The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1882-08-24
TELEGRAPHIC
TPE CORNELL QUARRELL.
Getting as the True Inward
ness of the Affair.

Chicago. IA special from New
York says the excitement 10 pOlitic,l
circles over the so called revelations"
concerning Governor Cornell's stick ope-
rations, continues. and the newspapers,
especially the Herald, are dong all they
can 20 exaggerate the matter Governor
Cornell was 81 officer of The A. d. T.
Company, and according 10 q statement
took advantage of his position to form q
%blind pool" for the disposal Of large
holding Of stock. Governor cornell wss
not alone ID the scheme. hSvir asso-
cialed with himself SUCH men % Gould.
cage, Sidney Di lon. Galloway and
others who largely control the stock
MAJ ket, and can influence stock either
way they desire. These men we're to be.
come responsible for the stock and share
the profits OF such sales as Cornell might
make, he having control OF the sfair, il
had become necessary 10 % ke the sale
Of A. ID. i. stock, as q new company
was beir 3 organized, and the stock OF
the old one WAS likely to decline in price
in consequence; therefore how to get rid
Of the old stock ct fair profit was the
question. Governor @ rnell organized
"bliDd POOL, niJ is stated and capitalist
Who of course were prompted to aid in
The scheme because of their appreciation
OF the fsct that they we're likely to reap 3
rich harvest Of the profits, as we'll ss
would Cornell, came TO the front hand
fomely. The par vslue of the stock Was
then SIS. Il was quoted 81 SIS; the
price 81 once went to $40, and wa
marked by the pool at that point. This
gave il the value per share Of $50, as the
stock is quoted on 'OhGuge, on the basis OF
$40 par. When 1t got into the vicinity of
$40 the governor is said te have loaded
and put out large lot of shorts. Then
the new company came up, A. D. T.
dropped 70 $50, and has since gone much
lower. bow much the governor cleared
by his short sales at $7o is not known,
but he being evidently Q good Hnancier
it is 10 be presumed be cleared hand
some return. One trouble apparently
with the associates Of Governor Cornell
in the "blind pool" is that they have not
received their share Of the profits in the
operation that they believe belongs to
them. But this is not the primary cause
for the statements relative 20 Cornell.
His course towards the elevated railroad
tax bill, as was as bis course in the
blind pool" is the chief reason of the
desire which is felt TO kill of the gov
ernor in his attempt to secure renomins-
tien. The men 10 do this are Jay Gould
and Roscoe Conkling; Gould because OF
the refusal to lift the tax which took 90
much money out of his pocket, and
Oonkling because he has . score to settle
with Cornell for the latter's course in tn G
senatorial contest Of year ago. These
two men then are placing themselves in
the front as virtual directors to the repnt
licans Of New York state. Gould also
sees ahead And.no doubt desires to have
his potency felt in the choice Of the new
railroad commission which the next gov
ernor will name. These considerations
have much to do with his present course.
1t is more than likely, however, that
rural voters who do not want to be
! cheated with their eyes wide open, will
take some special pains TO elect delegates
to county conventions who fairly repre-
sent the sentiment Of their district. So
far the endesvOr 70 injure Cornell
chances have not gone, it is cafe 10 ssyr
beyond Newspaper agitation.