New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-13
sex dividend.
BONDS.
STOCK MARKET OPERATIONS.

Without the development of adverse condi-
tons affecting the intrinsic worth of securities,
prices in yesterdays stock market suffered
sharp reactions. in many cases the losses APP
preaching the slump last Thursday. notably
Amalgamated Copper. which recorded a maxi
mum decline of 9% points, Colorado Fuel and
Iron the Steel stocks. Tennessee Coal. Ameri-
can Sugar Refining. Union Pacific, Consolidated
Gas, Reading and st. Paul Weakness devel-
oped in the opening quotations. and under the
influence of heavy liquidation in Amalgamated
Copper the entire list sold off rapidly, sales
representing operations for both accounts.
Again, Mr.. Lawson received the credit for
the days weakness, his sensational remarks in
the morning papers doubtless frightening many
holders of margined stocks throughout the coun-
try into selling spasm and affordng another
opportunity for professional operators to ply
their trade the short side of speculation.
1t is needless to say that semi-panicky con-
ditions prevailed IN dealings in the copper
stocks and in many other issues. and it is only
necessary TO refer to the detailed table of trans
actions to appreciate the heavy losses that were
| suffered by spectators who were long Of stocks
on small margins. The decline. however, was
not particularly surprising to oldtime market
observers, as even without the influence of the
Lawson factor prices doubtless would have been
heavy a result of the exceedingly sharp re-
covery In the market at the close of the week
from the weakness in Thursdays speculation
OF course such serious weakness, however
probably would not have developed without
some contributing influence. Mr. Lawson in
his latest statements to the public announces
his determination to fight what he calls the
system meaning the so-called Standard Oil
power in this country and he insists that his
work has only just begun and that the wise
mo- rrin sail &c
Street and the system will look like last
years straw hat in the swirls of Niagara"
This column does not hesitate to say that any
investor who disposes of his dividend paying
securities because of Mr.. Lawson's screeching
tactics will make a serious and foolish mis-
take.
Actual values have not been injured by the de-
cline. the earning power Of the railroads has
not been lessened and the productive energies
of the country have in no way been reduced
At the moment these factors may not appeal
to Wall Street, but many farseeing holders Of
idle money doubtless will take advantage OF
Wall Streets present hysteria to accumulate
solid securities on all declines. In addition to
Amalgamated Copper all the so-caIed Standard
Oil shares were weak features; also, the Harri-
man stocks and the Gould issues On the de-
cline the market showed little rallying power
brief periods of small gains from the lowest
being followed by further weakness while at
the close quotations were near the poorest of
the day. in some cases last figures being the
lowest, as. for instance Amalgamated Copper
which ended at 611. Selling of Consolidated
Gas helped by the latest development in
the city gas situation, and despite the sharp de-
cline in the Issue there appeared to be no at
tempt the part of insiders to rally the issue
Forced liquidation by the operators who
in bir oil oP
the last few months was enormous In all the
active issues. particularly in Amalgamated Cop
per, Reading. Pennsylvania. Southern Pacific.
United States Leather and the Steel stocks. In
these issues total transactions amounted to up
ward of twO-thirds of the entire days business.
which was 1887 1871 shares. Notwithstanding the
Generalization in stocks there was no advance in
call money rates. but the foreign exchange mar
ket was strong, demand sterling advancing 80
points under the influence of an urgent inquiry
for remittance and decided scarcity of bills