New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-05
. BIG DROP IN ROCK ISLAND STOCK.
DID MR.. wAssERMANN HAVE EARLIER lSFon
NATION ABOUT THE DIRECTORS
ACTION THAN Mr.. JoEEsf


,,,on cha Stock Exchange opened for business yes
terlav almost mob Of brokers surrounded t'e pos.
,hch MARKS the SPOT where dealings in the Stock Oh
tbo chicago Rock Island and Pacific are conducted
About 40 brokers were bowling bids and offers as
soon As the signal given for starting tsinins.
The first price made was "A. decline over night VI
more than per cent, and there was rapid tuhipio
10 nearly TO- In spite Of late rally the pnce enoe"
at net loss Of per cent The occasion Tor inc eA
element and the heavy break was the news mat at
the animal meeting OF the directors OF the ROCK lsiAa
in Chicago on Wednesday the quarterly dlvioeuu was
cut down from l TO IL per cent. The sIreee was
astonshed at the news. because the previous day
the directors OF the company returned ron UP OF
inspection with glowing accounts OF the spiehoio
nromise Of the crops along the line OF the road
When the excitement OF the opening dealings had
subsidized somewhat a story got anoat In Wall street
which takes a form that may BRING Oe1oe
the Governing Committee Of the sock Exchange ior
Investigation The Board closed on Wednesday w''hout
general knowledge that the Rock Island directors had
reduced the dividend. Only few persons Knew OF the
action earlier than the late afternoon. one OF the
brokers who did not was W. :. Jones OF Jones, French
& Niaury one who is suspected OF early knowledge ~
Eddie wassernann. OF Wasscrmann Brothers, Az
any rate about p. m. on Wednesday, Eddie "en'
into the Office OF Jones. French Maury winch Is
within two of his cwn. and asked Mr. Jones II
he wanted to take 600 shares Of Rock Island at the clos
told his fellow member that he had not been able 20
execute an order sell 200 shares before the Exchange
closed and he wanted 10 get the matter of his mind
Mr. Jones's house known 70 be opemting for some
short accounts and II is said that some idea had
reached the Wsssermann Office that just 200 shares
would be welcome at Msneighb0rs'. little decker
Ipcp finally resulted in Eddie" letting lbs friend Jone,
have the 900 shares at 70 IA, and yesterday
morning Mr. Jones couldn't have sold the stock with
out loss ranging from S4oo 70 81 200. accordingly
he might have got the top the bottom price Of the
day The judgment Of the Street 10 where Mr..
Wassermann heard Of the reduction Of tho Rock Island
dividend Is pretty unanimous. How the story got
abroad Is impossible 20 ten. but when Eddie" went
upon the floor OF the Exchange remarks broke forth
freely which appeared TO have reference 10 the baccarS
scandal in London Whether moved by pure motives
of generosity not, Mr.. wassermann communi
Gated with Mr. Jones Offering pay any loss which vns
latter might suffered when he found the bargain
Ire had received al 76 unstable except at loss VI
several per cent
Mr.. Jones said yesterday that he had had uansac
ton with Mr.. Wassermann and was prepared 10 stand
BIZ IT, lIo rad made complaints ana deprecated
publicity. Mr.. Nasscruh2n also deprecated publicity
but declined 70 discus TIE subject There Is rule
OF the stock Exchange prohibiting dealings in stocks
publicly outside OF the Exchange IN any place" but
whether this transaction under the ban Is Tor tn
Stock Exchange authorities 10 determine