The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-20
WALL STREET NEWS
Condition One of Confusion
and Excitement.
BREAK OF 6S POINTS COMES
Columbus and Hooking Valley Coal
and Iron Hammered Until Ii Falls
to 25-Outbreak Which Assumes
Proportions of stock Exchange
Scandal Follows Failure OF Broker.

New York, Jan. I9-TO-day's stock mar
ket was by no means in a state of panic,
but it was yet greatly demoralized, and
the large declines in prices recorded with
an attendant great increase IN the volume
OF transactions brought about a general
condition OF confusion and excitement in
the stock commission houses that has not
previously been Witnessed in the down.
ward movement In values that has run
with increasing force ever since the be-
ginning Of the year.
The progressive liquidation In stocks
that has obviously occurred, the constant
and successful attacks Of spectators for
the decline. and the seeming accumulation
OF circumstances adverse 10 the specula-
tive position for the rise left the market
at the close OF business last night de-
Cidedly nervous and unsettled
To-day at the opening the instructive
trend OF the market seemed to lie along
the lines of an upward reaction. Specu-
lators for the fall were generally inclined.
or, at least, very many Of them were, TO
retire their commitments upon the ground
that such action was wise IN consideration
OF the extent TO which the fall had been
carried.
stock Exchange Scandal.
All matters Of a general nature affect
ing the market were lost sight Of to-day
IN the outbreak Of an affair which, as
the day wore on. rose TO the proportions
OF q stock exchange scandal far surpass-
ing In magnitude the recent commotion
in Rock Island common stock.
This event was, in brief. a break Of IS
points in Columbus and Hooking Valley
Coal and Iron stocks under circumstances
which point 20 the operation Of a swim
ding game for long time past as nefa-
nous IN its character as any ever known
in the financial district.
The character of Columbus and Hook
ing Coal and Iron stock has been per
fectly well known for years. The stock
is not entirely worthless, but is that OF
a company owning coal and furnace
properties in Ohio which has never been
able in the course Of its existence to earn
in any one year more than slight sur
plus over its interest charges. and has
paid IN the course Of this time only triv-
ial dividends, scattered over long inter
walls
The financial history Of the company
has also been checkered by stock assess
ments, institutions Of foreclosure pro-
ceedings and the Ike. Inasmuch as the
ownership OF the stock. which amounts
IN value to a little less than SL0OO.6J0
has been concentrated in a few hands. II
has been easy to mark Its price up and
down at the pleasure OF those in control
Within a couple Of days the stock has
been quoted at as high a price as SCI a
share. To-day the peg in it was With
drawn. and it fell to a price OF S25 a
share in a few hours.
One phase Of the affair that speedily
became a matter Of stock exchange. Cos
sip. but still involved IN obscurity at thu
close OF the business day. was. according 10
all accounts, a reputation Of orders bv
houses who had been given up by other
brokers as buyers and sellers Of the stool,
in the days tumult- 1t was an ugly mess
viewed in the best possible light
Two stock exchange houses announced
their failure in consequence, and the
financial district was full Of rumors as
20 other enbarrassments that might also
follow.