The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-27
EXCHANGE IS WILD
AS STOCK JUMPS
Continued from First Page)

on the great fight between Morgan-Hin
on one side and the late r. II. Harri-
man on the other. The Street feared
trouble between magnates then.
They considered that there was a fight
on between the MOores-Reid and theHaw-
levy oakum crowd, and fight between
magnates is the signal for Wall Street
TO run.
Not only did Rock Island go back with
a thud that must have been doubly
sickeninE to the shorts that had cover
ed at the fake" advance, but other
stocks followed in lessened degree. Union
Pacific dropped "a points, Southern Pa
cific J32, Reading rs, pennsylvania ia,
and all other active rails about the same
amount, which was really quite a serious
affair.
And then when the market leaders
found that there was to be no blood
letting between maEHates. when the
price Of Rock Island had gone back to
normal levels, while the victims were
threatening and growing out loud, the
rest Of the market started 10 move
back 70 where Il was before the fracas.
They acted well, b;JL could not make the
entire recovery, lacking 55a% OF point
OF completely regaining their losses.
The aftermath is sure 10 be serious
and the opinion on Wall Street. which
has not been so severely Jared in many
a day, IS that suspensions, if not eX-
pulSions viii come while yet the memo
ries of Christmas joys are yet green.
During the exciting half hour 5000
shares Of the stock were bought and
sold.
The wild furry in Rock Island is said
10 have been OccasiOned by the calls
for stock which had been sold short
and which the sellers could not deliver.
London spectators are said to have
disposed OF a large amount of stock
short and when forced TO deliver were
compelled TO go into the market and
buy at whatever prices the stock could
be obtained.
Rock Island officials declare there Is
nothing going on in the internal affairs
Of the company that would warrant the
sensational rise and fall
The stock opened at sos as against
49, at the close on Friday. Without
Il break. it adv anced in six minutes 10
81. There were no sales between -
and 50, where 1000 shares were let so.
There we're other jumps Of three and
four points between sales until the price
reached ST.
As rapidly as il rose. Rock Island
fell. declines Of four to six points being
noted between sales.
The ultimate result followed In other
stocks, the standard lines showing a
loss OF one point or more. AT the end
Of half an hour Rock Island had lost
its entire gain.
An official Of the company declared he
understood there had been a consider
able short interest I'm the stock and it
looked to him like some Of these short
sellers, forced TO deliver, were being
squeezed by the lucky owners Of the
stock.
Judge William IT. Moore is I'm Chicago
and Daniel G.. Reid declares he did not
put up the price. These two men viz
tually own and control the Rock Island
system. The entire movement IL is
said. was not engineered by. the Rock
Island interests.
London and Paris spectators. it is
rumored, have been large buyers OF the
stock recently, and IL is believed the
Jump in price I'm New York immediate
~ at the opening, followed cables to buy
tne stock for the account OF foreign
Spectators who had sold calls for it.
II was rumOred about in Wall Street
Friday that the MoOre-Reid CLIQUE,
which virtually controls Rock Island.
had taken over a controlling interest In
the Lehigh Valley Railroad Company,
and that this was probably the first
step in plan 70 combine Lehlgh. Rock
Island. Wabash and Denver and Rio
Grande into a new tTauSCOntinental svs-
tenn from New York 10 san Francisco,
in competition with the Hill and Harri-
man lines.
Up TO II o'clock 144,70O shares OF
Rock Island had che ged hands. The
trading was much larger than IN the
famous Northern Pacific corner.