The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-29
Mr.. VANDERBILT'S GREAT SALE.
The Fifteen Millions Of Central Stock 70 Be
Placed on the London Market.
WALL STREET IN A FEVER.
Financiers Excited and Stocks
Going Up.
RUMoRs OF ANOTHER SYNDICATE.
How James r. Keene Regards the
Recent Transfer
WALL STREET IN A FEVER.
OF ANOTHER SYNDICATE.

The great sale of $50 900 shares of New York Gen.
trail stock by Mr.. William II. Vanderbilt to syndi
cate of foreign and domestic bankers ana railroad
magnates continues to DO the all absorbing topic Of
conversation in financial circles. md had the elect
yesterday Of making the market moro buoyant and
of advancing the price Of stocks especially in the
Of the Vanderbilt Southwestern and Erie secu-
rites. It admitted all sides that the parties
to this purchase and sale had acted with considerable
sagacity and made great deal Of money by refusing
to confirm the news until after business hours on
Wednesday, and in selecting the Of holiday for
the signing of their contract.
The first thing in connection with the sale to
reach Wall street yesterday that the Board of
Directors of the New York Central and Hudson
River Railroad had been in sessions that John E.
Burrill and Joseph Harker. two members of the
Board had sent in their designations and that their
places had been filed by the election of j. Pierpont
Morgan and Cyrus W. Field. 1t had been annod hced
officially ON Wednesday that MIR. John Humphreys.
Of the firm of L. d. Morgan l. Co., was also
to go into the Board Of Directors. and tho
REORGANIZATION Of this report caused considerable
gossip 1t was learned subsequently that. although
such was to have been the at irst Mr.. Wander
bilt objected and the syndicate had to be satisfied
with two directors. Besides the particulars already
published concerning the agreement it
tanned yesterday that Mr.. Jay Gould had
signed it before his departure for the West.
and that Messrs. Jay Gould, Russell Sage.
william L. Scott and Cyrus W. Field, representing
the Wabash interests. will have the largest percent
age i'll the syndicate: Drexei, Morgan u Co. come
next representing J. $. Morgan \ Co.. of London.
and the Vanderbilt interest The other members of
the syndicate, whose names. We're published in
Thursdays HERALD. will receive proportion of the
Sl5,OO0Oo0 purchase at the rate Of about S500,0OO
each.
vASDERDILT's INTEREST IN THE SYNDICATE.
As regards Mr.. Vanderbit's interest in the syndi-
u
shares at Sl20 for year. that he will deliver the
same at that price when wanted by the syndicate.
but that he will be entitled to share in the profits
derived from the sale of all this stock 1t st ted
Wednesday that the 900 shares of stock were
on inquiry at the office Of Drexel. Morgan
a. Co. all information on the subject was refused.
All sorts of reports prevailed during tho day
corning when and how the stock to be settled
for. but 1t learned good authority that pay
ment was to be made in hve monthly instruments
$4,000 shares had been delivered yesterday and the
money paid.
The market opened at eleven O'Clock. an hour
later than usual and was very excited on account OF
the great sale. Brokers We'd with each other In pur
chasing stocks, both for the long and short account
and this caused an. advance in prices of from one
half TO ten per cent as compared with the closing
quotations OF Wednesday. 1t was rumored that
Mr.. Vanderbilt had agreed to buy and hold
stocks OF the railroads in the Wabash interest
and in consequence the stock OF Wabash, St. Louis
and Pacific experienced tho greatest advance. Tho
Vanderbilt shares reached the highest figures for
Wednesday, opened ut 1885. advanced to 139. reacted
TO 1856 and closed at 1861. the transactions during
Wednesday, at l06. opened yesterday at 1O7h fell
of to 1861 and recovered to 1865. Michigan Central
fell of to 81 and closed ut &c. Canada Southern
81 per cent to 76s and reacted to TO- Wabash closed
"Wednesday at SO =. opened yesterday Mt 60 and ad-
vanced to 62A. The greatest fluctuations, however,
were in Erie. transactions being very large. aggre-
eating $4,000 OF the 523 900 recorded shares. This
stock closed on Wednesday at 3S,<. opened yester-
day at 40. sold at Al. fell "a to sois. ad.
