New-York tribune., 1908-08-31
LAWSON TO TESTIFY
Wu Appear Before Erchonge
probers-Defends Manipulation.

pfObcrS-DeJeHuS MOu uptetutsOH.
-~,nas ". Lawson is not only willing but Is
- 10 appesr before the special committee of
-. New York Stock Exchange which Is investi-
~,tng the reckless stock market operations cf
..,k ago Saturday. which resulted IN the suspen-
- ~ A @ Brown & Co and stirred the gov
.rnors Of the exchange to immediate and drastic
.rtton Mr Lawson. though not a member of the
New York Stock Exchange, and therefore not
.uenshle to Its rules, makes public in az open
letter to the press, under date OF August 2e. the
fact that he expect. TO appear before the nvesti-
eating committee tomorrow. AS the committee is
holding its sessions behind closed doors, and is
making public neither it's findings nor the names
~ she persons called before il. Mr. Lawson's an
nouncement is the first intimation that he was to
be examined.
II may be remembered that IT persistentiy
rumored she time that A O. Brown Co.'S
dealings on August % were largely for Lawson's
account This. however, has been aenied by the
Brown firm.
The author OF .'Frenzied Finance takes occasion
:, HIS letter, however. defend market manlpula
ton. which he is engaged in by the most con-
servatfve and respected banking houses In wan
and State streets. He ridicules the idea that the
governors of the Stock Exchange, as result OF
the recent reckless trading, intend TO discipline
those members who have engaged in manipulative
business.
According TO Mr.. Lawson hundreds OF Stock Ex-
change houses ef excellent standing are at present
executing his orders, while hundreds more are
Clamoring for share OF his business he says tnat
he never had q broker made a second can on him
for margin and never had OF his accounts sold
out for lack of further margin
MIR Lawson adds that the governors OF the Stock
Exchange. II they desired could stop manipu-
lafiye business and for ALL
The writer then defends at length his own stock
market dealings. which he says have always been
conducted honestly and without resort TO wash
sales or underhand methods. He says he has paid
millions of dollars to brokers in commissions
but has never violated the Stock Exchange rules
hy splitting commissions.
The letter in full followss
Wall Street need not EorTy about my Ss m
1ocEs N that tine the New York and Boston
stock exchanges have many times thought II nee nee,
never refused TO meet them, whether at time
sn they 1 ha sTe newer had e dersnee With
them such meetings.
sbo1t ali games OF life in particular is: When
man voluntarily enters game he must play to
have no use for weichers or layers-down- When
3 man enters the Stock Exchange he agrees to
ss under Them he Is blistered and only cur would
ea ss sroSa rules f his snon @ oTered by these
Sss ns Sat- State eneas &c one BUSINESS With any man
house who offered 70 break stock os.l EMkehange x
missions but never have split dollar commission
given rranipulative orders 80 Stock Exchange bro
kers to the extent Of millions upon millions lions OF
oountenanced the proposition that We wash
stock.
to BUY As Sfs iS sos
both for selling and buying and taking ali the
% o ro er oshg nvs me SICK S M I a. go M
ny buyng broker 4 al manpulasive nip ATTY STOCK 3sS. E1,
he no scandal such as Saturdays. although such
nethods Tse expensive i've to any one Like IKE myself who
stock-thst is. have. 10000 shares appear on the
sction. and no other piskVit costs me So 500 and
the risk Of losing perhaps s25.ooo TO put the same
sccoTdiag 10 the rules Of the game, and the other
II Is because every Stock Exchange. man in New
York and Boston KNOWS my methods that am able
nv accounts at the present tine are in large
scores q urgent opportunities to do business with
h forty Years haa order reused BY Stock Es
sn6 Ogs s s4 in al that att s s have never s,s had
share Of stock sold out. by any
ana ehods and Why in Forty years Of b~siness
with the Street" | have never had difference
% so h2 @ ssoe sFe + no OEe lbs Gs et ,n us
many ways TO whip the devil around the stump stump
my Stock Exchanse houses and thereby being is conn
bellea TO pay the difference between 81 hundred
There is one thing wall Street should do and at
those engaged in the msPipnlatiSe Business ''ri The
es. es h9uses & IN Wal Street have snpulated prices
and every one knows it. One of the largest, most
street gives out more Inanipuetive business than
any other, and has done for years. If the gov
ernors of the exchange wish to put their foot on
ranpulative business they could stop it any time
=, To show the absurdty OF this talk here
thne5 illustrations Of stock market manipulation:
AInalgaInated at the time il entered the exchange
was SO cdorous that IL could not even get TO the
unlisted departnent until some Of the board of
governors had been promised a slice of the large
TIE pubic befween i lis an and $50 was "hi0s0eo
One OF the largest trusts in the world paid out
hundreds of thousands of dollars for the washirG
y It's OWN stock in the Stock Exchange. and the
.ashing was supervised by of the representa-
I've banking houses Of the world.
have paid s3s5o00 in manipulative commissions
N a single year single this
count was with William Rockefeller and William
Roekefeller is a degree two more conservaf We
snd degree or two squarer in his dealings and a
eegree or two farer in all Of his business with Wall
Street than almost any big man there or ar,,v his
who has been there ' -
repeat Wall Street and State Street need have
no thought as 10 the size of the hawser necessary
20 bfllg me before the investigating committee
THOMAS ". LAWSON