The Providence news. (Providence [R.I.]) 1891-1906, 1904-12-31
FINANCIAL

Soaring prices I'm the stock market like
Pride I'm the proverb. goeth before fall.
Yesterday the germ OF unrest was sub
stantialiy matured In the market and this
morning weakness and general collapse
is reported. The specific name OF the
disease which has permeated the stock
market throughout it's entire system is
generally conceded to be Thomas w. Law
son OF Boston. that bugbear OF Anal
gamated Coppery fame.
Wall street has scarcely convalesced
from thep rostration IL experienced earlier
In tho month when the aggressive author
OF "Frenzied Finance" swooped down at
the head OF the bear forces and terrorized
the market Now Il is publicly announced
that another attack Is booked to occur
next week. Mr.. Lawson stating through
the advertising columns OF the press his
intention 10 again assail the market.
Amalgamated Copper and United States
Steel are regarded as the probable OBJ
jective points OF this imminent attack.
After reaching a condition OF unusual
solidity and satisfying restfuness. the
market has turned and has weakened
considerably before a general bearish on
slaught For the first hour yesterday
the market strengthened and it's activity
Increased: then II stood at a standstill.
wavered. became nervous and broke. At
the close or the days trading conditions
we're chaotic II was day OF big deal
ings and great activity throughout.
This morning the earliest reports
showed the upheaval TO be widespread
and the outlook dubious. Weakening ten
dencies were everywhere apparent and
from the first the market slumped. The
liveliest interests centred about the
fluctuations OF Amalgamated Copper and
10 60 early in the trading and then rallied
TO H. but could not withstand effectually
the force OF the bear operations A
powerful shake-up In Copper and Steel Is
anticipated among the brokers and the
financial laiety.
II being Saturday the reports Indicate
an increase In sales for profit. the re-
|. luctance of speculating stockholders TO
carry profit gazing securities over Sunday
causing them TO sell out generally. The
weakening OF the market is serving To
stimulate activity, the clash OF bear and
bull forces causing an energetic wave OF
stock transaction TO surge through the
market.
The weakening throughout the market
is peculiarly a sympa thetic one. as gen
eral conditions seem most favorable for
a sound. evenly balanced stock system.
Enervated by the falling fortunes OF
Copper and Steel since yesterdays open
ing, the bears have made their presence
felt much TO the detriment OF high quota
tions. The agitation I'm the New York
exchange was OF the keenest order during
the first hours trading and seriously low
figures were looked for before the close
OF the mornings operations.
The weekly bank statement made at
II 30 was characterized as poor This
and other influences served to stem the
downward flow, not by increasing the
stability OF the market but by dulling
activities among the operators. Few
minimum quotations were reported during
the last hour OF trading.
The reports OF investment purchases OF
bonds and characteristic investment
stocks showed a strong activity in that
direction. From the cotton dealings a
slight advance was made, a large num-
Der OF SPECTATORS buying cotton stock
on the supposition that the prices cannot
much longer remain at their present low
figure. which Is below the cost OF pro-
duction. Railroad securities showed a
sympathetic weakening during the trad
ing this morning.
The slump in the market has caused
quite stir among local knights OF the
ticker tape and has given abundant oppor-
tunity for leisurely financial consideration
The quotations have been closely watched
and comment freely made on the new
turn OF affairs in Copper. Thomas w.
Lawson Is the man OF the hour in Ameri-
can finance and the entire system OF
speculation and investment restlessly
awaits his next play. 1t is interesting to
note the extraordinary force this man
seems to exert In financial circles, this
man who Is apparently at odds with all
the other captains of finance