Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-10-21
What the Commercial Advertiser -

New YORK, October 20.-The Commercial
advertiser says: During the last hour the
most intense excitement prevailed in the
Stock Exchange, in consequence of the
transactions in Northern Pacific preferred.
Thousands of shares that had been sold
could not be delivered, and brokers were
compelled to have them bought in at the
board. Naturally, the highest sort of a
premium was demanded. The loss will
fall upon the customers, of course. If they
can't stand it the brokers will. The high
est price for the stock was 7St cash,
against GA the regular way, premium OF
l33 per cent. 1t was expected that many
of the houses could not bear the twisting,
but up to the last moment no failures had
been reported. An unfinished list of suf-
ferers is as follows: 800 shares, Robinson
& Robinson; 200 shares, II. Lapsley d Co !;
300 shares, Dittenville & Co.; 800 shares,
|. & S. Wormser; 800 shares, J. NJ. Amory /;
300 shares, W. Rogers; 100 shares, W.
Heath q Co.; 900 shares, ]. H. Bloodgood
& Co.. 100 shares, r. S. Elliott; 200 shares,
VIM. Heath & Co.. 900 shares, /. S.
Wormser. The stock brokers to-day paid
as high as 1925 for the use of a hundred
shares of Northern Pacific preferred.
These figures are unprecedented. A small
premium, ranging from to l per cent,
had been charged on this stock in the
early part of the week. Wednesday the
rate was advanced to 5 per cent, and
since that time has varied to a more or
less extent To-day capped the climax,
when the stock loaned al ST per cent.
Considerable surprise was expressed. The
short interest was known, to be very
heavy. The stock was necessarily scarce
What added 10 the particular value of il
to-day was that the transfer books were to
close this afternoon. The scarcity of the
stock in this market, and the ease with
which it loaned in Philadelphia, created
in the fertile mind of Gen. Coils, of Coils
& Levy.
BRILLIANT AND DARING SCHEME
to Improve the shining hour" He bor
rowed 1900 shares fat in Philadelphia,
and began dealing it out on the floor
Of the New York Exchange at 10:3(
O'Clock this morning, at rates ranging
from ) to OF per cent. In order tC
make his deliveries good, he directed
Arnold, of the Philadelphia house, to char
ter a special train and reach New York
before 2:15 O'Clock pm. The business was
very risky. The failure to make his de
iveries good meant ruin and disaster, ol
detention on the road was equally to be
feared. However, Arnold, with his valu
able cargo hurried to the Pennsylvania
railway office, at Fifteenth and Market
| streets, and applied to General Manager
Thompson for a special train and cleal
track. An engine and baggage car were
placed at his disposal, and shortly before
IL o'clock the special train rushed from
the station and was laundering on its way
| to this city at the rate of seventy miles al
hour. 1t took only an hour and forty min
utes to cover ninety miles of road, and be
| fore ! o'clock the stock was in Messrs. Col
lis & Levy's office ready for delivery. TIL,
| special train cost Sl42, or at the rate on s
| per minute. The profit to Coils Il Lev,
is estimated anywhere at $4,000. Late
in the day premium of Is per cent wa
paid; 7S cash, go regular way, or Sl3 70
| uSp-