The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-27
FINANCIAL and COMMERCIAL.
Resumption Of the "Boom'
in Stocks.
THE NEW YORK CENTRAL SALE.
Effect or the Announcement
Upon Change.
WALL STREET.


without in any way approaching the magnitude OF
the transactions Of week ago or emulatng the in
tense excitement which then existed. todays stock
market showed a fair degree of strength and very
considerable interest in its fluctuations. This was
hardly due to the condition of the list zen masse
(which rather tended downward). than to some ex-
traneous and unexpected influences which made 1t
tend the other way. These were to be found In an
unlocked for Improvement in the Vanderbilt rail-
roads, which caused rally In Lake Shore from 1854
to 1861, and in Central and Hudson from 100 to 49,
The story that Mr.. Vanderbilt had sold out some
100000 to 100000 shares of Central and Hud-
stock to syndicate OF domestic ana
foreign bankers renewed this morning.
That tho transaction is inexpicabe remains as
firmly entertained as ever but there is every reason
to believe it true It to be out Of the question
that Mr. Vanderbilt should voluntarily yield the con-
troll of the property to outside parties unless he be
compensated for it in some other way. What that
way is is Just now mystery. So far as the street
has kept his books he has never been credited with
more than $50 0O0. 900 of the whole stock and the
sale of s25 900 would efectually deprive him Of
any control in the management Among other
ports which widely and wildly circulated it is
given out that the sale is made subject to reten
ton of proxies for voting purposes by Mr.. VAN
derbilt. which. if true. would still continue
the control OF the road in his hands.
The whole idea is unbusiness like and unlikely
to be accepted by buyers of the stock who may be
DESTROYS Of having word to say in the management
of their own property that 1t is scarcely credible
The rumor mongers were further prepared to-day
to tell how Mr.. Vanderbilt proposed to invest the
proceeds of his sale. He was to give up an invest
ment which yields him eight per cent and reinvest
in governments. which will return him little less
than four. He is to buy Erie at present prices.
ho,~1
some turn the rise. or failing in these he is to
strike hands with Mr.. Gould and look for favor
able speculation among this gentleman's Westward
lines. Each of these suggestions and many moro of
the same sort were made by the street to-day
which. having little or no money OF its
to invest is fertile of advice and suggestions
to the capitalists who have. Nevertheless 1t APP
pears to be a fixed fact that whatever Mr.. Wander
bilt may do with his money the sale has been mads.
All this created considerable perturbations in Erie
which was weak and strong by turns. but eventually
closed at nearly the highest figures of the day.
Whether the Central transaction to be blissful
or balefui to this stock occasioned considerable
doubt The ruling opinion seemed to be that Van
derbt had obtained the control of Erie, and would
not lose the control of Central. He would be thus
enabled to wash one hand with the other. When
Central earned too much money and there was
danger Of Legislative inspection the traffic could be
diverted over Erie; when Erie picked up in market
price and prices good short sale would be
gineered by diverting the traffic back to New York
Central. 1t is good thing to have two strings
to ones bow and Mr.. Vanderbilt is accredited with
being an expert at drawing them. short or long.
Had it not been for the New York Central episode
which held the market together prices of the general
list would tended lower AS it was they tended
higher through the support thus given. and closed
with considerable improvement at about the best
prices of the day. There was nothing Of especial in
terest from Philadelphia. the market there closely
following our own. Messrs G. Evans Co. report
Reading as closing at 35h q 35ss and Pennsylvania
Railroad at 4915 q 492l.
Total sales at the Board were 1896 shares
against 443.47S yesterday. Following is synopsis