The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-22
THE DAY IN NEW YORK.
Intense Excitement During the Last Hour
A Successful Stroke of Business.

Successful Stroke of Business.
New YORK, Oct. 20.-The Commercial Ad-
vertiser says: During the last hour most
intense excitement prevailed on the Stock
Exchange in consequence of transactions in
Northern Pacific preferred. Thousands of
shares that had been sold could not be deliv-
cred, and brokers were compelled to have
them bought in at the board. Naturally the
highest sort of premium was demanded. The
loss will fall on customers, of course. If they
can't stand it the brokers will. The highest
price for stock was 7S19 cash against Ga the
regular way, or premium of 1877 per cent.
1t was expected many houses could not bear
twisting, but up to the last moment no fail
re had been reported Unfinished list of
sufferers: 300 shares, Robinson & Robinson;
200 shares, H. Lapsley & Co.; 300 shares Dit
tenville & Co.; 800 shares. J. & S. Wormser;
300 shares, ]. NJ. Amory; 800 shares, W. Rog-
ers; LOO shares w. Heath & Co.; 900
shares j. H. Bloodgood & Co.. 100 shares,
r. S. Elliott; 200 shares, William Heath &
Co.; 900 shares, J. & S. Wormser. Stock
brokers to-day paid as high as 1925 for the
use OF 100 shares of Northern Pacific preferred.
These figures are unprecedented. A small
premium ranging from "a to l point was
charged on this stock i'll the early part of the
to per cent, and since that time has varied
to a more or less extent. To-day capped the
climax when the stock was loaned at 81 per
cent, considerable surprise was expressed.
The short interest was known to be very
heavy, and stock was necessarily scarce.
What added to the particular value of it to-
day was the transfer books were to close this
afternoon. This scarcity of the stock in this
market, and the ease with which it was
loaned in Philadelphia, created in the fertile
mind of General Coils. of Coils G. Levy, the
brilliant and daring scheme to improve
the shining hour He borrowed 1900 shares
flat in Philadelphia and began dealing
it out on the floor of the New York
E. change at 1920 in the morning at
rates ranging anywhere from 5 to 81 per
cent In order to make his deliveries good
he directed Arnold, of the Philadelphia
house, to charter a special train and reach
New York before 2:15 o'clock P. NJ. The bust
ness was very risky; failure to make his
deliveries good meant ruin. Disaster or de-
tention on the road was equally to be feared.
However, Arnold, with his valuable cargo,
hurried to the Pennsylvania railway Office,
at Fifteenth and Market streets, and applied
to General Manager Thompson for a special
train and clear track. An engine and bag
gage-car were placed at his disposal, and
| shortly before IL o'clock the special train
rushed from the station and was Numbering
on it's way to this city at the rate of seventy
miles all hour. 1t took only one hour and
| forty minutes to cover ninety miles of road
and before 1 o'clock the stock was in Messrs
Collins & LEWIS office ready for delivery
| The special train cost $142, or at the rate of
81 per minute. The profit to Collins & Levy
is estimated at $4,000. Later IN the day a
60 the regular way, or 81, 300 day for its use"