The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1909-12-28
SENSATIONAL AND MYSTERIOUS
MOVEMENT OF ROCK ISLAND
sTARTLEs MARKET.
MATTER TO Be PROBED
Committee Appointed to Oelve Into
Cause Of Sudden Rise and Fall Of
Railroad Stocks-conservative Mem-
bers Of Exchange Much Exercised
Over inexpIicabie Fluctuation.

New York. Dec 21.-The New York
stock exchange has an investigation
on it's hands Common stock Of the
Rock Island company rns. 81 IA
points almost Immediately after the
opening today. then. even more sud
denly dropped to 80. Thereby hangs
a mystery. or n fiasco, or something
that the governors Of TIL. stock ex
change will try to sift to the bot
tom. At the clost of today's session
the governors quickly held a confer
ence and it was announced that a spe-
cial Investigation had been instituted.
Francis L. Eames. former president Of
the exchange: ]. r. Atterbury and
Ernest Groesbeck We're appointed to
conduct the inquiry. Conservative
members are much exercised over the
episode. and summary punishment of
the offenders is demanded.
Officers of the Rock Island disclaim
any responsibility for the movement.
Al the office of Daniel q. Reid. who.
with ex-Judge William J. Moore, is
acknowledged leader of the Rock Is
land group. it was said Mr.. Reid was
indisposed today. Another report said
that he was entertaining fadsc
party at his country home near here.
Judge Moore arrived from Chicago
in the afternoon and affirmed what
had been said earlier i'm the day that.
personally he knew nothing of the
excitement until told of 1t upon his
arrival in New York So much con-
fusion surrounded the mystery that
anything like Il clear explanation
seems impossible at this time. At the
brief session OF the governors this
afternoon several members who figur-
ed i'm the buying and selling were
called before the committee. but no
details regarding the preliminary in
"vestigation were made public.
Give No Light.
Those brokers credited with execu-
ting the orders declined to throw any
light on the subject. They will be
called to testify later. Stories pur-
porting to explain the situation are
numerous and conflicting One theory
was that an attempt at manipulation
in the stocks had misearried Accord
ing to this explanation. heavy buying
orders were placed. but. through some
oversight. the corresponding selling
orders did not appear. The result
was. following out this theory, that
there was comparatively little stock
for sale. and brokers who had charge
of the buying orders had to bid the
market up to execute them. II such
was the case. the orders were destined
to be match orders" the PRINCIPAL
subject III the recent investigation of
the stock exchange instituted by Gov
ernor Hughes.
Extremely Weak.
: In the furry today the rest of the
list. including the active issues. was
extremely weak with vague appre-
hension of another corner. Today's
operations in Rock Island common
totalied approximately a1S.0ae shares
or more than IS per cent of the issue. |
The stock fluctnated between ~ "a
and 81. its top price of the first half
hour and closed at 81 IL, a net gain |
of ! "a points.
An officer of the First National bank
Of this city, which has intimate rela- |
tions with tie Rocl, Island. expressed I
the BELIEF tonight that the whole mat |
ter had Us inception in buying for |
European interests who are supposed
TO have been short in the stock.