| Show ISLANDS RISE Within Five Minutes of Opening of The Market Common Rose Points SOON SETTLED BACK AGAIN A Shiver of if tr Fear lIon Kan 1 ln Through the lie Stock SIOe Exchange Had Ear Kar nr Marks or Of a n Corner Movement New York Dec 27 A startling mar market marlet let ket movement that had all al the tho th ear earmarks er earmarks marks of a 0 corner camo came today whon when the common stock of or tho the Rock Island company within livo minutes of tho opening rose roso front from 50 to 81 SI when it settled buck bacic bult again after heavy hevy trading to 50 60 All Au Al this startling pyrotechnic advance of oC 31 points and ad the tho equally equal surprising precipitation to tho the opening sale co caused a shiver of fear on tho the block exchange which spread Itself across the continent on Oil brokers wires sires that thata a corner coiner hind had been effected In the th stock stok of the Rock Island company compan A block of 1800 shares was sold soki at 81 31 the top price Rock Rok Island Illand common ioa closed at 49 40 last lut Friday Fears Fear of ot a n corner comer caused heavy hea sell selling sol ing lag throughout the securities list and there ivero numerous declines of 1 to 3 points u It I seems as though somo some one ono has lias hasben been ben soiling selling that which ho lie did not notown notown notown own said a director of time the Rock Roel Is Island Island Island land The Tho Te management and amid officials of the company have had nothing to todo todo do 10 with wih the tho spectacular advance and It looks hooks as If It there was a a considerable short interest In time the stock anti and Ind this In Interest Interest terest crest was wa apparently badly today toda SALE SAL The opening sale of or Rock Roce Island was tas GOO shares at 50 and then tho tIme stock advanced an nn eighth a quarter three thrle quarters and then leaps and bounds lo to lotho tolie lie tho high price to 81 On tho the advance blocks bloks of or stock front from rom to shares charged hands At tho the top figure enormous supplies of or stock came camo out and a n violent relapse rede ensued The decline however wis vis much steadier than tuna tho the advance tho the recessions lons running generally by b frac fractions frac and from 1 tons to 2 points Within 15 minutes tho price pric had fallen back buck to 50 Traders generally generl believe that a corner had ha been beon be on engineered In the tue stock and thoro there was a general rush to unload securities list throughout this tho the speculative The Time market marlot became quickly unset unsettled tied ted through fears of or consequences of oC a n boar panic In Is Island lm 1 Southern Suther Pacific after opening up 1 point ran off orf 4 i below Friday FIda Amalgamated Copper dropped back 3 under uder Fri Fridays FrIdas Fridays days das closing and there was a general unloading of securities causing acute acuto auto weakness The Tho loss in n Pennsylvania reached 2 in the first half hour Read ReadIng Rr Ing lag 2 United States Steel teel 1 I Union Pacific preferred 1 and American Are 11 can Smelting 2 The spectacular rise in Rock Island common stock was w generally general credited to toa toa toa a frightened short shor Interest since it was quickly recalled that the th control of or tho company does dos not Ho hie le with wih tho the common stock and therefore an any suggestions that competitive bidding by b interests seeking to control tho the property were not hot to bo ho 1 entertained under the circum circumstances circumstances stances 8 Ono One Oo of or the directors director of or tho tue Rock Roc Is Island Island Island land and also alo connected with wih the hank bank banking ban It ing lag interests of oC the road mad said There Is nothing in the th affairs of oC tho the company to account for time the advance avance in inthe Inthe inthe the price prIc of oC stock stuck hr in such a violent manner It I apper to lie Ite 1 a SQueeze of ot the tile shorts This same samo suo Rock Island official said that to the best of his lila knowledge neither neith eith either er or W V H Moore who Is now in Chicago nor Daniel Damel G Reid was in any way way con connected conn connected n te with wIh movement HUNDRED HU RE THOUSAND SHARES Trading in Rock jf uland common stock stoc In the first 12 m in I tes Wor vere approximately sha s Rock Rok Island rallied at 53 but there was renewed evidence that there wore ere large Irge supplies of that stock stok In the mar market market market ket and the price ran rn off or again aguin agin This served to tranquilize the rest r of oC the time market marl et and ad prices began beg to recover Southern Souther Pacific rose to and Amalgamated Copper to Pennsyl Pennsylvania vania to t and other stocks stock In less lea degree S The market was quieter before the first hour was Wa over and prices price I had hind ceased to fluctuate as a widely as at first The he Rock Island episode was the te ono one onO subject of or discussion in the tho financial district distrct It was wa Intimated that nn an In Investigation probably would bo be made Into tho tim matter mater by tho the governors governor of oC the stock exchange The report cur current current rent remit on the stock stok exchange floor was that a clerk In handling an order orde of shares shores made an error and ad made it i read shores shares The Tho best opinion obtainable In all nil financial and brokerage circles was wa that a a short Interest had been beon caught In a carefully Laid trap the tho springing of ot which was wa only possible because of the tho absence of several of the tho larger operators Tho Rock Island bonds bond which were concerned In last hast lat weeks speculative movement In tho tim Rock Island deal moved feverishly I Rock Island collateral sold nt at 81 s In a block of anti and then slumped to 83 8 Tho The Wabash refunding sold soldat soldat soldat at 78 and then ran off of to 7 77 Wabash preferred dropped 3 under Fri days das close chose Ono One hundred and ad thousand shares of oC Rock Rok Island Iland common were traded In imi I during tho the first liou hou houTo The Tho To market maket fell tel Into luto after Hock Island had lied ceased Its It violent gyrations that stock settling down in iii tha the neigh of ot 62 6 Whenever It U started up stock was wn forthcoming to give Ie assurance against danger to tho time shorts The pan icky Ick feeling among amol the tho bears subsided Prices made mado substantial in the tho general r noral list Hat and camo caine almost to a n standstill not far from the tho level where whereS S thoy tile loft left off of on Friday Frda lust Much un uneasiness Uneasiness easiness remained to time tho th speculative element to enter on new now com corn commitment until unU some somo satisfactory explanation aton was forthcoming of at tho the extraordinary nary action of the Rock Island stock A report from the tho west that hint Edwin Hawley Rawley had acquired the tho Rock nock Island developed an on emphatic denial from tram Mr Hawley Thero Thera In is no truth In iii such n a report and moro more than that I havo have no io such In iii mind I Ind o ho declared 10 Control of Rook Rock Island Is centered In tho time preferred stock which Is controlled by W IV r H 11 I Moore D G Reid Rell and their friends Mr Ir Moore and Mr Reid nold r I re centhy acquired largo o Interests Inte In tIme tho UI Lo Le L high Valley Valey railroad and It I Is confident ly Iy believed that some aflame ore connecting road 10 will wi be bo secured to Join the time two roads |
