The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-27
GossiP OF Wall sTREsT.

l .H M.".H.I" y 4. ~ ---@-- ..
Rock Island preferred scon ssseR The
opening yesterday sold - high % <iX,
an advance Of nearly two points over nj.
lowest of that day. The advance inspired
| the traders 20 some wonderful prsdicttoae
| one OF these was that the stock wee On
the way TO- 90. That o rot eli around
the room aud over the Street.. Ipstesd the
price dropped through 20 and below tie
closing level Of the preceding day. What
the traders said thea could not DO printed.
and would not Do particularly Illuminating
II IL could.
= On The recession In Rock island ths
traders who only Q few minutes before
took on lines Of the stock parted CON.
pany with u e. quickly 90 possible. 7nsy
were then free to consigu The, stook 81
everybody connected with Il TO Q rextca
where tho conditions OF existence are said
to be anything but pleasant. This thsy
did In the strongest terms Of oondscnns-
ton. But The innate ~perversity ana Gus.
sedness Of this issue again escorted itsslf
and II turned round and D up Just q
the time It should have gone d~own-dowA
among the dead ones, When the rest Of
the market became r~eaotionary RocR
Island was about % stoady ~ anytime
ON the list. Tt was seid in some qusrtsrA
that the st. Louis and Gan 'Francisco mieh1
pass out OF the Rock Island system and thsk
there would be Q change OF Organization
removing the objections TO tbs manner IN
which the control OF the Chicago. Rock
island and Pacific Railway 10 hold By the
Rock Island Company.
Il IL not pure philanthropy that makss
large market interests willing. 10 risk mill.
ions for the sake of insurfpg the integrity
of the st. Loufs and San Francisco and the
Rock Island Company. They have q great
deal at stake-perhaps not directly IN thea
properties but Indirectly In other ventures
and enterprises. The financial collapse ofa
big railroad system would seriously disturb
the financial situation and II might DO much
cheaper for tho large interests, to avsrs
disturbance than 70 suffer lite consciousness
should IL come. That large interests are
willing to take unusual measures to avert
trouble suggests an answer TO the question
asked 90 frequently, -Where are the stocksis
It affords consolation to the bull TO nnd
securities 30 comfortably lodged.
Consolidated Gas had q motemsnA IN
its own, rising sharply While ehe general
market was declining. Fol- its rise thsrs
was no new explanation. the one which
found most favor being tho familiar story
OF q large extra distribution when The
Company Gets back tho money deposited
With the courts In accordance with the
plan adopted 10 rsturn to consumer q
portion OF The charges for gas in case the
law making 30 cent b Thousand fest the
maximum charge was sustained.
Reading did not act well. Some Of he
traders said It acted very badly. but thess
were avowsdly bearish snd could hardly
be expected TO render . fsir verdict % The
stocks sotion. Il would probably be neas
the truth TO say that Reading acted IN.
differently, neither disclosing marked weak
ness In tho fao Of beer pressure and
realizing sales nor opposing any notabls
resistance TO them. There might have been
good buying. but II % those who took the
stock bought Il only - IL was odersd and
coal trade lie sHrr dun, but &c d expected
that the approach Of cold weather and the
revival In general business following tie
election viii bring Q substantial increAss
in the demand for anthracite.
A couple Of the most active floor traders
wese the most conspicuous buyers OF Anal.
whether their buying was Of the kind which
1t would be safe 70 follow. The suppesitton
entertained In most quarters was that thess
operators were engaged In Q little opera
ton Of their own. but on the point there
was no conclusive evidence and Q few con-
sentative speculators refused 20 accept
the theory that tho upward movement
created . void which could easily be nlled
by forcing the price back with short sales.
There was short selling and the price
dropped back in the last hour. but a. the
shorts made no effort 10 cover 1t still re.
Mains TO be seen whether they calculated
rightly when they took their present position.
They may have little left but experience
by the time their contracts are covered.
The strength Of the copper stocks Il
London was not unnatural In view OF the
advance in the price OF tho metal during
the week In the foreign markets Il er.
some influence In helping the rise
In Amalgamated in the frat hour Of busa-
ness here.
Among the commission houses the de-
cline In the market. was referred TO as.a
serious thing. They generally spoke OF .
ne evidence Of q renewed outbreak Of loud
dalton. and there was small federation fes
the views Of any one who ventured to sus.
gest that It might have been tho result
only Of profit taking BY ~speculators who
vera lucky enoushsto get In ct the low prices
on the first two or. three days OF the vesk
and who would naturally. In view Of The
sxtent Of the Tise, seek to gather In their
profits before the weeks end. Their way
pft looking q things told more about thsis
than anything they could have
sid. Apparently there ID quite . little q
an old time operator calls "a healthy