Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1910-08-12
c. & 0. RAILWAY
IN WALL STREET FURRY
Stock Badly Hammered and
Some of Hawley's Associ-
ates Squeezed Out-Mor-
gan Syndicate Purchases
$4,000 Shares.

New York, Aug, 5.--Another bi s
speculative pool was helped out yes
terday in Wall street when so, 900
shares Of Chesapeake and Ohio were
taken over at private sale by syndi.
cate of which J. P. Morgan and Co.,
are said to have been the head. The
stock was bought in order to prevent
another smash in the market such al
happsae on Tuesday of last week.
Friends of Edwin Hawley positively
denied that his control of Chesapeake
and Ohio had been in any way affect
ed by the transaction, though it was
admitted that some of Mr.. Hawley's
associates had been forced to sell
their stock.
When Mr.. Hawley acquired control
of the property Chesapeake and Ohio
was paying dividends Of only l per
cent. per annum These have been
been increased until the stock is now
on per cent basis
Wall street daily reports for months
have been filled with the ambitious
plans of the Hawley syndicate.
Chesapeake and Ohio, according to
these stories. was to form the basis of
a great trunk line which was to con-
meet up the eastern seaboara with
Iowa Central, Minneapolis and St.
Louis, Toledo, st. Louis and Wes-
tern, Chicago and Alton and the
other Hawley> properties in the Mid
die West.
Early in February Chesapeake and
Ohio began to decline, and it was re-
ported in Wall street that powerful
bear clique had put on large amount
of short contract interests.
STATEMENT BY HAWLEYS'
FRIENDS.
Reports that the syndicate was
having difficulty with it's loans be-
came current in Wall street, and two
weeks ago Edwin Hawley's friends
issued, with his appr oval, remarka-
BILE statement in which a declaration
was made that Mr.. Hawley was not
borrowing dollar in Wall street and
that his interests were not affected
by the break in the stock or by the
calling of loans in which Chesapeake
and Ohio and other Hawley stocks
figured as collateral,
In this statement Mr.. Hawley's
friends pointed out that he was not
only very rich man, but tbat he
had close financial relations with
Mrs. Coils P. Huntington, H. E.
Huntington. nephew of the late
Coils P. Huntingdon; Jacob H.
Schiff, ] Pierpont Morgan and other
prominent financiers.
Despite this staten ent the attacks
on the Hawley shares continued until
late Tuesday afternoon Chesapeake
and Ohio was driven down on enor-
nous sales to 65. At this point sup
port appeared and the stock rallied to
10. In the financial column of The
World yesterday the statement was
made exclusively that the rally in
the stock was due to the fact that the
hol dings of a speculative pool had
been taken over by bank ing interests.
Corporations with which Mr.. Haw-
ley is connected either as director
or officer are: Oh esapeake and Ohio
Chicago and Alton, Colorado and
Southern, Colorado Midland, Colora-
do Sprigs and Cripple Greek, Des-
Moines and Fort Dodge, Tier borough
Metropolitan, Interborough Rapid
Transit, Iowa Central and Western
Railway, Iowa Central Railway,
Minneapolis and St. Louis. and Toll
edo, ST. Louis and Western. Mr..
Hawley is also member of the Stock
Exchange and is the head of the firm
of Hawlev and Davis.