vanced to AN. declined to 40 and reacted
OF these fluctuations reports spread
the street relative to the management of Erie. 1t
bruited around that the new Board OF Directors
had and organized in the interest of Mr.. VAN
derbilt. 1t said that Hamilton NICK. Twombiy
had been elected president of the road aud that
directors the Board in the persons OF j. Pierpont
Morgan John W. Ellis and j. ]. Beden. of Syracuse.
These reports contradcted and 1t stated
officially tina, meeting OF the Board had taken
place and that President Jewett in Philadelphia
The latest rumor on tho street was that syndicate
had been formed to purchase the 60,000 shares of
Pennsylvania Railroad stock held by the city OF Phil
adelphia and that bids had salroady been-made for
the same. but the report could not be confirmed.
CHAT WITH KERSK
After q few days absence In Newport Mr.. James
II. Keenc had returned to the enlivening haunts of
broad street. Late in the afternoon q HERALD
porter found him and asked his opinion Of the great
railway sale. .
III Is not q new subject to me-" he answered. "a
month ago 1 invited to become party to the
purchase. but declined because saw money in
"who do you think has tho best Of the bargainf"
81 think Mr. Vanderbilt has made wonderful sale
sold 10000 100000 shares OF his Central stock for
Sl20. which Is full price for II. IL Is not worth
that. In my Judgment MI vanderbilt could not
ing the market"
How is Il with tine Wabash peoplo9'
81 think IL Ia capital thing for thom. too. It
may be a most excellent thing for the other purchas
ers. II the syndicate now can only find buyers for
their stock II will be profitable thing all around"
The reporter thought he detected tone OF sar-
tho last sentence. but tho shrewd faco OF the
speculator gave no sign.
Mr.. kcenc continued
They moan 10 dispose OF the stock in tho London
martet They may sell some OF u here II they fail
roly principally upon tho English people Co relieve
thom OF the major portion OF their purchase. Will
Tor / ore who have come TO Mr. vandcrbiit's terms
Men don't buy stocks To eat--thcy buy them TO sell
aharss morc win be determined by their success in
placing the iso:"uo shares which they have already
ON their hands
ssfs We, Nam ssn Iar.s ~ the s,cp
~ pen aud wrvto ''soo on the back OF telegraph
blankl ~ y 90 miles from hero TO Chicago.
h ssaoo.~D. i,- stock, 10000 shares at
the n.,s.a rrise % slso. Is sii5.oco.ooo
sssss ins ''ns' S Ssss ssss % the Ts asS
aeare. may NOT DO ssses. bus ars near enough
~ my rarpcse Lake shores capital stock.
tss.@a.opA Here have s2sS. ooOvoJ 20 represent
thC stock and bonded Indebtedness OF tho roads,
extendins together distance OF 40 miles"
ne thrs~ down The pcn--~hch he hal only used 10
rcord the totals. while he made the other calcua-
uofs ia his heAi-then he picked "a up again and
made Ions. heavy msfk under the t2t5.OD0.00O
"so~ Ions. he sssed. ''ean the business Of tho
country be reckonet An the present temper Of the
pcople agaiuaf what they conceive 10 pc tho
tsns aud scrminat.ons o. railroad. 81 rates that
wiii tna.utaln dividanis upon this enormouzly IN
nafed capitalf And then you must remember that
theru arr olhrr- almost Inflated which must have
their share u the business.
..lfse. o. insiancef' saii the reporter.
AS aid bs.fofo. ~ isa good thing Tor Mr.. Van
drfbit and the wslash people" continued Mr..
keene hseaies@ly lMr kesne 10 new director q
irisl IA wll help the wabash people 20 get rid OF
solno 81 tntlr atock."
~ hat stockf
s.why. Kansas Northern and Wabash itself. Then
there az. na'aees =. ..a. 49, naoa'asy lines.