The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-10-21
Wall Street.

Wall Street.
New York, O.-Gsueral stock market
dull. Northern Pacific preferred, ab-
sor bing speculative interest Great
Gro wds surround Rostrum watching pro
ceadings. TRANSACTION. ia other stocks
very light.
2.4o Northern Pacific prefsrrei;
just bought in under RUE st from 6SA to
70 cash. st OK jumped from SO to 81;
regular Oh lsrge transactions consider.
able excitement; transactions under rule
are bei1f made 20 to ~ cash; general
market more activs now. Pricls jumped
about l per cert. Near clnse Northern
Pacific prefe rose 10 7S14 cash and
"a regular; difference between cash snd
regular a. one time l515. Stock reached
to SO regular and closed at 62Z.
Nav York, 20.-Governments strong.
Speculation cente,s in Ncrthern Pacific.
The stock was 10 brisk demsnd through
out. In the esrly dealings the bears
raided the stock cown from 60 10 81,
regular. In the meantime, cash sales
have been made at 63 to 63X and 81. AS
the day advanced the demand increased.
and just before the delivery hour dii-
ference Of nearly 10 per cent. existed.
After the delivery hour it became known
that MANY frms hsd failed to deliver
stocks. They had sold, snd in conse-
quence the delinQuspts we're bough. in,
under the rule.'' Sales were reported
ss high as 7SH, cash, and "a regular.
Toward the close the price fell off to SO to
62Z, regular, and 1871, cash. TIE ex-
element which attended the buying
in of the stock, under the ruler
has rarely been pAralleled The general
market for the time having been almost
neglected. The enormous difference be-
tween cash and regular only partly rep
resented the losses of the shorts, mas
much ss those for whose account the
stock had been bought (under the rule)
made additional sales in tie regular way.
This will help the movement, which is
said 10 be contemplated. to make another
squeeze on Monday. It is stated that the
theory OF those who purchased preferred
stock for votiag purposes, in connection
With the proposed issue of second mort.
gage bonds. would sell some Immediately
alter closing. The transfer of goods is
entirely at fault. The Willard party,
which includes several prominent bank.
ing houses, 1t is said, have determined to
put q stop to bear raids upon their spec
ialties, and to. day q movement in North
ern Pacific preferred is conclusive evil
dence therefor. Owing to the great ex.
element attending the Northern Pacific
The rise 10 other movements were lost
sight OF. The general market was irreg.
alar throughout the day. The pressure
70 cell WAS not severe, but the market
lacked support in the early hours. TIE
opening figures we're about Il to u per
cent. below last nieht's closing. From |
he first sales the prices yielded, until q |
dec line OF n to u per cent. was sec
onded. The weak spots, OF the Western
Union, St. Paul and Missouri Pacific,
Denver and New York Central were
rather firm. Late 10 the day the mar
ket improved, in sympathy with the |
lee in Northern Pacific preferred.
Many shorts covered In other stocks, fear.
ing 9 squeeze. An advance ranged from
4 to IL per cent. In the final dealings
he market was again on the advance.
Northern Pacific preferred closed Tx 7
Der cent. higher, a. 75<, cash. AS COM
Jared with yesterdays closing cash sale, |
oregon Navigation 10 down 4 points and
canada Pacific H. X ~
From the Commercial ADVERTISER:
During the last hour much excite.
nent prevailed on the Stock
cxchanRe. In2s consequence of
in Northern Pacific pre-.
erred, Thousands Of shares that bad been
old could not be delivered and brokers'
7ere compelled to have bought in at the
'osrd, and naturally the highest sort Of
remium was demanded. The loss falls j
pom the customers, Of course. II they
annot stand it, the bankers will. The
iRhestprice Was 783 cash, against 68 liz,
be regular way, or . premium of 12%
or cent. 1t WAS expected that many Of
BE houses could not bear the twisting,
ut up to the last moment no sales |
ad been reported. To-day capped the
limax. When, The stock loaned at 81
or cent. considerable surprise was ex,
r; ssed. The short interest was known
, be very heavy. The stock necessarily
rs scarce. What added to the psrticu.
II value OF it to-day was that the
snsfer books were to close this after.
Don. The scarcity of stock in this
lsrket and the ease with which il
aned in Philadelphia, created in {
le fertile mind of General Collie, of
oils q Levy. brilliant and daring
'heme to improve the shining hour. he
proved $500 shares. fat, in Philadel-
ois, and began dealing it out on the Z
Dor Of the New York Exchange at.1.03 8
lis morning, at rates ranging anywhere
ON to 81 per cent. In order to make il
9 deliveries good, he directed Arnold,
the Philadelphia house, to charter q 4
ecisl train and reach New York be-
re 2.16 O'Clock pm. The business was
ny risky, as failure to make the de-
7eries good meant ruin; disaster or
tertion on the road would equally be
ared. However, Arnold, with his val. >,
d cargo, hurried to The Pennsylvania -
llroad office, st Fifteenth and Market '
'eets, and applied to Gen eral Manager
,omson for special train and a clear
'ck. An engine and baggage car were
aced at his disposal, and shortly before
O'Clock the special train rushed from
. station and was on its way to this
y at the rate of seventy miles an hour, | t.
d before o'clock the stock was in | Il
Ills & Levy's Office, ready for delivery. u
ter in the day premium Of Is per i,
1T. was paid, 70 CASH, 60 in the regular u
y, or $1,000 day for its use. a
New York Mining Stocks. il