Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-30
NEW YORK.
Especial Telegram to the Globe. /

New YORK, Jan 29.-Some activity was
exhibited on Change at the opening to-
day. Stocks opened g to q higher, and
at once advanced ! ( to ~, led by Denver.
subsequently the market became weak
and declined 4@1A, Northwestern, Oma-
ha, DenYer and Lackawanna being the
chief sufferers. At II o'clock a general
recovery of 11s to ~ took place, led by
Northwestern. In the afternoon stocks
were less active and weak, prices fell off
1s@1, led by Lackawanna, Denver and
| Omaha. At noon some shares rallied slight
! ly, but the market was generally weak.
| The position of the bull combination is so
precarious that, but for mysterious
movement in the Denver & Rio Grande
stock, the whole market would probably
have experienced severe tumble. Every
body had the point to buy Denver, and the
stock gained some per cent. last week,
but everybody had at the same time the
point to sell something against it, princi-
pally Union Pacifc,w which had consequent
ly drop of about the same extent. No
body seems to know anything positive as
to what the Denver scheme is,
except the old board of di-
rectors is to be kicked out
and that the road is to pass under the con-
troll of the members OF the pool who are
at present loaded with the stock. About a
dozen names are mentioned in connection
with the new board of directors, the most
prominent among them being those of
Messrs. Huntington, Cassatt, "Bill" Scott
and Osborne. No end of projects are at
tributed to them. One story is that the
Burlington & Quincy is to buy or lease the
Denver. Another is that the Atchison,
Topeka & Santa Fe is to do the same,
and that both roads will jointly
extend the Denver to the Pacific
coast, thus paralleling the Central Pacific
With Mr.. Huntington mentioned as fu-
ture director of the Denver shis seems
queer, but queer things have been seen in
Wall street. Another story still, and
more probable one, is that after making
an arrangement with either the Burlington
or the Atchison road the Denver will be
made to connect with the Central Pacific
at Ogden, and thus take some $5,000,000
year out of the earnings of the Union Pa
cifc by cutting off some of its most valu-
able traffic.
An interesting story of the inside
facts of the case says that
some time ago when Bill Scott went West
he met two directors of the Denver road.
In conversation they stated their dissatis-
faction with the present management of
Gen. Palmer, and asked Mr.. Scott to get
up apool in New York to buy up the
stock and get rid of Gen. Palmer and his
friends. Mr.. Scott liked the idea, and up
on his return broached it to several well
known spectators. Mr.. Cammack, Mr..
Huntington and Mr.. Osborne approved of
the scheme and bought large blocks
of the stock. Mr.. Gould, too, is
said to have bought 100000
shares, which were transferred on the books
of the company into the name of his pri-
vate secretary. Mr.. Scott bought $4,000
shares and Mr.. Osborne 10000, thus max
ing up his old quarrel with Mr.. Gould,
circumstance which gave rise to the story
current few weeks ago that these two
gentlemen were going into partnership.
These large pure hases sent the price of
Denver above 81, and the two Western di-
rectors found that they were left out
in the cold. They therefore demanded
that they should be let in somewhere
in the forties, and it was with this oject in
view that the Osborn party went in and
broke the stock to A some ten days ago.
The great difficulty which the bull pool
find in their way is that they are loaded
with stock, and do not want to make any
sacrifice for the purpose of inviting out
side customers. They think that the high
er they put prices the more eager the pub
lie will be to come in. This is wrong.
They ought to pursue the reverse policy,
which was that of the late A. T. Stewart.
Whenever trade became slack he used to
put prices down all round, no matter what
it cost, and his stores were at once crowd
ed. A month or two later he usually made
up his losses.