The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-12-28
Sensational Rise and Fall of
Rock Island ArOuseS Sus-
picionS of Exchange.
COMMITTEE APPOINTED
FOR OFFICIAL PROBING
Whether Mystery, Fiasco OF
Something Else, Still an In
solved Problem.

NEW YORK. Dec. 27,-The New York
Stock Exchange has an investigation on
Its hands, Common stock Of the Rock
Island company rose 5l{ points almost
Immediately after the opening today:
then. even more suddenly, dropped 10 80
Thereby hangs 2 mystery. or n 1asco, or
something that the governors of the
stock exchange will try to sift TO the
bottom.
At the close OF to6ays session The gov
ernors quickly held a conference, and it
was announced that A special nvestig9
ton had been Instituted. Francis L,
Esmcs. former president OF the exchange;
j. 7. Atterbury and Ernest Groesbeck
were appointed TO conduct the inquiry.
Conservative members are much exer-
cisrd over the episode and summary pun
ishment Of the offenders is demanded.
Officers Make Disclaims.
Officers Of tho Rock Island disclaim
amy responsibility for the movement At
ex-Judec William J. Moore. is acknowI-
edged leader OF thc Rock Island group
il was said Mr Reid was indisposed to-
day. Another report said that he was
entertaining a house party al his coun~
try home near here.
Judge Moore arrived from Chicago IN
the afternoon and affirmed what had been
said earlier in the DAY. that personally.
he knew nothing of tho excitement until
told OF 1t upon his arrival in New York
50 much mystery and confusion sur
rounded the movement that anything Ike
q clear explanation seems impossible at
this rime Al the brief session. OF the
governors this afternoon several MEM
bers who figured In the buying and sell
ing were called before the committee. but
no details regarding the preliminary in :
vcStigation were made public.
Brokers Keep Silence.
Those brokers credited with executing
the orders declined to throw any light
| testify later.
Stories purporting 10 explain the sitna-
ton arc numerous and conflicting. One
theory WAS that AN attempt at rnanipula-
! tlou in the stocks had ;niscarNed. AC-
cording 10 this explanation, heavy buy
| ing orders were placed, but through some
oversight. the corresponding selling or
! dcrs did not appear. The result was. fol-
lowing out this theory. that there was
! comparatively littio stock for sale and
| brokers who bad charge OF the buying
/ orders had 10 bid the market up to exc
cute them. II such was ;a" case. the
orders were destined 10 be match or
dcrs." the principal subject Of the re-
! cent investigation OF the stock exchange
Instituted hH Governor Hughes.
Corner Is Feared.
! In tho furry today the rest Of The list.
including the active Issues. WAS extreme
| other corner
Today's operations in llocl, Island COM
mon totalc1 approximately 2is,COO shn res.
or more than - per cent Of tho Issue. The
stock nuctuated between i33 and 81, ITS
| top price of the first hnlf-hour and closed
at 5ls mel ef san 1h OF rrIt noH Rational hank
! Of This civ which has intimate lele =
tions with The Rock Island. expressed the
belief tonight that the whole. matter bad
| It's inceptlon in buying for European IN
terests who arc supposed 70 have been
! short in the stocE.