New-York tribune., 1908-08-26
FINANCIAL AFFAIRS
STOCK CHANGES SMALL.
Ealy Strength Not Maintained IN
Late Dealings Sterling Rates
LO7Cer.

Stock market values again moved in an lrres-
,Ilar manner. with final changes at small net
gains in the greater number or active ISSUES ~
times considerable strength reported. espe-
ciaIlv in Southern Pacific and American Slhel'-
ing but there was no genuine support TO Falues
and no trading of Importance outside or thdt
for the account Of the board room element
which in the afternoon operated Tor lower quo-
tations on the theory that the suspension OF 'ie
hoDse that was the chief factor IN SATURDAY ;
sensa+iooal market might be followed by further
disturbance in the Street. The general position
of stock market values may be controiieu l"i d
time hv the current uncertain speculative posi-
tion of a number Of firms in the financial COM
munity but real values will not be lesse3ed as
a result of the failure of one OF the blsges,
speculative commission houses in the street anu
other troubles caused by Saturdays apldIeiipS
fraudulent market. 1t is understood that cei
tain spectators who were heavily snort OF s'otAs
arranged to make tremendous demonstration
.,eainst rrices Saturday in the hope of democrat
ling the list to an extent that would induce
v-idesrread liquidation but their plans were
upset by the support extended by banking IN
terests which resulted in higher prices Tor most
issues at the close of that day and tremendous
contracts 10 deliver stocks confronting the ma
nipulators The latter sold stocks Whlch tltS
did not own, and as a consequence OF 'le HIS
carriage of their plans they were uhapie ["
make deliveries. There was little commissions
house business yesterday for speculative ac-
count but brokers reported orders TO buy on
/ scale down from out of town interests tnat hau
/ expected big slump in values as result OF the
somewhat mixed conditions In the street Anal
eanated Copper American Smelling, Missouri
pacific and the Rock Island issues We're the
chief strong features but lost part Of their gain
in the last hour. Union Pacific closed fraction
! ally down while the Hill stocks closed un-
changed from Monday. Money was easy ana
sterling exchange off 20 points
Stock market values reached their highest fig
ures of the year on August 10, when the lead
ing active railway issues sold at an average
/ price oS 1892 and the chief industrlals at an
average Of $40. Mr. Lawson's campaign to
break the system" began at about that time,
while at tht. same period the development of
active manipulation for lower prices by certain
well known individual Spectators and several
/ firms WAS recorded. the operatl or the latter
being based in great part on an overbought
market and the evidence prices showed of sus-
cantihiIiry to adverse rumOrS affecting railroad
properties as noted in the case OF the Rock
! Island Since the high points Of the year the
prominent railroad shares have declined TO as
low as 1O605 the industrials to 81.61. and to-day
are selling at 106.50 for the railroads and 81 for
/ the fndustrials average quotations we'll above
the level reported at this time year ago. Mr
/ Lawson announced at the outset of his opera
! tions that stocks would seek higher level, but
/ his aupeara nee in the market was effective in
,estra inine further bull interest for the time by
/ the leading WaN Street houses, for the good rea-
son that il was not deemed wise to extend as
! sistance TO a blind pool scheme for the pur-
chase of stocks for public account at a time
when quotations already had discounted the
favorable features OF the general situation, and
when many weak bull holdings We're known to
he in the Street The subsequent decline elimi
! mated most Of the weakly held stock. which
went into strong hands. and placed the market
in a sound technical position. a reflection of
which was presented in Saturdays trading, when
violent efforts 10 bring about serious slump in
values through the means of manipulation were
! defeated by the banking interests which are -
/ chief holders Of securities, and which unwill-
! ing to let the market develop into speculative
football field for the enrichment of a few people
who are unwilling to consider the after effects
/ of such crazy operations upon Wall Street at
large as long they secure their profits.
The manipulation last Saturday was well
timed no doubt but ii checked, neverthe-
! less the men who engineered 1t accomplishing
! nothing beyond their failure and the driv-
ing away of legitimate commission house busi-
| ness Mr.. Lawson has not yet been able to
break the SYSTEM and though he has pro-
| ella lined himself a furious bull there some
| people who unkind enough TO say that his
| operations have been on the bear side and that
il was his purpose to smash values to smither-
Gems last Saturday But Mr. Lawson it is
/ learned. was not in the A. O. Brown crowd.
/ Fortunately for his peace Of mind he does not
/ care. what any may say about him be
! Iicve about him. so lcng he believes in
/ The Righteousness of his cause. but Wall Street
! would like know just when he intends TO
/ strike In the mean time the Stock Exchange
may clean house thoroughly that there
viii be no field available for the Boston and
Brown brand Of operations The authorities
of the Stock Exchange have d big job on their
hands in the proposed investigation OF The spec
ulative methods employed by Il certain element
in its efforts to depress or advance quotations.
but il has nevertheless the means at its COM
msnd 10 find out something about the evils thai