New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-21
WALL STREET YET EXCITED.
GREAT SALE OF CENTRAL.

ALMOST PANIC AT THE STOCK EXCHANGE
Wall Street was still in condition of great
excitement yesterday, an at one time the dam
ger of panic seemed more serious than
on Wednesday. Stocks fell rapidly and heavily
in The morning, but i'll the afternoon there
was partial recovery. Rumors that William
II. Vanderbilt was negotiating for the
sale of 10000 shares of New-IOrk Cen
rral stock to men largely interested III
the Wabash and Union Pacific system,
were current in the Street, and persons
who claimed to have thorough
knowledge of the matter asserted that
the reports had foundation of truth
but Mr. Vanderbilt denied them last night.
A GREAT SALE OF CENTRAL STOCK.
Mr.. VANDERBILT UNDERSTOOD 10 BE NEGOTIATING
FOR THE DISPOSAL OF 100000 sHAREs-wA-
BASH AND UNION PACIFIC CAPITALISTS THE
BUYERS.
1t Is believed that the negotiations which have
been in progress for several days for the
purchase from William II. Vanderbilt of
large block of New-York Central stock
are practically contaminated. The purchasers are
party of capitalists including, 1T is said, Cyrus
w. Field. Jay Gould, Russell Sage, and the friends
of the Wabash and Union Pacific systems
per,ons who claim to be familiar with
the transaction that j. s. Morgan {, Co. and other
bankers share IN the transfer Of stock. The sale
comprises 100000 shares of Central stock at
100. The stock closed yesterday at about 1870.
This price is thought too high by several Of the
persons connected with the purchase and the delay
i'll perlectng the sale is believed to be owing to in
ability to agree upon price. On the part CT 'he
Central il is claimed that sufficient concession has
been made in parting with tie stock at
price so far below the marSct rate. On the
other hand il is urged that the transfer does not
affect materially Mr. Vanderbilfs control of the pro-
perty but gives simply to the Wabash interest
representation in the directory of the Cen
trail Road. The sale is regarded an in-
dication of harmony OF interests between
the managers of the Wabash aud Central
systems. To the Central the arrangement VIII give
Tie traffic of the Wabash and the Union and
Kansas Pacific roads, which control largely the
business of the Southwest. The Wabash system will
gain an outlet TO the Atlantic seaboard and two
great railroad systems, which, it was feared by
many, might engage in disastrous rivalry, VIII be
joined in peaceful traffic.
Rumors of the completion Of the negotiations
were circulated freely yesterday, and last evening
the subject was the general topic of conversation
among the frequcnters of the WindsorlIotel. TWAS
generally believed that the sale had been nearly
effected. Opinions in regard TO the matter varied
greatly; those interested i'll the Genital Thought
the price TO be paid too low, while the buy
crs and their friends were unanimous IN thinking
it too high The leaders in the transaction declined
TO say what stage of progress the proceed
ings had reached but others who enjoy intimate re-
latOns with them expressed confidence that they
had been substantially completed. While it was not
known that the sale had been actually carried out,
1T was believed generally that some agreement as to
prcc would be reached speedily. The stock, it is
lerstood will be distributed among the purchasers
in blocks of 5000 or 10000 shares. and consider
able amount will be sent to London. The price is
10 be paid in cash upon tho delivery Of the stock.
By friends of the Central ii was said last evening
that .he negotiations were going and that there
WAS little doubt of the accomplishment of
the transfer II was said that Mr. Van
derbilt's largo ownership in the Central had
been IN some degree injurious to the highest advan-
tagc of the road; that he himself had recognized
this difficulty and recently had seen that his
exclusive control of it had tended to antagonize
other railroads. The admission to its directory of
the representatives of another system would have,
il was thought, beneficial effect upon both sys-
tens 1t was admitted by tho friends OF Dir. Van
derbit that the negotiations might not succeed
even now bnt that the price was the only obstacle
the way OF tuelr SUCCESS.
STATEMENT OF LEADING BANKER.
Aleader in Wall street banking circles, and one
whose name was mentioned in connection with the
above report said to TRIBUNE reporter last even
ing:
THE facts in the case are these: Negotia-
lions arc III progress for transfer Of
a large number OF shares OF New-fork
Central stock, from the possession of Mr.. Wander
Ia .f Iat-I MI onIN
Field. The price is to be 100. But this transac-
ton has not been completed"
"What is Mr.. Vanderbilts object in dong this ?"
was asked.
THAT can't tell" was the reply. :" But you
must remember that no transaction of the kind took
Mace to-day. The negotiations are not COM
pleted and it is question as yet. III
thew are completed Mr.. Gould will have
n large interest in the result The transfer,
If made will still leave Mr.. Vanderbilt sufficient
amount of the stock 10 enable him to retain his
troll i'm New-York Central affairs"
ANOTHER WALL STREET VIEW OF THE MATTER.
A member of prominent firm of Wall Street
brokers SAID last evening in relation TO the report
MY understanding of the transaction Is
that Mr. Vanderbilt has transferred or sold
about twenty millions of New-York Central stock,
at 120 for the purpose of putting 1t on the
English exchange. This Is probably the source
of the report Mr. Vanderbilt will hold contro! OF
the stock Just the same. His physicians have aG-
vsed HIM to take better care of his health, and L
imagine one reason why he is disposing of his stock
is to lessen his cares"
POSITIVE STATEMENT.
TIE head of one Of the heaviest financial inst.tu-
tons in the country, at a late hour last night,
stated positively that the sale was prac'
tically cOncludcd; that the price was l2o
and the amount twenty millions. lie adj
ded that an early knowledge of the facts