New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-08
BONDS.
STOCK MARKET OPERATIONS.

SlUGh hhhhEl UPEhE1lUNS.
Heavy liquidation was reported throughout
the list in yesterdays stock market. and a
consequence sharp declines were recorded in the
active issues, maximum losses in many securi-
ties amounting TO over per cent. Amalgamated
Copper showing decline from Tuesdays clos
ing TO it's low point of tn. day of SIS points.
Selling in this issue was enormous in volume
both for local and Boston account, sales repre-
seutine the throwing upon the market of the
holdings OF operators who had been frightened
iuto selling 10y the energetic and vigorous bear
campaign in the stock by Mr.. Lawson of Bos-
ton whose latest prediction favors a price Of
under 80 for this issue According to Street
gossip. the Boston operator has been heavily
short Of the whole market. and If this has been
1ll5 case it is evident that the decline of the
last TWO days has materially improved his inan-
tlaI condition. Mr.. Lawson. however. in his ap-
parent opposition 10 the most powerful group
Of capitalists in the country. and probably in
world. has undertaken task from which a
les couIa geous man would shrink.
the wise men of the Street in Boston and
NeN-Iork are already beginning to pity the bold
Boston plunger. They digging his fnan-
cal grave and composing epitaph which
VIII say that he was crushed by the mighty
power of the Standard Oil Company and its al
led interests. Yet there ara some people in the
street who 90 not hesitate to express the belief
thar 3Ir. Lawson is not unfriendly TO the
Standard OH interests he would have the
public believe, and that his present operations In
An2slgamated are favorably considered by the
a7eat hnanc;ers who are allied with the Stand
a,d oil corporation. This idea is interesting
even Il II IS a reflection OF the actual situa-
tier. Unfortunately, while the alleged stock
market war between Mr.. Lawson and his strong
opponents lasts the ordinary Spectator will be
on rpj1
way 10 turn, fearing a reduction in his bank
account whichever side Of the market he
may trade. In the last two days Amalgamated
Copper has suffered maximum loss of 125s
points and If credit for the loss is to be given
Atr. Lawson must receive the first consideration
The fact that the stock has suffered so material
" undoubtedly indicates that in the specula-
ton of the last few months Il has been heavily
absorbed by the public. and that the insiders
have not been unwilling to countenance a down
ward movement in order to buy back at cheaper
prices.
The bear movement. which started in
ATnalgamated Copper. came al a time when the
general market was ripe for a reaction. and.
taking advantage of the weakness in the copper
shares, the Western speculative element and
other interests that have long beer committed to
the bull side worked actively for cheaper prices
not in expectation Of a sustained bear cam
securities at lower figures to hold for better
quotations which doubtless viii develop after
The current Ieactionary tendency has run its
course. IN the best informed quarters. and In
circles where people are not upset by temporary
fluctuations in prices. the belief confidently
expressed yesterday that the decline would serve
TO strengthen the technical position of specula-
ton and be an influential factor in encourag ing
buying by interests which have long been wait
ing for decline. especially In the attractive
issues in which intrinsic value is growing daily.
Il pointed out in this column yesterday that
the best Informed observers were looking for
ward TO a December setback in prices and
further bull activity IN the new year. but the
fact that the decline has come so early in the
month suggests the possibility of a resumption
Of The upward movement before the end of De-
cember
stock market operators who were actively
Identified with the downward movement pro-
fessed to feel some little uneasiness over the rec
concentrations In the Presidents Message re-
garding legislation increasing he power Of the
Interstate Commerce Commission and this idea
was enlarged upon by reference to the meeting
Of a number Of railroad presidents on Tuesia,,
might at which it said sentiment developed
opposing any enlargement Of the present control
Mhlch the commission exercises over the rail-
roads OF this country. When the United States
government brought an action against the
Northern Securities Company under the terms of
the Sherman Antitrust law Wall Street became
pahicky, and railroad believed for a time
lhat NE welfare Of the American railroad fusi-
ness was about 10 be placed I'm jeopardy; but
when the company was declared an organiza-
non ~ restraint OF trade by the Supreme Court
y al street and the railroad men revised their
lceas ove- the effect OF such. a decision on the
railroad business, and what at one time was a
bear factor in the Stock Exchange became an
lhAuehce taat helped 10 advance quotations In
case legislation should be enacted which would
increase the effectiveness Of the Interstate Com
1nerce commission in regulating the transporta-
uoh INDUSTRY, Wall Street would suddenly dis
cover mat such legislation would not denoralize
Inc earning power and dividend outlook of the
american railways, just as IL has found that The
dissolution of the Northern Securities Comma,
mas not interfered with the growth of this conn
try's railroad business
N the general news developments of the dsv
mere was no factor that warranted the saie
OF securities, and II is not likely that Well sa
cured speculative holders of stocks and inves
lots disposed Of their possessions Indeed on
lne oec!ine offerings were taken by an exceIlent
Class or buyers, even Analganated being h
soroea py- operators who We're not driven into
e paficroy the sharp decline in this issue AfteT