any change
n prices which his change of front
night effect
There can be no doubt that many
what Lawson advertised /
Many spectators sold out their long
holdings. Others still went short of
he market, but this alone could not |
rave brought about the collapse If
he support to the market had not |
and mysteriously disappear |
ID There had been a suspicion fol- |
iome days that the support to the |
larket was of a perfunctory sort. |
Wednesday it became apparent to
he brokers' on the floor that the sup
)ort had been entirely withdrawn.
md Thursday when the belated sell |
RS appeared and when az least l.
100000 shares of long stock were !
brown over, the lack Of support ex
'ept at a very low level became ap- |
larent even to the outsiders. This |
ack of support has not yet been sa; |
sfaetorly explained. II is fac.
however, that stocks purchased IN |
quantity some ten points below the |
evel where they might have been |
'old the week before would show a |
iery acceptable profit to whoever |
nay have scld and repurchased them
This part of the collapse is at
east as queer as the credulity which |