New-York tribune., 1905-01-03
SOME THOUGHTS ON WALL-ST.
"REMINISCENCES OF THE FINANCIAL CENTRE OF
THE NATION AND VIEWS OF THE MARKETS FUTURE.

X that ancient and time hoaored group Of be-
wiggee and waistcoated gentlemen of the old
school who assembled under the cottonwood
grse IN front Of No. 90 wall-st. on May Il. 1892
% form the Stock Exchange OF the city of New
York could return to the financial district. they
would have many reasons for opening their eyes
with wonder and amszement. Especially would
'hey De astonished Il they could witness the wild
exhibitions which mark the proceedings on the
Exchange at present particularly in the closing
months of the last year. when, under the in
iuence Of the manipulation OF gigantic forces
stocks advanced with violence and subsequently
teil with equal force.
Wall Street has been visited yearly by sur
prises since IL became the financial centre Of
this nation. and these surprises usually have
come when least expected. II may be said that
like thunderboit out Of a clear sky. they have
come without warning, and have produced such
startling results that even the most expert
snced man in Wall Street has been alarmed and
frightened. For many months in 1904 Wall
Street enjoyed a period of recovery from the
financial distress Of the two preceding years
when enormous reduction in securities values
took place. following the speculative excesses
that brought about imitation in values in the
Stock Exchange market In the greater part Of
the last year hope and optimism predominated
IN the minds OF the students Of finance, inasmuch
every Indication OF further expansion in the new
year, but. despite the generally favorable out
look. certain element in the financial COM
munity has allowed itself 10 become disturbed
over the campaign Of professional speculator
by the name Of Lawson. who lives in Boston.
In the attacks made on the stock market by
this operator in the first two weeks of December
securities declined rapidly. the loss in many is
sues extending TO heavy figures and causing
considerable concern among all classes of stock
market traders. Mr.. Lawson filed the country
with alarming advertisements but before he be-
gan TO scatter his firebrands he made sure to
inform many Of his friends to short the mar
ket." Following his advice they succeeded in
covering their short contracts at a handsome
profit. Mr.. Lawson has the credit Of producing
this sudden shake-up in the market. Now that
the storm that suddenly enveloped the Stock
Exchange with fright and CONSERVATION has
passed, sober minds begin TO wonder how any
one man could accomplish such a condition of
things The question IS easily solved The
market quotations OF securities had been for
many weeks advancing to figures that invited
the skilled stock speculator 20 unload his prop
critics on persons OF limited capital. This latter
class Of stock dealers suddenly discovered that
they could not carry their load Of financial COM
mitments. especially the great financiers
who really control the market had withdrawn
tLelT supporting orders. Iney wanted a de-
cline or reaction in the market. that they might
buy back their securities. They were. there
fore, looking around for some excuse to break
in the market. They expected TO find a fire.
brand in the Presidents Message to accomplish
this desired result. In this they were disap-
pointed. Mr.. Lawson then came to the rescue
Of these speculators by filling the country and
especially Wal Street, with alarming advice to
get out of stocks AT once The market finally
broke badly.
The situation is illustrated by the following
story
The late W r. Travers went hunting for deer
al ore time. accompanied by his coored valet
Ee had not proceeded far into the woods. when
he suddenly discovered a moving object short
distance away which he believed TO be a deer
There's deer" said he to his valet. And
instantly he pulled the trigger and something
dropped.
We done killed him; We done killed him"' ex-
claimed the valet
Mr. Travers replied: We have killed him:
we have killed him? would like 10 know
what you had 10 do with il. I killed him. and