New-York tribune., 1908-08-23
STOCK MARKET WILD |
INQUIRY MY BE RESULT.
Brokers Charge Crooked Deals
and Matched Sales.

The two hour session of the stock market yes
terday was the widest and most excitE seen
In several months. and brokers said the trading
was the most remarkable in many respects in
their experience on the Stock Exchange The
total transactions were 100000 shares. which
the largest Saturdays business since the
Hartman boom, in August. 1905, when the total
sales amounted 1885 600 shares
The feature of the trading yesterday was the
big blocks of stock that changed hands The
largest single transaction was the sale of 2SoO0
shares of United States Steel common at 10 3s,
involving approximately Ito. 900 Some other
large blocks 1900 Reading at 12S1z, 1900
Reading at 24%. 1880 Reading at 124A. 1900
Reading at 1913 3. 10000 Reading at 1249s, 10iOO
Shelters at 949s another 10000 at SO. $500 Rock
Island preferred at 81. $500 Union Pacific at
15SA anotI er block Of 6.49O of the same at 15S
and 1G,500 Steel common at 4513. Transactions
Ct from $500 TO 5000 share lots were common
out of the total sales of 1o9s 900 shares
1882 600 were represented by eleven stocks, as
follows: AmaIgamated Copper. $4,000 shares;
Smelters 167 900; Great Northern. $500; New
York Central So 700: Northern Pacific. $4,000;
Reading 194 200: Rock Island common, 37.1oo;
Rock Island preferred. S3.S0O; Southern Pacific
$4,000 Union Pacific 9970O, and United States
Steel common 15S,5O0.
The market started off with rush and the
prices OF many issues rose abruptly. this being
particularly true of stocks which had been
under a cloud 10 speak. aid subjected u
great pressure earlier in the week New York
Central. Rock Island. Smeiters. Amalgamated
Copper and the Hill stocks were notably strong.
The greatest pressure was against the Hartman
stocks United States Steel was also of the
points OF the bear attack. There many
violent fluctuations in the active stocks owing
IN he ThS1 TI1e rl<ef
AT the close. however they we're generally
higher the exceptions being Union and Southern
Pacific and United States Steel.
The activity attributed in many quarters
TO a combined attack the short position,
which forced heavy covering, but whatever may
have been the cause Of the heavy trading brok-
agreed that the market purely mantpu-
lative This was shown by the method of trad
ing. For instance. a brokerage house would re-
ceive an order from some other firm 10 buy
10000 shares of Reading. and d few minutes
later would get order to sell the same amount.
The public, for the most part, kept cut of the
market brokers said. although some outsiders
were scared out of their wits by the way stocks
were jumping up and down, and sold Their hold
ings.
Thomas ". Lawson was credited in some
quarters with having had an active part in
the days transactions Some brokers said that
they had never seen anything like yesterday s
transactions on the Stock Exchange in all their
experience and several OF them went so far
as to declare that many of the transactions
looked like crooked deals and matched sales
1t was reported that the Stock Exchange
authorities intended 10 make investigation
of many of the deals TO find out if they were
actual transactions.
Many Of the largest orders were given to new
some Of the odtime traders said that it was
almost impossible to execute an order at a given
price, owing to the 1iuctuaton in quotations
caused bv brokers buying q big block of a Ger
tain stock minute and selling it the next.
The general opinion among the more consetva-
tive brokers appeared 10 be that the sort Of
trading which prevailed in the market yesterday
would hurt the business, as IT would frighten
the public away.