New-York tribune., 1909-12-28
FINANCIAL MARK Ell
MOST STOCKS LOWER.
Money Firm. zcith No Md;cd-
ton of Erreme Rates
This Week.

Wall Street had several theories for
sensational movement that took place in
Rock Island common i'm the first ten
minutes of business yesterday but sim
nunity appeared to scout the idea that
the advance in the price of the issue in
that time from so to>S1 was due to well
planned manipulation. Some people may
believe that questionable methods to ad-
vance stock quotations no longer arc
employed, owing TO the recommends
tions contained in. the report of the
Hughes Wall Street investigating COM
mittee. but unfortunate to relate. there
is no evidence that manipulation of the
sort that gives Wall Street as whole
an unsavory reputation with the pub
lie is not practised as much to-day AS
at any time i'm the history of the Stock
Exchange i'm recent years. AS to Rock
Island. some people thought at the open
ing successful corner had been en-
gineered and that the shorts had been
caught at frightful cost. but as the
price declined almost IS fast as il had
advanced the shorts were able to buy air
the stock they wished in the neighbor-
hood of Fridays closing prices. Per-
haps real corner was contemplated.
but if so il was conducted upon a rela-
lively small amount of stock and at little.
if any. profit, particularly as stock came
out in volume large enough to send the
quotation back to so inside of quarter
of an hour. After the opening, when
Wall Street Wearied of the theory of a
prearranged upward movement i'm the
issue. the rumor gained general circu-
lation that mistake in executing orders
had been made, and subsequently this
rumor developed the idea. which found
many believers, that a certain operator
in an absent minded minute placed an
order for large amount of stock in
the nope or creating an active inquiry.
but failed TO put in selling orders 10
balance his purchase, with the result
that the stock shot up suddenly. with
the absent minded one the only impor-
tant buyer at rapidly advancing prices.
Certain bankers who are opposed to
operations for higher prices just now
deplored the Rock Island movement and
intimated that the absent minded gen.
tleman had made blunder Perhaps
the blunder lay in the fact that the per-
son or persons responsible for the rise
endeaVored to corner the stock and made
the mistake of attempting it at time
when more powerful interests were de-
sirous of maintaining stability in the
market, which, of course. would have been
seriously endangered by the continuance
of manipulation of the Rock Island va
rlety. As it was, in the short time of
the Rock Island affair the general list
declined. and though losses we're re-
covered in large part before the close
maximum declines were heavy. and would
have been much greater if there had
been an important public bull account
in the market. The Stock Eychanee
governing committee, as was it's ohvi-
Gus duty. appointed special meeting
to investigate the Rock Island matter
which few kindly disposed observers
calico an accident. The A. O. Brown
failure in 1908 and the Northern Pacific
panic in 1901 also may have been acct
dents.
Declines in the morning ran from . to
3 points in the active issues, While net
losses as a rule were confined to frac-
ticns. Rock Island. after its 81 point
rise, closed at a net gain of Ia New
York Central. Chicago Great Western
new stock and Wabash also ended at
net Improvement. OF the total dealings
exceeding $4,000 shares, Rock Island
furnished $4,000 shares and United
States Steel 10000 shares. the last
named closing fractionally down. Rock
Island collateral trust As were active
and higher. The only other feature of
the bond market was supplied bv Wa
bash refunding As, which were heavily,
dealt in at advancing prices until the late
trading when they sold off on realizing
sales. Cali money was firm. ruling above
per cent, and sterling exchange was
marked up points for demand. The
general money market was without in
terest and bankers were. not approhen-
sive Of disturbance in the closing davs
of the year.