The New York herald., 1869-05-01
FINANCIAL AND COMMERCIAL

FRIDAY, April SO M
Tbe speeulation which Is now prevailing in wall
.,,eat was characterized by another sharp upward
turn to-day In the Vanderbilt stocks and, sympa'het
ca,ly in the general list OF railways ie'esr"h'S
nom Albany announcing report from the senate
Ra,road Committee in favor Of the New York Cen,
trail scrip and the consolidation bills led to Pa ad-
vance in Central TO IFS, the highest hgure ever
souched l5s in Hudson River and l52 In Harlem.
simultaneously reports were in circulation that the
plan for consolidation Of the roads had been re-
sfFed and that grand corporation between New
York and Buffalo, with capital OF one hundred
millions, was TO be formed from the union OF the
three roads. One report had it that the Harlem
70 be omitted in this organization, but was TO
be the trunk OF through line TO Montreal via Ben
niDgton, Rutland, Burlington and st. Adams. An
other report said that Mr.. Vanderbilt contemplated
a consolidation as far even as Chicago. Whatever
the exact nature OF the plan on foot is it certain to
embrace the New York Central and Hudson River
roads, The story is no new one. Wall street has
been 'milkedn by it dozen umes already. But
where there is so much smoke there must be
some fire. The scrip dividend was talked about for
ayear, but it came at last. The two roads are vir
Iual continuation OF each other. Their consoida-
tiOn would lead to great economy in expenses, while
competition With the Erie would be more easy. The
capital OF the New YORK Central is nearly thirty mil
lions. scrip dividend Of twenty per cent is spoken
OF in addition to the present eighty per cent
This would make total OF sixty mil lions.
The capital OF the hudson River Railroad is about
sixteen millions. scrip dividend would increase
n to thirty millions. The capital OF Harlem is
six milons- similar dividend would increase
II to ten millions, which would make the ag-
gregate OF one hundred millions II Harlem is to be
omitted, then, as Hudson River is just half the
length Of the Central road the consolidation could
be effected on the basis Of thirtythree millions Of
the to sixty-slx millions OF the other. 1t may
be that all these rumored projects, of which the
above H mere outline and over which the stock
specuIatng community are wildly excited, originate
In the fertile brains of those who would speak for
Mr.. Vanderbilt. and who are using them to operate
up0n But there are certain SPECTATORS who blinily
follow where Mr.. Vanderbilt leads, and he has lnva-
NaDly proven reliable friend. or course, as this
immense capital OF one hundred millions must earn
money enough to pay dividends. it is questiona bic
whether such vast power would not be welded to
the prejudice Of the public who would have to pay
the extra percentage OF earnings. While the one
hand the giant corporation threatens to become an
increase Of taxation to the travelling community and
70 those who will be compelled to use ls freghtng
facilities, it viii be- on the other hand enterprise
which must stand or fall, according to the judgment
their patronage. The laws Of business and
the force Of competition would compel
redress of grievances should the scheme be
attended with any. Conversely TO tue advance in
Central there was further ''breakn In Erie, which
at the close had sold down to 2s%. This was one Of
The few exceptions to the buoyancy OF the market
81 Paurose TO 7s]I for the common and SIX for the
preferred. Fort Wayne held Its own at the sudden
advance Of last night Rock Island was heavy and
lower. The Express stocks were duh and neglected
AZ the last open board the market underwent
sharp decline under the pressure Of sales TO realize
the prevailing high prices, but recovered later in the
afternoon, but not to the best figures of the day.
The money market was without any new feature
and rates on call were still quoted at six to seven
per cent Foreign exchange was duh but firm on
the basis Of lo94 for prime bankers sixty day ster.
ling bills.
The course OF gold, despite the sale OF govern
ment treasure and the payment tomorrow OF about
twenty-five millions for the May coupons, had
upward tendency. Indeed, checks for amount
variously estimated at from ve ten millions were
Issued today. or the whole amount Of interest not
less than fifteen millions is payable at New York.
The lower price OF bonds at London had something
70 do with the advance, which was to point one
quarter per cent higher than The highest OF yester
DAY. The range OF price is shown as fol lows