New-York tribune., 1909-12-29
FINANCIAL MARKET
STOCK TRADING DULL.
Rock Island Incident q Dis
turbing Infuence-CaU
Money Higher.

The stock market opening yesterday
was quiet and irregular. in sharp con-
trast TO that of Monday. and throughout
the session the trading showed the effect
of*the wild movement in Rock Island
common on the preceding morning. price
changes as a rule being small and the
total volume of business shrinking mate
rally. Rock Island itself was weak dur
ing the day, opening at Mondays closing
level and falling nearly points. with a
recovery of q point TO 4912 at the close,
a net loss of points The transactions
in this stock were heavier than in any
other issue. There were some large
buying orders for it, but the selling was
widespread and persistent, representing
in considerable measure the distrust
created among holders of the stock by
the performance of Monday morning, a
distrust which is likely to have preJu-
dicial influence on the Rock Island Sc
curities for some time to come. unless,
indeed. the inquiry now in progress by
a special committee of the Stock Ex-
change governing committee shall result
in demonstrating that the incident was
due to causes not properly the occasion
of criticism and discipline, an outcome
not looked for by the Street. The manip-
ulator, if there was manipulation, as is
commonly believed. is doubtless not
amenable to Stock Exchange discipline
but a firm distributing his orders would
be, under certain circumstances. and it
is to be hoped that if an offence is found
to have been committed the penalty will
be Of deterrent severity. The Stock Ex-
change is not an incorporated body, but
in its constitution is in the nature of a
club. Because Of its relations with the
public however. it may be regarded as a
quasi-public institution, and as such it
owes to its great clientele the duty of
issuing full statement of the findings
Of the special committee on the Rock
Island affair. in which many innocent
persons suffered serious loss.
The London market was strong and
higher yesterday, and was apparently
unaffected by the Rock Island furry;
and little Rock Island stock was bought
in this market for account of the London
firms which had sold calls on it. and
which, according to early reports OF
Monday, were frantically bidding for it
The copper stocks were strong all day
on the local exchange on renewed re-
ports that the merger plans had beer
again taken up and would be carried
through; and Amagamated Copper. An
aconda and American Smelling and Re
filming common all ended at net advances
of more than a point. Reading second
preferred was feature of the early
trading. rising five points before noon
on buying which was accompanied by
fresh reports that this issue was soon tc
all of its gain. Toward the end Of tho
last hour Il general selling movement
developed, due in part to realization. and
the close Of the market, which was irreg
ular. showed i'm the main trfling price
changes, most of the early advances hav-
ing been wiped out.
Time money rates were unchanged
out the cali money rate rose to 81. Der
cent, the highest figure in nearly a
month, and almost the highest Of the
year. rejecting the prspa ra tions for the
January interest and dividend disbursc-
ments and suggesting the possibility of
transient Stringency before the end Of
the week. The local banks transmitted
through the Sub-TreasuTy funds To tho
interior and d moderate amount OF gold
was shipped to Canada in connection
with the end-of- the year requirements.
The banks have lost 10 the SUB Treas
ury since Friday about $500. 900 cash.
and Fridays Clearing House statement
will probably show an even larger loss.