The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-27
LAWSON AS VIEWED
BY WALL STREET
LIKE "A FIGHTING DECKIAND TO
THE FINANCIAL CAPTAINS.
They Heap obloquy Upon Him. but
Cannot Keep Him Quiet Below Decks
John W.. Gates and the Doings of
His Following-The Bond Market
Gossip Of Wall Street for the Week.
Special to The Journal.

Special to The Journal.
New York, May 27.-The colossal panic which
Thomas w. Lawson of Boston had predicted for
Wednesday of this week did not materialize,
and consequence Lawson is more dis
| credited Wall street factor than he was
before Tor long time the big men OF Wall
street have paid little attention to Lawson. 1t
is true that he has influenced some OF the
smaller spectators turnout the country, and
caused them to sell their stocks at a sacrifice,
but, as a whole, his raids have been failures
| and are entitled to no other name. Responsible
people in Wall street now think that 1t is time
for Lawson to subside for good OF course H.
| H. Rogers takes advantage of the oppor tun1ty
to give Lawson parting shot, and his personal
! organ has this to say:
| 1T recalled by students of the morbid
and grotesque that Wednesday vas the day
j fixed upon by the Boston mountebank Thomas
1 W. Lawson. for the occurrence of the graVest
financial panic of modern times, and the dis
solution Of the entire financial structure into
its original inchoate elements. Prices In the
| stock market were to crumble and the rag
lnents of values that remained at the close OF
the day were to be so minute that the over
confident investor would require duplex micro
| scope possessed of magnifying power of 1000
dimensions to discern the nsubstantial nothing
that he had paid his good money for In the
| morning, while the big rejecting telescope or
the Lick observatory would fail to reveal to the
disconsolate bull the faintest trace Of his eva
sive margins. Whether Lawson's prophecy mill
is out OF order or, in his perturba ton at OBJ
serving the steady decline Of Trinity Copper
were buoyant relatively steady, he turned the
wrong psychopathic SWITCH cannot be ascer-
tained but certain it is that the market ran
directly counter to his predictions and was in
fact, notably strong tho irregular market In
which the net losses were few and for the
most part, fractional, while improvement was
shown in by far the greater number Of the
issues at the close. '-E. ~
The Gates Crowd.
John W. Gates and his following re-
ported to have taken new position on the
long side of the market. The effort OF this
leadership was iltimed. Since then four Of
the stocks named in its bullish predictions have
borne the brunt of bear campaign. gooc
deal Of buying this week was said to be trace
able to western accounts. The leading members
of the Gates crowd are famous for their agility
, In getting from under when things go wrong
1t is supposed that they got out of their stocks
on the first three or four points of the decline
% that began almost Immediately after they hat
openly committed themselves to the bull side
Members of the uptown party have not recelyet
any information during the last few days will
respect to the northwestern railroad situation
but rumors Of fresh friction are very generally
: discredited '-t --~a ~-f-- ~. ""t..s
The opinion is expressed that If prices go mucl
lower the large financial interests will instruc
their brokers to bid freely for stocks. In tn
early part of the week banking interests bough
. only moderately on the downward scale.
there should be any heavy buying by the bank
: ers it is expected that the market will reboun
quickly and that the operators who have gon
, heavily short Of stocks will find that they ar
= in very strong hands, and that they will not b
e supplied, except at materially higher level
/ It seems to be believed that the markets Will b
t irregular, perhaps for several days, and tina
e severe attacks prices will be attempted 1t
mot believed however, that on the whole price
= = will yield to any. great extent. One close OF
= server of the market up town expressed tn
S opinion that stocks bought at Tuesdays price
e ought to yield profit of about points in
short time and that the holder of such COZ
Il tracts need have little occasion to worry. ?
. Bond Business.
e Bond dealers are not much disturbed by tn
weakness Of the stock market, notwithstanding
the fact that it has affected the more speculativ
issues of bonds to considerable extent. The dis
tribution of several large issues Of investment sc
curities now in first purchasers hands is tempo
rarily interfered with, but bond men say tina
4 business will assume satisfactory proportion
{ some weeks before the July disbursements Of In
& terest and dividend moneys are actually made
4 The bond issues by railroads since 1900 for eS
tensions additions and improvements have bee
simply enormous. saIEH
s Leaving out of considera ton such items tn
s 500, 100000 New York Central 81as given
o Lake Shore stockholders. and the $4,000, 0OC
o |odd Rock Island As given to old Rock Islam
stockholders, the following items Of direct under
writing may be adduced to show the scale upo