New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-15
BOTTOM OUT OF PENN. PREFERRED. -
New Member Nearly Loses Clothes Trying
TO Sell a Stock That Is Not.

There is no such stock as Pennsylvania pre-
serred" but shat did not prevent heavy slump in
II on the Stock Exchange early yesterday after
noon. For while il looked If half of the mem
bers Of the Exchange were in the excited group
which surrounded The Pennsylvania post and were
yelling themselves hoarse at bids and offers.
A young man who had been elected member Of
The Exchange week ago, but made his first
appearance the floor yesterday. in the
Luncheon Club about noon, when w. Van Ant
werp and John Black came along. They had been
introduced 10 the new member. and stopped at his
table 10 chat for moment. The two men seemed
Elrecccupied about something. Absentmindedly Van
Antwerp broke into the running talk by saying:
sve got to get out OF that Pennsylvania preferred
before the market drops out of sight. Can't you
20 down and sell it for me, John?"
Black replied that he had been getting rid of a
line Of Pennsylvania preferred himself and the
brokers were ION to- him 1t would not be good
policy for him 10 try TO market any more Of the
stock He advised Van Antwerp ind fellow
who had not had anything do with the pool"
a happy thought struck Van Antwerp Here was
aIr. New Member. he would be just the man to go
down and sell the stock. The member pro-
tested that they would better get somebody else to
sell the stock as he had no experience, but he
seemed 10 want the commission. So they easily
persuaded him 10 try st.
He took a Newest. elevator down from the
Luncheon Club floor. but before the elevator had
reached the Exchange floor Van Antwerp and Black
mad teephoned to q number of friends that a new
man was coming down sell line Of ''Pennsyl-
zania preferred" So when the new member got
the Pennsylvania post he found crowd there
shouting ard waving arms, Bidding and offering
Pennsylvania preferred. The market appeared 10
be exceedingly active The member had his
clothing nearly off his back getting into the
trading all
He had been instructed TO sell at 1885. The mar
ket appeared TO be just at that point when he got
IN. Somebody offered buy 1O0 shares at three
eighths. He called that he took il. but a fell
low trader at his elbow claimed the sale and he
cid press the matter. There further bids,
and he tried 10 take them, without succeeding in
getting trade. Finally he offered 100 shares at
1Iiree-eighths. Somebody took him. but declared
that he understood the offer 10 be at 1173s.
The dispute over the matter caused a bigger
crowd TO collect around the Pennsylvania post,
everybody took hand IN the trading. TIE market
declined, going ll715 the first trade and con
Inulng 10 drop rapidly TO ll4j2
just Al this point Van Antwerp came IN He
appeared 10 be disinterested he elbowed into tho
crowd and got near the new member.
Its gone all TO pieces, iIY' remarked
10 the member Good thing you came down
when you did How much cid you get for it?"
The new member could only confess that ne had
not succeeded in getting rid OF the stock at all
Black came uo and they both wanted 10 know
how the market could have got away" from him
bad blunder Of kind. IN make ii right with
you" he said 10 Van Antwerp. TN send you a
check this afternoon for the difference between
g5Sss and the market now And he went out
When the check arrives Van Antwerp will LET him
know that there is no Pennsylvania preferred"