The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-29
FINANCIAL And COMMERCIAL.
An Active and Advancing
Stock Market.
M O N E Y e A S Y
Government Bonds nigher-W. II. Vanderbilt
Buys Another 100000 of FOurs.
WALL STREET.


Spectators who had made up their minds thae
the recent break down in stocks would necessirate
dun and dropping market to follow wore upset in
their calculations by the spirited activity which
marked the course OF prices to-day The accidental
episode of the $2s 600 sale OF Central and Hudson
did tho business. This extraordinary transaction
not only set the Vanderbilt stocks flying upward
but by sympathy affected the rest Of the list As
rather staggering fact Erie. which was supposed to
be rretrievably sent to Coventry by being left OUT
to speak. in the cold proved to be the mos'
sprighsy stock upon the list. advancing. as 1t did
from 40 in the morning to As in the afternoon
In spite OF all denials the street STICKS 70
the theory that Vanderbilt through his agents.
controls the property. This afternoon IL
was rumored. although NOT automatically that
Messrs william L. Scott. J. Pierpont Morgan and
Edward Ellis of Schenectady. had been admitted to
tho Erie direction These arc considered to be repre-
sentative Vanderbilt men, and upon this straw, which
was supposed to show which way the wind blew, an
extraordinary business was done in the stock with
the advance noted. On the contrary. both Central
and Hudson and Lake shore dropped away severally
from their highest points OF 139 and l07% to 1861
and lO64 at the close. On sober second thoughts
gimmering idea arises that the great Central aud
Hudson sale may conceal q "nigger in the fence
after all. has been privately understood that the
Enelish syndicate who bought tho four per cents
''stuck' by their purchase. failing to find buyers
abroad at price which would make them better
Than consols at 81, when the drawbacks existed
of the loan being foreign one. the coupons
collectable abroad aud the interest diminished
by the ruling rate of exchange. In this dilemma
the smart idea of exchanging unstable bonds for
salabe stock originated. with tho ultimate re-
suit of taking Mr.. vanderbilt's shares. and paying
him in four per cont bonds. A more serious phase
Of tho Transaction however, is to be found in tho
fact that Central and Hudson. from being strictly
Investment stock and held very much out Of the
market. is likely to very speculative stock
held very much in it, From being as good as gold
or governments it is likely to range in the future
among the shuttecocks Of speculation and be driven
up and down as the battcdore directors may deem
it best for their interests to drive it. 1t
tainly offers longer safe deposit company
for the savings OF widows and orphans and any
thing but discreet purchase, at the market price, to
professional spectators. However much one may be
inclined to 'bte his thumb" at Mr.. Vanderbilt, as
being. apparently. conservative investor. when he
was really only stock jobber. all credit has been
given him for wise and judicious management OF
the great property in question. Not go much that
things were managed well in the interests of stock
holders at large that Through holding the major
part the stock) looking after his interests
he was obliged to look after theirs ALSO wide dis
persion of the 900 shares may possibly change
al this, and property which has been admirably
managed in the interests of its owners bids fair to be
given over to the rapacity of q number Of specula-
tive directors, who make more money in on hour
by manipulating the stock than the legti-
mate dividends will yield them in year.
30 far the Central property is expected to be i'm
proved by any schemes of cooperation. consolids
ton compacts or contracts with the Western rail-
roads. every conversant with the repeated and
futile attempts made during the last three years to
carry out any schemes OF this sort will that the
likely that Mr.. Gould aud his gang will suck tho
roads than that Central will fatten on the support
afforded by Mr.. Gould. As n recognition Of the new
stockholders and the dccadence of Mr. Vanderbilt in
Central and Hudson. at the meeting of directors to-
day Messrs. John L. Burrill aud Joseph Harker
signed in favor OF Cyrus W. Field and J.
pierpont Morgan. Messrs. Prince Il Whitley
report. by private wire, that the Phila-
delphia market opened strong. with excellent
buyers for Pennsylvania Railroad. which was
traded in the extent of about 1000 shares ct so
b0h It lis denied that the Sinking Fund Commits
sioners have any power sell the stock held by the
CITY, although it is said that two OF the three
missoners are in favor or doing at par Tho
closing prices of Pennsylvania Railroad wore 50L
500. and OF Reading 1854 367s. The Governing
Committee announced to-day that 100 seats had been
bid for at an average price of s26s3 77is. Tho 40
highest bids averaged s13.622 62ia each
Total sales at the Board to-day 50s022 shares
against s9,i37 ON Wednesday. Following IL an
spitomc Of to-day's Transactions