Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-12-02
ROCK ISLAND
GREAT FEATURE

New York, Dec. 2.--Furious spccu-s
lation in Rock Island preferred stocks
was precipitated in the stock market
today by rumors that an important
plan had been perfected for financing
the needs of the st. Louis and San
Francisco, Il subsidiary company. Ihr5
fact that this transaction was att
tributed to the banking house which
usually acts for the Union Pacific gave
rise to the implication that the Harri-
man and Rock Island interests We're
combining into closer affiliations.
Kuhn, Loeb & Co., said to-day that
the financing of the st. Louis and San
Francisco had been under corisidera-
tion by them, but that recently the
company informed them they wished
TO dispose of their five per cent gem
cral lien bonds to others, and Kuhn,
Loeb & Cos, connection with the OPP
GRAFTON ceased.
a. statement issued by Speyer & Co.
sdiscloses that firm as the buyer of n
large block of the bonds and formal
announcement by the company to that
effect is expected to be made during
Il the day.
Reports from the west that new pro-
jects We're forming for a different
organization OF the Gould system of
properties We're without official sane
ton and We're presented in indefinite
form, but they served to awaken great
animation in the speculative dealings.
Rock Island preferred was rushed up
3A on top OF yesterdays TX point gain.
The record OF transaction In this stock
came out on the tape In a string LOCO
share blocks and upward making up
the bulk Of the record. The movement
was fevertsh and violent. Other stocks
In the Rock Island group and the menu
bers Of the Gould group advanced III
sympathy one to three points
Before the first hour was over the
general list suffered Il sharp fall which
put prices we'll below last nights level.
Stocks down as specialties We're con-
spicuous in the advances which oc-
Cured in the opening dealings.
Exciting buying OF the, Rock Island
Securities was accompanied by rumors
of financial relief for st. Louis and San
Francisco, which caused q tremendous
absorption OF Rock island preferred.
which jumped 3A to 6154 The Gould
stocks also We're heavily bought, but
the general list moved in a compara-
lively narrow limit. Heavy selling Of
the general list began when tho advance
in the Rock Island group had reached
its climax and some OF the active
stocks We're forced below yesterdays
closing. The Rock Island and Gould
groups We're up from 4 to 2 points,
Wisconsin Central, IA; Illinois Cen
trail X; Northwestern, l u, and Union
Pacific, L. Losses We're scored Of
point in Amalgamated. Consolidated
Gas ana Brooklyn Union Gas, 1la in
Westinghouse Electric and given in the
first preferred
With a lull in the selling movement
prices We're bid UP again in spots, but
the general response was not vigorous
Illinois Central advanced. rs, North
western, 2; Northern Pacific, 1as, and
Great Northern preferred and Aneri-
can Can preferred, !. Louisville y
Nashville and American Smelling fell
J. Long Island sold at an advance of
4ls and Buffalo, Rochester and Pitts
burg at a decline OF 7la.a The Rock Is
land collateral bonds We're very active
and strong. but the general bond mar
lket was Irregular.
Fluctuations became progressively
narrower with the cuItailment of
movement whatever in the great body
of the list. Reading and Union Pa
$cific We're heavy but otherwise there
were mo changes of&consequence.
Moderate selling orders were distl-
bl1ted and prices dropped slowly. The
Hill stocks came into demand and pull
ed up the rest Of thegTlst for a While
but the Hartman stocks and United
States Steel began to run off again and
prices fell back. Reading and United
States Steel declined. Westinghouse
first preferred slumped TO- Steel Found
ries preferred rose S. and American
Linseed Oil preferred rose 90.
The market closed very weak and in
some disorder Stocks We're freely sup
piled and considerable net losses We're
established. For Union Pacific, Read
in. st. Paul, Chicago & Alton, General
Electric and Smelling the rise reached
IL to "a and New York Central
Southern Pacific Atchison. Northern
Pacific. Great Northern Orc certif-
Gates, Analgamated and United States
Steel ] Il TO rs. The decline became
precipitate In the late dealings j8E
LIVESTOCK