Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-11-27

pecially for Erie. Kansas & Texas and
c., G. K |. G. tirsts. The latter rose To
81.
STATE BoNDs-Dull.
SToCKs-The market opened strong
and advanced l@2l per cent, the latter
Delaware, Lackawanna * Western, but
the improvement Was partly lost at the
first board. In the afternoon specula-
ton became buoyant, and under large
purchases the whole list recovered an
advance of l@2 per cent, Wabash, ~.
Louis q Pacific leading the i'm
provement. Toward the close the
general list reacted l9l per cent, but
in the final sales, the market became
strong, with Vanderbilt shares and Erie
aus the features. New York Central sold
up from l293 to 1876. Lake Shore from
l03} to 1861, Western Union from l04l
to l07s, Erie from 36l TO 3Ss and Mich
igan Central from 93s to 1i. Coal
shares and granger stocks were also con-
spicuous in the improvement. The re-
ported transfer OF large block OF New
York Central to the syndicate OF foreign
and home bankers had a favorable in
iluence on that stock and the market in
general After the market closed il was
officially announced that the negotia-
tions which have been pending for some
time between the leading foreign and
domestic bankers, represented by Drex-
el, Morgan 4 Co., OF New York, and j.
:. Morgan q Co, of London, and VIM.
II. Vanderbilt, for the Purchase OF S25,-
100000 OF New York Cen
tral stock, were brought
10 a successful conclusion. Ii is under
stood that the bankers will take fii-
teen millions dollars, with an option
on ten million dollars more; all at 40.
Vanderbilt retains very large interest
in New York Central, which, il is un-
derstood, will not be sold, and he will
also continue in the control and man
agement OF the road. A general agency
for the company will be opened in Lon
don, with J. s. Morgan 4 Co., for the
payment Of dividend and transfer OF
represented by Pierrepont Morgan, who
will soon be elected director. The Wa.
bash system Of railroads will he repre-
sented in the New York Central Board
by Cyrus w. Field and Scion Hum
phreys. The parties TO this large pur-
chase of New York Central stock are
understood 10 be August Belmont x
Co., l., Van Hoffman 4 CO., Drexel
Morgan d Co., j. Il w. Seligman &
Co., Winslow, Lanier x Co.,
Cyrus w. Field, Jay Gould, Russell
Sage and others. The effect Of this
negotiation on the foreign exchange
market was quite marked and towards
the close OF the day prime bankers
60 day bills were offered down TO sol,
il being generally believed that large
amount OF bills would be drawn against
the stock, most OF which il 10 go TO
London. The effect on the government
bond market was favorable, IL being
believed that the proceeds OF this stock
sold by Vanderbilt would he partly
invested in these securities and the re-
mainder in Western Union and Lake
Shore. Ii il reported combination
will now be formed similar TO that Of the
Pennsylvania railroad system, taking in
New York Central, Lake Shore, Michi-
gan Central. Canada Southern, Wabash,
Kansas City and Northern, and per-
haps some other connecting roads, New
York Central To guarantee fair rate OF
interest on all. Erie was well sustained,
under the belief that Vanderbilt had
secured large interest in IL before part
ing with the great block OF New York
Central. For the forty new seats in the
Stock Exchange there were sixty bids.
OF these ten offered $4,000 and over,
and fifty offered 5000 and over. To-
morrow being legal holiday business
will be suspended on the Stock Tx.
change and in financial and commercial
circles.
The transactions on the Stock En-
change aggregated 10000 shares, Of
which 10000 were Erie, GG,0O Lake
Shore, 1900 Wabash, 1900 North.
western, 10000 st. Paul, $4,000 Della
ware, Lackawanna and Western, $500
New Jersey Central, 5000 Delaware
and Hudson, $4,000 Reading, 10000
Michigan Central, 1000 Union Pacific,
1900 c., G.. 4 /. c., 1000 st. Joe, 1000
Ohios, 1900 Western Union, $500
Pacific Mail, 26,OO0 Wabash, ST. Louis
and Pacific, 1000 Kansas and Texas,
1000 Iron Mountain, 1000 Louisville
and Nashville, 800 Northern Pacific,
5000 indianapolis, Cincinnati and La
fayette, 4,OO0St. Louis and San Francisco,
and G 600 New York Central.