Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-10-21
ANOTHER SQUEEZE.
The .'Shorts" Caught on Northern Pacific
Preferred and Squeezed for All
They are Worth.
Unparalleled Excitement on the Floor
of the EXchange-A Brilliant and
Daring Scheme.

New YORK, October 20.-This was an
other lively day at the Stock Exchange
Speculative interest chiefly centered on
Northern Pacific preferred, which stock
was in brisk demand throughout In early
dealing the stock went down from so to 81
regular; in the meantime, cash sales had
been made at 63@63R@61. As the day ad-
vanced the demand increased, and Just be-
fore the delivery hour difference of near
ly 10 per cent. existed. After delivery
hour it became known that many firms
had failed to deliver the stocks they had
sold, and in consequence the delinquents
were bought in under the rule" Sales
were reported as high as 7Sl cash and Ga
regular. Toward the close the price fell
oG-&s 59@624 regular, and 752 cash. The
excitement which attended the buying in
of stock "under the rule" has rarely been
paralleled, the general market for time
having been almost entirely neglected.
The enormous difference between cash and
regular only partly represents the
LOSSES OF TIE SHORTS,
inasmuch as those for whose account the
stock had been bought in 'under the
rule" made additional sales in the regular
way. This will help the movement, which
is said to be contemplated, to make an
other squeeze Monday. 1t is stated that
the theory that those who purchased pre-
ferred stock for voting purposes in con
nection with the proposed issue of second
mortgage bonds would sell the same i'm
mediately after the closing of the transfer
books, is entirely at fault. The ''Villard
party" which includes several prominent
banking houses, it is said, have determined
to put stop to the "bear" raids upon
their specialties, and to-day's movement
in Northern Pacific preferred is advanced
as conclusive evidence thereof Owing to
the great excitement attending Northern
Pacific, the rise in other shares was
lost sight of. 1t is learned that some OF
the shorts in jersey Central have tried
to make private settlements, and in
some cases paid large 'shaves" to secure
stock. The general market was irregular
throughout the day. The pressure to sell
was not severe, but the market lacked sup
port in early hours, The opening figures
were about t to / per cent below last
nights closing. From the first sales prices
yielded until decline OF to II per cent.
was secured. The weak stocks were
Western Union, st. Paul and Missouri Pa
citic. Denver and New York Central
were rather firm. Late in the dav the
| market improved in sympathy with the
rise in Northern Pacific preferred. Many
| shorts covered in other stocks,
FEARING A SQUEEZE"
The advance ranged from to Il per cent.
New York Central sold up to lI44, West
ern Union to 76g, Lackawanna to ll2s,
Lake Shore to 949, Missouri Pacific to 9I2,
Jersey Central to S3!, Union Pacific to
| S7s and Wabash TO 81 J. Near the close
there was 4 reaction, but in final
dealings the market was again
on the advance. Northern Pacific
preferred closed at I74 per cent,
| higher, at 75i cash, as compared with
yesterdays closing cash sale. AS com
pared with last nights closing prices, Ore
| gon Navigation is down points, Oregon
improvement 3, Canadian Pacific 4, North
western preferred q, st. Paul II, Lake
Shore l, Kansas and Texas l. Jersey Cen
trail Il, Omaha preferred l and Western
| Union +. Northern Pacific is up { pei
cent, preferred I, Oregon Transcontinental
{, Wabash preferred l New York Central
| !, at 114s, Michigan Central /. In the
speeia2Sies Chesapeake and Ohio second
preferred rose Il and Bankers and Mer-
chants Telegraph &.