Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-30
PURPOSE OF THE CONTROVERSY.
General Belief that it Has More or Less
the Object Of Influencing Stocks.
CEREALS AT CHICAGO LOWER.
Flour Scarce and Dear and Pork in Act
i've Demand and Higher.
NEW YORK.
Especial Telegram to the Globe

Special Telegram to the Globe.
new YORK, Nov. 29.-There. was very
free selling of stocks as soon as the ex
shapge opened, and st. Paul was about as
erratic as on yesterday, the first sale sbeing
$1.0215 against S1.o4 last evening. After
a little furry the market gathered strength
and the advance was general. Michigan
Central sold about So, Lackawanna rose
to S1.1815, Western Union touched 82W,
and Louisville & Nashville 53. Denver
was very strong, the short interest in it is
large. Pullman sold at $1.25. The coal
stocks have Deen active, Jersey Central, on
buying credited to Mr.. G ould. advanced to
u, Delaware q H.ids IN reached S1.Q9. The
Omaha had been rather neglected. Chicago,
Burlington q Quincy is quoted ex-dividend
? per cent About S5,OO0,OOO bonds we're
reported as being presented for payment,
which eased money.
Tomorrow being a holiday, many
closed their deals for the week, and reac-
tiOns took place n consequence. We must
have the railroad troubles adjusted before
We can expect e steady and advancing
market.
There are all sorts of rumors about the
railroad war. It is impossible, at this writ
ing, to sift the wheat from the chaff. Mr.
Porter has maintained that the question of
territory was Of the utmost Importance,
and that l.nloss It was included in the arbi-
tratiOn he should not consent to a
reference. Inc Iee.ing against Mr.. Porter
has been extremely bitter. The general
impression has been that the refusal to
sign was triciSery Of the most unjustifable
sort. There has been q good deal of haul
ing over lis record, and threats OF various
sorts have been freely made. Mr.. Wander
bilt's buying Of Omaha has been alleged
to be for the purpose of acquiring control
and oasting Mr.. Porter. Omaha people
consider this idea rather far fetched. 1t
is thought in some circles that Mr.. Porter's
action has been in accordance with the
views Of his board, perhaps more especially
those of Mr.. David Dows. 1t is known that
President Porter leaves tonight for the
West.
St. Paul people consider the point
raieed in regard to the Chippewa
valley and Superior road subter-
fuge. The charter Of the road was
obtained years ago. The line was built
by friends of the st. Paul, and has been
run in the interests of that company.
President Porter would not have intelii-
gently supposed that the st. Paul people
would build road except with the expec-
tation of turning it over to the present
company. Moreover it was so turned over
on the 10th inst.
The strength of prices this afternoon has
given rise to two theories. One has been
that insiders on the granger com mpanies
bought heavily yesterday, and found it
necessary to buy again to-day to
protect themselves. There was q
fair short interest created
in early dealings. Lifting prices COM
PEELED shorts to cover, and gave insiders
an opportunity to realize profits instead of
losses. The other theory is that the re-
ported break up of negotiations was a
trick, perpetratei in order to permit the
purchase of cheap stocks. The move
ments OF operators have inclined to the
more bulish view. Mr. Cammack said
last evening that he had covered all his
shorts. He has been buyer to-day, it is
said, of long accounts. Mr.. II. N Smith
is said to advise the purchase of long
stock. The following of the Twenty third
street party have had bear points on Lack
awauna, Union Pacific and st. Paul. but
have not yet been inclined to sell heavily.
The Germans were large sellers at the
opening, bat later developments indicated
that these sales were for effect, the real in
terest OF the Woeveshoffer party being in
favor Of higher psicss. It is considered
certain that Mr. Woeveshotfer has covered
his shorts in Union Pacific.
Denver has furnished an unpleasant
surprise for the bears. 1t was announced
a few days ago that $12,OOO,OOO of new
stock would be issued, and that they would
soon look high for the stock. On this idea
a good short interest was created in the
vicinity of 80. Somebody in that interest
appears to have been worth squeezing.
The stock was easily marked
up to As, and insiders talk
60. A prominent railroad man is quoted
as saying that Denver was worth IS and,
operated in connection with Union Pacific,
could easily earn per cent on its stock.
There lately has been excellent buying
of Central Pacific. Ordinarily when the
market goes down Central Pacific becomes
inactive near 80. This time the stock has
been pounded and mashed. The key of
the movement lies in the fact that the Ger
mars have been steady buyers.
Money has been quite plenty to- day, and
many shrewd people think easy money will
be the rule for sixty days. Efforts to place
time loans have been made and heads of
financial institutions talk quite different
C xl.,E Il Z