Norwich bulletin., 1909-12-29
SMALL HARM DONE
 BY THE ROCK ISLAND FURRY
Some Individual Stocks Advanced Briskly Yet Operations Were Under Restraint.

New York, Dec. 2s.-In the stock market proper, Rock Island fell into the background today, after its highly sensational performance of yesterday. Those performances left an impress sion on the minds of traders that a security capable of such eccentric and inexplicable action might carry with 1t hazards in the handling, which dis couraged attempts to experiment with 1t. As for the episode itself, not much fear was felt of direct conse- quences for harm from 1t, since it was so soon over as to have prevented time for the operation of harmful in- fluences. The supposition continued to gain force that reckless and bIund- ering misapplication of manipulative methods were at the bottom of the incident On this supposition it would follow that the buying of the stock up to 81 came, not from frightened shorts. but from the speculative party which had managed the advance. An oper- ator short of the stock, unless he had been on the floor of the stock exchange would not have had time to execute a buying order on the advance. so quick ly was 1t followed by the collapse. For these reasons there was not the fear of losses and danger of failures likely to be caused by the operation of an ordinary stock corner. For the wider and indirect consequences likely to re- suit from the episode, there was a feel ing of anxiety. The matter having taken on the proportions of a scandal and the stock exchange committee ap- pointed to investigate 1t being en- gagged during the day in the work the subject was kept in a conspicuous place in the days events. It was re- marked that the Hughes commission in it's investigation of exchanges had secured assurance from the stock ex- change authorities of their confidence in their ability to control and prevent fragrant manipulation, such as led up to the A. o. Brown & Co. failure in 1908 and to the appointment of the state commission. It was the character of these assurances that influenced the commission to recommend against attempts to regulate the abuse by leg islation. The fact that these recom- mendations are still in the hands of the governor and subject to further action increases the interest in the matter on the part of the stock mar ket element.
 From Washington also came a re- port that the federal authorities were showing renewed interest in the oues- tion of possible regulation of specu- lative dealings in futures. These con- alterations and the continued prepara- tions for the annual money settlements kept the stock market operations un- der restraint. but did not depress prices. The small harm done by the Rock Island furry yesterday was made a negatively favorable influence as demonstrating the strength of the speculative position. Expectation of a relaxation in money markets after the turn of the year persists.
 Individual stocks advanced briskly from particular causes, not always specified. The coppers were strong and were influenced by a rise in the London price of the metal.
 The quick sale of the Delaware & Hudson refunding bonds by the bank CTS who took them from the company made good impression on the in- vestment situation, although the gen. eral bond market continued dull and unresponsive.