Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-04-29
STOCK JOBbING In CONGRESS.

The Raid on Pacific MaiE and the Northern
PaciTic-- Hoto Legislation is Used.
Washington Correspondence New York Sum-
WASHINGTON, April 20.-It has not been a
secret here for some time past, that a most
disgraceful stock jobbing scheme was being
engineered in both houses of Congress. The
trouble was to find out who was managing it.
There were plenty of people who were satis-
fed from the manner in which the raid on
Pacific Mail and the Northern Pacific was
being managed that there were unseen ma
nipulators. The revelations IN to days Sun
created a genuine sensation at the
capital. Dozens of people be-
gan volunteering information. They re-
called little incidents and significant occur
rences which were inexplicable before they
read the San, but which were as plain as the
nose on mans face now. Several gentle
men remarked that they were surprised
several weeks ago by having men who
are not Democrats talk to them
about what splendid issue the Democratic
party could make by restoring all the land
grants to railroads to the public domain, and
especial stress was always laid on the fact that
the Northern Pacific land grant ought to be
wiped out. The same fellows also invariably
alluded to the alleged contract between the
Pacific railroads and the Pacific Mail Steam
ship company, and insisted that the Demo-
Gratis ought to 60 for Pacific Mail. These
fellows who were so busy creating policy
for the Democratic majority were generally
nondescript in politics, hangers on, fair
weather men, with Republicans as we'll as
Democrats.
It is true that the immediate instrument
who was used to have the resolution in re-
gard to Pacific Mail introduced in the Sem
ate and House is Democratic employe of
the Senate. His relations with Prince &
Whiteley's broker Office is very close, and
he is known to have been specializing
in the stock of Pacific Mail
and Northern Pacific before and
after the hostile movements were made in
Congress. 1t is fact susceptible of proof
that the report of one of the subcommittee,
to whom was referred the question of repeal
ing the land grant of the Northern Pacific
railroad, was placed in the hands of Wall
street broker ten days before anything was
known of its purport here.
There is reason to believe that the same men
who engineered the raid on Pacific Mail are
also interested in bearing and bulling the
stock of Northern Pacific as it suits their
interests. 1t is no secret on the street that a
combination, headed by Trenor W. Park,
has been systematically bearing Pacific Mail
for two months. It will be remembered
that when the resolution was first introduced
in the Senate the pnblic was warned in
these dispatches that it was a bear
movement. 1t has always been an
absolute certainty that there would be no
legislation at this session of Congress
either favorable or adverse to the Northern
Pacific. Indeed it is well known that the
Senate is disposed to extend the time for
the completion of the Northern Pacific.
A bill to this effect has twice passed
the Senate and twice obtained more than
majority in the House, but could not be
passed because it could not be reached on
the calendar. Once came within
few votes of receiving a two thirds
majority. The operators engaged
in bulling the stock were therefore work.
ing with a view to knocking it down
by their raid in the House, in expec-
tation of favorable action on the part
of the Senate committee on Pacific
railroads. They sold short just before their
move was made on the House side, and
doubtless bought in anticipation of the ia
vorable report from the Senate committee
yesterday.