The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-28
THE VANDERBILT BOOM.
Prominent Financisrs on the Transfer Of New
York Central Stock.
MIR. FIELD IN GOOD HUMOR.
An Apparently Successful Bid tor
Business Popularity.

yeSteruay
character of the day. to the gatherings at the clubs
and in hotel Corridors. Wall street and most OF the
prominent resorts Of stock SPECTATORS de-
serted and it was hard find any Of the operators
who make q conspicuous figure on tho Stock Ex-
change during other days OF the year. But here
and there along the upper end OF Broad
way, and around the neighborhood Of Madison
square, especially at the brunswick and Fifth
Avenue hotels. and as far up as the Windsor,
occasional groups of well known Wall street men
might be discussing the situation. and to all
appearances they less pleased with
the turn in affairs. The general impression ap-
peared to be that Mr.. vanderbilts sale would help
the market much more than it would injure It,
His motive in relnquishing enormous block OF
stock variously criticised. but many were found
to give him credit for what he sad-that lie did 1t in
Difference to the popular feeling. which he appre-
hended was averse TO his absolute control Of New
York Central.
vASDERBILTs SINCERITY.
Mr.. Cyrus W. Field sitting lounge in the
handsome parlor Of his residence, facing Gramercy
Park when the reporter called upon him last even
ing, He was waiting to join in the Thanksgiving
family dinner. Whether the prospect Of the tooeh-
some and savory turkey the recent operation Of
the syndicate in New York Central the it
is certain that Mr. Field was in happy mood and
disposed to make all around him happy.
.Do you think. Mr.. Field" asked the reporter.
that Mr. Vanderbilt sincere in making this saler
II think he was. Why should he not be sincere?
He had moro stock than was useful, and he disen=
numbered himself without losing penny
..Do you suppose he did 1t to conciliate public
opinonY
~ suppose he was carrying on so heavy re-
sponsibility that he got tired of it."
s.You are satisfied, Mr.. Field. - continued the
porter. ''that Mr.. Vanderbilt has done judjsious
thingY
"Undoubtedly. lie has widened the basis Of
great property SO that people everywhere may in
vest in 1t with assurance that their money is
safely and proftably placed"
evil it be placed upon the London market right
away9"
..That don't know; but suppose it will. and
my friend, Mr.. j. 8. Morgan, will tell you all about
It,"
"IIas it been on the London market beforeY'
II believe it was before the war. but the English
people have learned much more about the road
since and they feel assured it is first rate invest
ment unlike many others this side Of the water
that have been forced upon their attention in the
| past. The New York Central will take foremost
| place ON the London Stock Exchange" 81
'How high do you suppose it will goY'
THAT can't answer. Why don't you go and see
Mr.. Vanderbilt himselfY' Y
| che has been seen alreadyY'
'well. haven't read the papers and don't know
what Mr. Vanderbilt has said He has in my opin-
will nuro - we'll to the benefit OF the road as to the
benefit Of this city,
'How is rapid transit stock?" asked the reporter
..Oh rapid transit stock is all right" replied Mr..
| Field as he started of to his Thanksgiving supper
on the best OF terms with himself and the whole
"a WISE AND coMMENpABIE COURSE"
In a recess OF parlor on the floor of the
Brunswick Hotel the reporter found Mr. j. g. Nor
gan head OF the American banking house in London
Of Il
"what do you think of yesterdays Transaction
II think Mr.. Vanderbilt has taken a wise and
commendabe course. The stock of the New York
Central road will now be available investment
everywhere. more diversified class of people will
take interest in it, and that will tend to rortify
and strengthen the property. Where vast interest
like the New York Central Is controlled by one man
and his immediate relations there is apt to be a
popular suspicion that the public interest is subor-
but now Mr.. vanderbilt comes forward and says he
throws open the stock of the road for general In
vestment"
..IIow do you suppose the English people will
well, the English people. on account of the gen.
eral depression of business in direction for
the past few years, have not been investing much
in stocks of any kind ana certainly not to great
extent in American stocks; but since the rev-
val OF better feeling English money is
seeking Investment in first class Ameri-
to all Intelligent people that this country is the
high road to great prosperity. A stock, therefore,
aged can never fail to pay the dividend eight per
cent it is now paying: must commend itself strongly
Mr. Jesse seligman. the banker. MIDI think
Mr.. Vanderbilt acted wisely in disposing of the
100000 shares of Central 1t widens the in
people concerned in @seeing that it is well
managed. though every body is willing to trust
Mr.. Vanderbilt and give him their proxies and let
him manage the concern he pleases. still it is
moro satisfactory all round that his responsibility
is orta and it is just we'll to have provision
made in the case Of great property IKE the New
loss and injury to Stockholders
do you anticipate rise In the stock?
THAT would be natural The stock will certainty
not go 1t is as solid as any government loan,
and no doubt will become iavorito investment"
"a BULL OPERATION"
tempted and yet it has been carried through sue |
cessfully" said we'll known Wall street operator to
too. They bring 1t to head just as the Stock Ex-
change closes the day before Thanksgiving. and then
make it pablo. Now. Thanksgiving Is legal
holiday and the Stock Exchange remains
closed well as most other business
are home with their families and of course. spend
the greater part of the day reading the newspapers.
Imagine now some OF them VIII reel tnat they anu
imaginaious picture the rush that the gudgeons
will make Tomorrow morning to get some before 1t
reaches Mr.. Vanderbilts fgure-150. 1t will go
there. doubt about that. How longit will remain
at that elevation is another thing"
''The amateur spectators had pretty we'll left the
'stroet''"
with their skin behind them. Certainly they
had. Last week nau Deen TOO mucn Tor them, ana
many OF the old professionals ~ we'll. You re-
ports of this transaction had been skfully spread
on the market for . couple Of weeks. At time IL
was said the whole thing had gone through, and
then after day or two bear 10 whispered
that the syndicate ut work again and negotia-
.tions were in fair way to accomplish something
All this time they have been securing benefits. A
few lucky chaps who knew OF vanderbiit's presence
In Drexel Il Morgan's Saturday got in, but those
who didn't will heave many sigh over their Thanks
giving turkey"
"was Mr.. Vanderbilt there on Saturday.
ssHe was and left the bank at two q clock. He
said in the HERALD he knew nothing OF the transact
ton until six O'Clock in the evening. Likely. isn't
IL? man sold $40, 900 OF stock that ay and
knew nothing about t.! How did II about that