The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-27
WALL STREET WAS BADLY SCARED
BY SENSATIONAL MOVEMENT
IN ROCK ISLAND.

NEW YORK, Dec. 1.-THE market
started all right and looked for time
as II Il were bound for better figures
then something happened-a cog slipped
a screw went loose. the storm delayed
a leading broker and he did not get on
Change in time 20 take up his share
of the traders burden, which In this
case was probably a large selling order
on Rock Island common, 70 match big
buving order in the same stock. The
big buying order, unmatched, was exc
cuted or rather the work of bidding up
the price was continued until the shorts
became scared and turned in TO cover,
the result being a 80 point rise N the
stock 10 81 a share. Then the selling
orders were reached and the buying
stopped. everyone scared at the shake
I'D and fearing trouble OF some kind.
Back went Rock Island to where 1t
started or within a fraction of it-505s
with a recovery to 521A later.
Just how many orders were executed
for customers who did not give them.
remains to be seen-and to be settled
in the aftermath. Brokers had 10 pro
tect themselves.
the big advance was due 10 any devel-
opments IN regard to the property ana
not one in one hundred would accept
b an explanation based on competitive
buying for control. Control does not
lie in the common stock and buying II
would be useless in any endeavor 10
unseat the Moore forces by the buying
Of this stock. Therefore the general
theory Of the snow-bound, stoTm-tOssed
broker with the matched orders
Enough to Scare Street.
But the co1nmotion was enough TO
-
did not know just what was coming,
and. fearing the worst, they started to
sell and declines OF to n. points were
general. It reminded one of the days
when MORGAN and Hin on one side were
nghting the Hartman for control or
Gresa Northern, the stock in dispute
goins up. while everything else went
ing bull market that Wall Street had
seen. There was real trouble then'
there isn't now.
came the recovery. But with it there
was only moderate activity, the recov-
cry By traders and brokers Of stocks
sold when things looked black mark
ing the greater part Of the buying
Very Dull After Rally.
After the rally following the Iiquida-
ton. which lasted only few minutes,
the market became very duh, moving
slowly. lacking important rows of any
character to advance E. and badly jar
red by the Developments Of the first
half hour.
OF course, the governing committee Of
the exchange viii investigate and VIII,
in all probability find a CJ;Qrit or Gull
prits who have violated established
rules and who may be made to suffer
but all this doesn't iielp the market.
Reading and Steel common, two piv-
otaI stocks, on the whole list were act
ing well when the stroke iell They
went of with the others. the former
from 1711a 70 16g, but recovered TO 1705s,
while Steel dropped to 902s and recover
ed all or its advance. The Street is
bulling on these stocks. Support in
Steel will be forthcoming around 90-it
was today-but, otherwise, it is likely to
90 or and the action OF Steel may in
fluence. probably will influence. the en-
tire list.
A study OF the price-table IS actually
necessary TO keep track of the fiuCtus-
tions-toO numerous for mention.
At 1880 this afternoon, extreme dull
ness prevailed