The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1883-10-24
New York Stock Marker.

New York Stock Market.
New YORK, Oct. .M.-General stock
market is dull. Northern Pacific
preferred is absorbing speculative in
terest. Great crowds surround the
rOstrum watching the proceedings.
Transactions in other stocks were
very light.
$40 y. M: Northern Pacific pre-.
ferred was just bought in under rule
at from 684 to 73 cash, Stack jumped
from So to "a; regular on large trans
actions. Considerable excitement
prevails. Transactions under rule
are being made from 20 to " cash.
The general market is more active
now. Prices jumped about per
cent.
3p. M: Near the close Northern
Pacific preferred rose to 7S4 cash and
"a regular. The difference between
cash and regular at one time was 154
Stock reached SO regular and closed
at 623@!.
Governments strong. Speculation
centers in Northern Pacific. It's stock
was in brisk demand throughout the
day. In early dealings the bears
raiced the stock down from 60 to 81.
In the meantime cash sales were
made at 634@61. AS the day ad-
vanced the demand increased, and
just before delivery hour a difference
of nearly 10 pr cent. existed. After
delivery hour it became known that
many firms had failed to deliver the
stocks they had sold, anu in conse-
uuence delinquents were bought in
'.,lnder the rule" Sales were re-
ported as high as 49, cash and 81
regular. Towards the close the price
fell off to 59@62a regular and 75f
cash. The excitement which at
tended the buying in of stock under
the rule" has rarely been paralleled.
the general market for the time hav-
ing teen almost entirely neglected.
The enormous difference between the
cash and regular quotations only
partly represent the losses Of the
shorts, inasmuch as those for whose
account the stock has 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 another
squeeze Mon 1ay. 1t is stated the
theory of those who purchased pre-
ferred stock for voting purposes in
with the proposed issue
of second mortgage bonds would sell
some Immediately after the closing Of
the transfer books is entirely at fault.
The Willard party, which includes
several prominent banking houses, it
is said, has determined to put a stop
to the bear raids upon their special
ties, and to-day's movement in
Northern Pacific preferred is
as conclusive evidence
Owing to the great
attending the Northern
Pacific rise, other movements were
lost sight of. The general market
Was irregular throughout the day.
The pressure to sell was not severe,
but the market lacked support in ear
ly hours. The opening figures were
about / to + per cent. below last
nights closing. From first sales
prices yielded until decline from !
to II per cent. was seconded. Weak
spots in Western Union, st. Paul and
Mo. Pac., Denver and New York
Central are rather firm. Late i'll the
day the market improved in sympa
thy with a rise in New York pre-
ferred. Many shorts were covered in
other stocks, fearing a squeeze the
advance ranged from J to IL per cent.
In the final dealings the mark ct was
again in advance. Northern Pacific
preferred closed l72 per cent higher
ut 75i cash. AS compared with last
night closing prices the Ogn. Nav.
Is down 4 points. Cen. Pac. II.
From the Commercial AdrertiSc':
During the last hour the most in
tense excitement prevailed on the
stock exchange in consequence of
in the Northern Pacific
preferred. Thousands IF share that
bad been sold could not be re-
lieved, and brokers were compelled
to have it bought in at the board.
the highest sort of premi-
UNI was demanded. The loss falls
upon the customers Of course. Ii
they can't stand it the brokers will.
The highest price paid for the stock
was 7SI cash, against 81 the regular
way, or a premium Of l32 per cent.
It was expected that many of the
houses could not bear the twisting,
but up to the last moment no failure
has been reported. To-day clapped
the cl max, when the stock leaned at
55 per cent, and considerable sur
PRISE was expressed. The short in
terest was known to be very heavy,
and the stock necessarily was source.
What added to the particular value
of it to-day was that the transfer OF
the books were to close this after
noon and the scarcity of stock in this
market and the ease with which it
loaned in Philadelphia created in
the fertile mind of General Coils, of
Coll,s & Levy, a brilliant and daring
scheme to improve the shining hOnr.
He borrowed 800 shares OF Piatt in
aud began dealing it
out on the floor of the New York
exchange at 1880 this mornings at rates
ranging anywhere from to st per
cent. In order to make his deliveries
good he directed Arnold ofthe Phila- !
1elphia house to charter q special
rain and reach New York before
Ills. The business was very risky:
A failure to make his deliveries good
meant ruin and disaster, or delay
On the road was equally to be feared.
However, Arnold with his valuable
cargo. hurried to the Pennsylvania
railroad Office, at the corner OF l5th
and Market streets, and applied TO
General Manager Thompson for a
,necial train and clear track. An en-
zine aud baggage car was placed at
bis disposal and shortly before IL
o'clock the special train rushed from
+he station and was laundering on its
way toward this city at the rate OF 20
miles an hour and before noon the
.tork was in Messrs. Coils & Levy's
office ready for delivery: Later in
he day a premium of Ii eer cent.
was paid 70 cash TO 60 regular way or
81 800 per day for its use.