Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-23
4 Better Feeling On the Chicago Board
OF Trade.
WALL STREET WILD.

Especial Telegram to the Globe.
New YORK, Nov. 22.-The regular dis
patches will tell you something of tho ex
element and almost panic on Wall street
to-day, growing out of the railroad war in
the northwest, but no one can adequately
describe it. When the excitement was at
its height I happened to be in a brokers'
ONCE and the tape ruled off scarcely any
quotations save hose of Milwaukee & st.
Paul, st. Paul & Omaha, and Northern Pa
el1e. Denver 4 Rio Grande Clipped in
CONSIDERABLE ndN Northwestern occasionally
but the three first stocks named seemed
for time to monopolize attention in New
York st. Paul went down with run.
touching 99S, while Omaha appeared
to be braced. Porter, president of
she Omaha iins,was said to be buying, and
some one was evidently befriending that
stock, for 1 counted ten sales aggregated
$500 shares with a variation of only q
quarter of cent. When the market
strengthened it ives entirely on report that
the railroad war between st. Paul and
Chicago had terminated, or that arrange
ments had been made to terminate it.
There is sort of blind idea in New York
that Vanderbilt will force termination of
hostilities because he is large holder of
Northwestern stock, and when it became
known that Keep & Hughitt were on their
way to New York from Chicago. the street
became sure that things he'd p.eu fixed.
Keep & Hughitt reached the Windsor hotel
this evening, but declined entirely to talk
tonight. They evidently wish to post
themselves before expressing an opinion.
1 found II. H. Porter, president of the
Omaha road, much more interviswable
than he usually has been in st. Paul. He
saio he knew of no overtures for a cessa-
ton Of hostilities. and could not say what
the probabilities are. The war might last
one year, and it might last two. In re-
Spouse to my question a. to tho cause of
the rumpus, he said that it arose from the
aggressive policy Of Ne Milwaukee 4 st.
Paul road. That road had deolsred
its policy to b to occu-
py any territory that they
pleased which they thought would pay.
This they had right 70 do. and they were
shrewd, sharp mon, but they might overdo
the matter. They invaded the territory of
the Rock Island road, and that led tho
Rock Island to secure line to st. Paul
and Minneapolis, which interfered with
the Omaha. He, {Portsr) did not want the
Rock Island to come into st. Paul, but he
could not blame them under the circum-
stances. The Milwaukee road, he said, was
cutting around and across st. Paul in every
direction. They had made cnt-of from
Saltwater to Hastings. They had
also arranged to draw as
much of the lumber. trade as
they could from Eau Claire to their line at
Wabashaw. It was the policy which he
conceded they had right to pursue which
had led to the war, and the other roads had
been forced to take such steps as might
make the Milwaukee people think their
policy was a mistake. He had no propo-
sition - mako for settlement Of tho diff
.oalties, and did not know when or how IN
adjustment could be reached. /
While I was having this talk. with him
the street vas ssttling the whole thing, md
vhenI lsft him and looked at De tsps
again I found that during tho few minutes
Of our chat 81 Paul stock had advsneed
nearly three points n the strength Of .
report that the war WAS over. This shows
upon what shadowy foundations. Wall
street makes its ups and downs.
The evening papers gave currency to q
report that the attorney general Of Wis
consin will be asked to proceed for the re-
moval OF the Omaha directors, on the.
ground that they are squendering the prop
erty of the stockholders they represent, in
order to speculate in Wall street. This Is
undoubtedly fictitious bull story. What
will happen tomorrow Is unsafe to pre-
dict, bat unless there is a real prospect of
settlement, or lies are made very plausi-
BILE, further decline is inevitable. I am
willing to predict one thing, however, and
that is that the ultimate result of all this