The New York herald., 1879-10-29
Wall Street Full Of RumOrS
and Excitement.
UNPRECEDENTED TRANSACTIONS.
Interviews with MsSE William H. Vanderbilt 4. ].
EtebbE, s M. BoueoA and Other Brokers
WHAT Is THOUGHT OF THE SITUATION.

spasms ana FOUND ltselr ainlcted py tne quick ana
audacious attacks of pools of keen operators. but
when their plans erumbed its normal condition
restored and with it the usual laws. If such they
may be Called whereby the average broker calcu-
lated his method OF traffic. Now. however. the
entire market is in stage Of fever. 1t is
not one stock alone that bristles with
"points;" but the whole list. from securities
that long ago were buried in insignifcance
to the Koh--noors OF the wealthest investor are
attracting degree of interest such has not been
exhibited in many years. As people we are doubt
less more inclined to take risks than any other-to
gamble on the turn Of dollar with as much unc-
ton the moro ambitious results Of election;
but to observe this universal disposition illustrated
at its full one should visit any Of the prominent
brokers' offices Change. and watch the orders to
buy and sell that from every State in the
Union. The spectacle is marvellous even to those
who are most familiar with the scene.
Before 1887 speculation running riot
magnificent land schemes and the real estate bubble
burst in day. Since then our chief misfortunes
and greatest pancs have been the result Of
trading exaggerated values fraud in high places and
sublime exhibition of efrontery by those intrusted
with the of the money of the public.
PRESENT SPECULATION
In the present case other elements have been at
work to produce once more hopeful feeling in the
future that is almost national in its scope. The
turn of specie payments the excess Of our foreign
expectations over inportations. the reduction Of
our public debt. the failure OF foreign crops and
consequent demand on our own agricultural sur
plus the influx Of gold, the renewed impetus given
to oil Of industries has begotten degree of
fdence in the ultimate prosperity Of the country
that naturally is reflected in Wall street. and has led
to an advance in prices AID volume Of business
that is unparalleled in its checkered history.
The financial columns Of the HERALD from day to
day have indicated the important changes taking
place. and show the direction in which the specula
tive mind is tending. In order to ascertain the
views Of some Of the leading brokers. however-the
who brought face to face with this financial
revolutions reporter Of the HERALD was yesterday
despatched to "the street. with general instructions
70 survey the situation and represent tho same to
the public.
The prevailing excitement for the moment las it
had been. by tho way. for q few days) a
movement in that curious market foot
ball. "Erie." the stock having from some
cause receded two per cent and
sundry rumors being circulated by the hundred.
among which was one that Mr.. William Il. Wander
bit had succeeded in securing acontrollng influence
ia the road and that when the books, which were
PSASNs
be found to exhibit representation by him Of suf
cient strength to make him Of the chief powers
Of the line. It also intimated that Mr.. Jay
Gould was an active co-operator with Mr.. Wander.
bt in this endeavor, and that his ultimate object
was to effect the opening OF direct transcontinenal
route, with the ''Erie" his outlet
AN INTERVIEW WITH MR.. W. II. VANDERBILT.
Under the circumstances the most prominent gen.
tlemap DO visited Mr.. Vanderbilt himself. The
writer found him at his residence, and the following
II presume. Mr.. Vanderbilt. you quite aware
that the street has been agtated by rumors
some quarters regarded as having secured the line
for your own commercial purposesT
Mr.. Vanderbilt quite clear and emphatic in his
reply. II free to say to you that have no in
terest whatever IN Erie.'
1.-The gossip of the street, then. is manufactured
from the whole cloth?
$50 lar as have heard IL, yes. The administra-
ton Of Mr. Jewett In my judgment, has been an ad-
mirable one. and under his conduct has been pro-
ductive OF all the result that could be expected"
''Do you look for any important changesT
81 see no immediate reason for making them. 1t
going improvement. As said before. have no in
terest in the road.
II observe that spec ulatiOn in the shares has
"Yes with a smile) and with everything else
that promised an advance 1t one OF those stocks
that has its ups and downs with every important
huctuation in the general market"
''what are your Impressions concerning the pres
ent advance of prices p?
tall but. general principles should say that it
Is the result OF natural causes. Our people are
quick, sensitive and speculative. They read the
newspapers watch the commercial and financial
changes and act accordingly.
"Do you think the excitement is durable one?
"Unless there is something to interrupt the prog
OF values upward, such as foreign war or some
unforeseen disaster at home. can conceive OF no
reason why good, healthy securities should not re-
main the point they have attained. even il they
do not ascend higher. The country is full Of
growth, enterprise and money. Those three words
hav
career. and looking all around me- certainly feel
hopeful"
Mr.. Vanderbilt, and the writer could not politely
detain him with other questions.
THE IMPRESSIONS II. O.. srEBBINs.
Mr.. II. q. Stebbins being intimately identified with
tho affairs OF the Eric Railway Company as one OF
ats directors. the reporter OF the HERALD called on
him at his Exchange place Office and was
accorded a pleasant interview. He unwell.
however, and expressed regret that he could not
enter more largely into details.
In answer to u question concerning the character
OF the present speculation, he said that he had
vsinly endeavored 10 obtain reliable data from the
proper and, therefore. could say nothing on
this point. lie added. however 1.-THE plan of recon-
stiuction is large scale. 1t has been carefully
considered and nothing has been done that does not
look to the of the vast involved
in the corporation. 1t is already III the possession
large resources and these are being judiciously
applied in the improvement of tho property.
For instance. the narrowing of the gauge
has been successfully completed. and thus
We are brought i'll close communication with
our tributary lines without breaking bulk.
Our facilities are also being increased at the tor
minal points and additions made to motive and
rolling stock. Our coal properties in Pennsylvania
in course OF development and many other
changes being made. which, presume are produc-
ing the natural effect tho minds of those who arc
watching the progress of the corporation with
view to investment"
''And you regard these facts among the causes
that have lcd to change tho price OF the stockY
'.Most assuredly."
..Did the upward movement begin here or in
Europeg"
..Here in America For some time past the road
has received fair equivalent for its service but
under the arrangements with the trunk lines we
are now doing large business in every direction.
IL understand that the books were closed ON Sat
urday"
Eyes. but the voting power is invested in the re-
construction trustees. who, under tho amended
scheme OF reorganization arc compelled to regard
the interests of all parties concerned"
THE CAUSES THE PRESENT SPECULATION.
One of the largest and most influential OF brokers
on the street. aud who has in his time repre-
H....