The Portland daily press., 1879-11-29
THE GREAT STOCK SALE.
vanderbilt's Reasons for Selling $780,

Vanderbilt's Reasons for Selling $685.
100000 N. Y. Central Stock.
New YoRK, Nov 27-The Herald prints an
interview with w. 81. Vanderbilt in relation
to the great sale of New York Central stock to
the syndicate, in which he says the stock is to
be paid for in United States per cent. BONDS.
He then goes on to say: I began to discover In
the public sentiment some time ago feeling
that was great railroad monopolist and all
that sort of thing and there was 1eehng IN
the public mind against it. l always belleve
in the popular feeling and made up my mind
that there must be something in that objection
and am convinced now that there is: so L
determined to widen the circle OF manage
ment and make it as extended as wouldlbe safe
and reasonable He thinks this new arrange
ment will put stop to all that annoyance.
The great benefit to this city will be the close
connection it brings about between the several
railroads spread over the West, reaching as far
as Ogden and covering an immense territory.
The gentlemen managing those roads went
to Baltimore and Ohio and Pennsylvania and
endeavored to make arrangements with them,
but did not succeed. Then they came to me.
The New York Central and Lake Shore are
the two finest properties in the world. L
thought the matter over and finally went to
Mr.. Morgan, of Drexel u Morgan. who are
known throughout the commercial world, and
told them what would do | wanted to make
those people who were always complaining and
making trouble, my friends, and think have
succeeded. The way to do that is to touch their
interests, help them and at the same time help
Yourself If they make ten dollars and make
two dollars | shall be perfectly satisfied.
All these rolling and turning mill fellows were
screaming when their places We're closed and
they were making no money. Ihey say that
the railroad was making it all. Now they are
making money and are willing to see the rail-
road make a little too. What would New
York be without the Central Railroad? OF
course the Central owes something to New
York and that is why / am concerned about
public opinion. | am, to certain extent, a
public man, and believe public opinion is al
ways or nearly always right; that the aversion
to one man growing too great is founded on
sound basis. l think that is right. Being
asked chow soon will the stock be placed on
the London Market" Mr.. Vanderbilt said: sit
will take a little time to perfect all the ar
rangements, but it is in good hands and will
reach them in due course. think it will go
through for 15c. 1t is worth $50, and will be
brought here as permanent investment.
Practically, the Wabash Railroad and the Di-
rection of the Central will be one institution
with common interest. 1t is in this connec-
ton that the city will derive its great advan-
tage. If the jointures had been made with
the Pennsylvania, or the Baltimore and Ohio,
Philadelphia or Baltimore would have been
the cities benefited, but l have succeeded in
bringing that advantage here.
The Michigan Central and Canada Southern
are also brought into line. They are both tre
mendouS properties and have scope enough
within their own limit to make them immense
ly profitable concerns. The people will soon
begin to understand the value of what these
people have done today" "You will continue
at the head of the Central?" II hold the bal
ance of the stock in my pocket. They send me
in their proxies just the same. 1 vote myself
in, and so we go along. The syndicate which
has purchased the stock is composed of L. Won
Hoffman & Co. August Belmont & Co., Wins
low, Lanier & Co., Kuhn, Leob & Co., E. ID.
Morgan & Co, Woershoffer & Co., Morton,
Bliss & Co., the Drexels of Philadelphia, Jay
Could Russell Sage, Cyrus w. Field, VIM. L.
Scott and D. O. Mills Drexel, Morgan & Co.
represented the London banking firm of j. S.
Morgan & Co The amount purchased is stat
ed at $15, O00 900, to be paid for tomorrow, and
an option of $4,000, 900 more, and it was init
mated that the price would be $120 ner share,
the same to be paid for in per cent. govern
ment bonds, which would advance the pur-
chase figures to $12350 per share.