New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-13
BEARS RAID MARKET.
1sWSON TACTICS IN AID
snalgamated and Steel Hard Hit
No Support for List.


.ny. which had begun about noon on Thursday
,inved in fun veor. Yesterday morning, how
. another of the familiar advertisements ap-
.rsa and in TIE course OF the day Mr.. lawson
=, out three teleerams Of defiance and threats 10
ITrsu Street Frenzied Financiers." These utter
es probably impressed and alarmed 10 some eX-
- The general body Of investors and Spectators
s,5 ed L a certain amount of liquidation yester-
ar but they were not taken as seriously by Wall
s-rset as were his oUtgivings Of last week.
IRE holders Of Arnalgamated were naturally the
INST timorcus and that stock again the chef
sgrerer in price although the largest transactions
a the day were in United States Steel common
which the Boston operator has now coupled win
AmaIgarnated as his target. But there was eVl-
de1ca Of concerted plan Of powerful bears 20 Iid
TIE market plan to which LawsOns efforts gave
much aid Reports were current. indeed. that MI
lawson and this bear group were acting in concert,
and John ". Gates was said 10 be taking an active
part. NJ. Gates. asked If he was working with
Lawson. answered:
It IS unqualified lie"
II was commonly ruInored that the bears were
grnnfrz for some large spectators. who have been
conspicuous in putting Up the market in the last
few weeks. and who vigorously renewed their oper-
ations for rise after the liquidation OF last week
had spent lts force. the subsequent rally ha wing
been more than normally rapid. and the sharp
break in Greene Consolidated Copper in the curb
market was thought by some to he confirmatory OF
those r1nors
The selling throughout the day was Of a general
Character and. il addition to London offerings.
ome from practically all parts OF the country. AT
ls various hrokeraEe offices there was less excite
zeat and The crowds were smaller than last week.
i was the consensus Of opinion that most OF the
weak accounts had been eliminated in last weeks
6solne. Conservative bankers said they regarded
ne course Of the market natural There has
beer concerted calling of loans. but the bankers
continue scrutiuize collateral offerings closely.
One u the interesting reports Yesterday was that
ne hreak IL the interest OF a so-caed bucket
shop system. which has its headquarters in Boston
with numerous branch offices throughout New
England and New-York state. Whoever planned It.
however. chose the opportunity with good judg
rent, making the attack upon a market which was
Insecure and Vulnerable 10 attack. because 1t had
n two days been put back 10 practically the same
artifcislly high level from which the break in the
early part Of last week mad begun. The attack too
was systematic ana aggressive three distinct drives
being made in the course Of the day.
weakness in the local market developed the
very outset. AnlaIgauated Copper and Steel COM
mon we're the particular objects of assault. both
opening wide" the former with sales of 1900
shares 81 ssla 10 So. comparing with Saturdays
closing price of IA; and Steel common with sales
q 29O0 shares at 3ol2 10 29is against Sos4 at Sat
fridays close.
The selling Of the general list at the opening
enormous in volume. and later, when it was
seen Tast rte Ist Naa without SasnnnrI-far-thA-
"Ffenzied Financiers' apparently held alooi during
The dax-the selling orders increased from every
quarter. One of the best known commission houses
reported sales OF l25g9 shares Of the active issues
q the first half hour. The Western houses, those
with Fitts51rG- Cleveland and Chicago connections
were among The largest sellers Of Steel. For OBJ
gIous reasons a great deal Of the unloading in
Analgsmated Copper came from New-England-
4 rally ranging from To two points occurred
little after II o'clock. but II shortlived, and
under continued bear pressure the list again de-
cHned. although less severely than at the opening
AmaiEamated Copper hroke to 63s4 and United
States Steel PENNSYLVANIA. Reading, New-YOrk
Central. ATcEison. Canadian Pacific. Rock Island.
Ere. Chesa peake and Ohio Central Of New Jersey
Louisville and Nashville. Tennessee Coal and
Leather sold lower than before.
Another partial rally occurred toward the middle
Of the afternoon. but this like the earlier one.
dne almost entirely to short covering Then
cane the third and last bear drive. flood of sell
Ing orders causing another rapid general decline,
and the market closed weak. at about the lowest
q the dsy
Some Of the noteworthy net declines were: Anal
Eamat=d Copper. "a points. Steel common. 37s
Steel preferred. 80, Sugar "a; Colorado Fuel
and Iron, 81. Peoples Gas. 31z: Smelling common,
=; Leather common 25s and preferred 2l4: South
en- Pacific :; Union Pacific. as: Pennsylvania 314
Missouri Pacific. 37s. Reading. 3a. Erie 3; Illinois
Central. sis; New York Central. 3; Rock Island.
-; ST. Louis Southwestern preferred, 4ls; Texas
Pacific - Atchison 314. Baltimore and Ohio "a;
81 Paul 5i2. Canadian Pacific. g. Tennessee Coal
and Iron, Ga and Brooklyn Rapid Transit, SIS
TIE money market was easy yesterday. the call
money rate going low as per cent. and closing
a24
On the curb market Greene Consolidated Copper
had an exciting day, going down from 341s to 2i2.
and after partial rally closing at 22 bid. 2Z24
asked Greene Copper was evidently the object OF
determined attack by Stock Exchange houses
which have representatives. on the curb.
II vas estimated that more than sixty thousand
Shares c, This stock were traded in the decline
report was circulated that = definite attempt
vas being to put the price Of the stocks down
=. eaass trust company which was holding a large
o.A ot il as collateral for a lean 10 a prominent
%" Street man 10 call the loan and force the
0Fner to HQ1idate
iAs more generally accepted reason for the at
- vas however. that as II was made while
ca'eeIaated was unde. attack the floor Of the
-,SA EKchanec, the break in Greene Copper stock
s forced for its effect en- the stock market.
's'oh Dec. l2.-Tte Boston stock market was
-9IsAzed practically al day and closed ia an
s'ued condition Weakness in the copper shares
- pfonounced in sympathy with a heavy slump in
s- s.--agamated ana in Greene Consolidated. Opinions
- as 70 The contributing cause of the decline
'lost brokers' here assign II 70 lack Of general
aaa Tor stocks since the termination of steady
&c movement last week; the approach Of
44a OF the year and 20 sensational attacks upon
weamaied Copper, made I'm display advertise
rs ~ by weil-lnown Boston operator.
A. campaign Induced many small holders Of
s-gsraate4 especially in New England to sell |
e., stock ard under aooa Of offerings in Wall |
- The r-ice steadily declined. Whenever the |
t rallied the disnclination OF the public 10 alb
,~ ~. SOCK encouraged the engineers Of the raid |
- 90 the result that tie downward course was |
'-~cAosly unchecked.
sAiaslgaHatsd closed on the Boston exchange an !
1ioay al 5s2s- To-Day II opened around 90 and |
eaay fell. except for an occasiona! feeble raIIv |
80 al which point it closed. Greene Consoji- |
g. e. copper. which closed on Saturday at a. was
% - weaker than Amalganated. On a bearisb |
po1I s IT mining Journal and on rumors that a |
- III The stock had SFsscIvsd IL ,raao