The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-10-23

New York, 22.-Stocks opened ~
per cent. lower for Northern Pacific pfd,
| Remainder of the list Il to ~ higher
| Leading bears offered round amount:
preferred, hence weakness soon became
known, in short were very little If any
better off than Saturday, as cash stock,
Northern Pacific preferred was worth
to ~ Per cent. more than regular.
Rumors squeeze in other stocks led to
heavy buying ard prices moved up a to
4 per cent. Wizards Union Pacific and
Northwestern are strongest stocks.
There ls now q regular bear panic.
Dealings are attended with great excite
ment. Since noon the market has beomed
with more rapid advance in prices than
at any previous time Of the day, the great
feature being Oregon Trsnscontinental,
which on enormous dealings rose from
Az to 46A. It ia currently reported
that prominent operators are selling
Northern Pacific and buying Oregon
Trsnsc 1ntinentsl. The latter stock ia in
position to be cornered, owing to heavy
outstanding on short interest. Northern
Poetic jumyed to 31L and preferred to
TIA cash and 20 regular. Oregon Navi-
cation is up to ITO, New York Central
to lie, Union Pacific to 1915
Private settlement in Northern Pacific
made to-day. Pool of 5000 shares paid
20 per cent. to be lent of. Room traders
losses estimated at 10000. Wizards
friends claim he has 245, 900 shares
Northern Pacific preferred in his box
President Willard said this afternoon, 81
am not prepared to say whether neces-
ssry three-fourth preferred stocks have
been insured in favor OF new issue OF |
bonds. I have net yet examined the |
transfer books.
From the Post ut l O'Clock: It was ap-
parent at the opening this morning that |
Notwithstanding the settlement Of con-
siderable portion of the short interest in
Northern Pacific preferred On Saturday
in the open market, besides q large
amount believed TO have. been settled
10000 shares BY one party,
there was still sufficient obtaining short
interest to make considerable excitement.
Northern Pacific preferred opened at 60,
or ~ per cent. lower for regular sales
than it closed 1T on Saturday, but, after
some fluctuations during the forenoon,
foally advanced by u 80 to 20 for regular
sales and TN cash, the advance 10 the |
forenoon being 10H per cent. During
VIC soAA0 sAA~aS sASaS VIC ~AsS !" AGA - oA 4
vance of all other Northern Pacific
stocks. The common advanced from
25A at l015 to BIZ, from 45Z at l0.15j
10 BIZ. By 1920 O'Clock, in the same
lime, Oregon Railway and Navigation
advanced 81 tr Ito; Oregon AID Trans.
continental st to 46A. Between 1920
md 1890 there WAS sharp decline of
Der cent. in Northern Pacific preferred to
IS, Immediately after which it sold at :
~, reg ulsr. and SO cash. In ten minutes
Northern Pacific Common declined ~
o o93; Oregon and Transcontinental q
o AL; but the other stocks only declir eli
! fraction Of "a to Is, the latter Lacke.
Vans. Tie other stocks on the list have
Ill felt the effects and there is q complete
.hange on the tone ofspeculAtion.
1.30 p.m.-The excitement at the stock
Excange hae subsidized. The prices
cached 1 to l per cent. in the general
list and and 81 per cent. in Wizards
Northern Pacific. Common sold down
o 70; prererred, 64k; Oregon Trans 'onti-
rental to AL and Oregon Navigation to
0s.
p.m.-Near 2 o'clock q weaker feel
ng prevailed. The bears made fresh
stack on Oregon Transcontinental, and
was forced down to 42s; Northern
Pacific to 273; preferred to Gil; Weste=n
] pion to 759, and Union Pacifc to s63.
The market closed weak. u