The San Francisco call., 1904-12-08


NEW YORK. Dec. 1t was felt
after The close Of to-day's sensational
break in the stock market, in which the
dealings attained enormous proper
ti0ns, that a combination Of circum-
stances was responsible for the whole
sale and violent liquidation. Chief
among these influences. every one
agreed were the fears engendered by
the Presidents message as TO his en-
phatic attitude on Government super
vision Of railroad rates and their en-
forcement. Then the financial commu-
nifty realized that the stock market
after its prolonged advance was in a
position described as technically weak
and topheavy. with an accumulation Of
margined accounts, the stocks of which
had been acquired at practically top
prices.
Added TO these influences We're the
1ulminatiOns of Thomas W. Lawson,
the Boston speculatOr, announcing that
financial disaster was about 10 occur
and that the bottom was about 10 drop
out Of the market. Circulated and pub
lished broadcast throughout the coun-
try. these rumOrs had a most important
influence in shaping the market de-
cline.
The break Of security prices was
very general and liquidation continued
almost without cessation until the close
Of the market. Prices declined on an
average from two 10 eight points, the
most prominent issue being Amalga-
mated Copper, which broke in a sensa-
LOnal manner. closing at 6S1z. loss
Of about fourteen points for the pres
ent week and a decline Of 50 points
for the day. The volume Of business
was unparalleled this year, and the to-
tai transac ctions Of the day were the
largest since the memorable Northern
Pacific panic on Nay 9, 1901. Altogether
about $500. 900 shares changed hands
on the declining scale Of prices
LAWSON UNDER SUSPICION.
There were many who held to the be-
lief that Lawson had been employed by
an important group Of SPECTATORS TO
start the ball rolling and that he had
selected Amalgamated Copper as the
most easv vehicle with which TO ac-
complish the end. Early in the day
dispatches came from Boston, signed
Lawson" TO banking houses and indi-
viduals telling that President Roosevelt
was about 70 run wild" and that he,
not Wall street, controlled the railroad
situation.
Advices from Washington tell Of in
tense interest prevailing there over the
Presidents recommendations.
The Communications are appro-
pirate and the powers Of the Interstate
Commerce Commission should be en-
larged." said Senator Quarles.
Railway officials everywhere are
deeply concerned IN the great question
II IS the general belief that the Presi-
dents recommendations are the direct
result Of appeals made to him by Gov
ernors Cummins OF Iowa. Van SAINT Of
Minnesota and La Toilette Of Wiscon-
sin. Such appeals for rate regulation
come from powerful body Of men.
whose views and those Of their constit-
uents are entitled to consideration.
As TO the future Of the stock mar
ket all depends upon the common
sense Of the public. Prices have de-
clined. but real values have not been
injured by incendiary circulars issued
in the stock jobbing campaign.
Neither are they injured by the dis
cussion as 10 the Government rate
regulation Of interstate RAILWAYS
perity is general and is not dependent
upon any convulsion in speculative
prices.
GATES AIDING LAWSON.
BOSTON. Dec. Tt is understood
here that John ". Gates. the spectac-
ular steel operator. is backing the
equally spectacular Thomas w. Law
son IN the latter's campaign against
Anna aleamafed and the steel issues
Lawson himself gives color to the be-
lief in a bulletin to-day in which he
says:
Late afternoon break on sales of
10000 shares for Western man who
bought al 40. He has 10000 left
n 70