New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-29
AN IMPORTANT ALLIANCE.

market. ana by Mr. Wander Siit thc au'uor"S
to make the settlements and transfers. and IN part
at least to invest for Lin the proceeds OF the sale
The members of the syndicate yesterday sent TO
DrcAcl, Morgan & Co. their respective portions OF
the payment made The sun, about one-ffth
of the price If the 10000 shares absc-
lutely bought was paid by them in cash.
IL is understood that IN the payment 10
Mr. Vanderbilt n portion consisted of United states
four per cents This is believed b have been IN com
pliance with the orders Of ar. Vanderbilt Tor the
investment of the funds. There rs nothing
in the agreement that c0mpels payment Oh
any part in Government bonds or other Sc
curities. The sale was for cash. and the payment
yesterday was made in cash to The bankers author-
Ized by Mr.. Vanderbilt to receivet. The members
of the syndc ate had not obtained yesterday copies
of the agreement which had been promised ther
They were unable. therefore, to It's minute de-
tails. and ]. Pierpont Morgan who perfectly
familiar with them, positively declined To
make them public He said that the ac-
count published in The TRIBUNE was very
accurate but that he did not feel at liberty to enter
into further particulars. Other members declared
their inability to rccollect all the conditions OF the
sale, and referred inquirers TO Dir. Morgan.
TERMS OF THE CONTRACT
II was agreed that the payment for the l3o.ooo
shares should be ma lie in five instruments Inc hrst
was paid yesterday and the next Will fall due early
in January No payment is to be made in December.
Interest is to lie paid on the entire sum OF
SIS 600 600 at per cent, beginning from the date
of the contract. On the other hand, the
syndicate il TO receive any dividends that
NAV be declared on the stock during the time
Of pavment. BY mutual conscn. the syndicate may
anticipa.e the monthly payments by giving proper
uotce of the intention MIR. Vanderbilt agreed TO re-
tain his remaining stock for one year, and
the statement recently made that he had reserved
the privilege of placing through the syndicate OF
an additional 100000 shares on his own account
was denied yesterday by prominent members OF the
syndicate. 1t was said that the sale OF Central
stocl, by Mr. Vanderbilt was controlled absolutely
for one year by the syndicate.
nR vANDrmIIT's CONTROL lost.
The absolute control OF the Central Road has thus
nossed from Mr. Vanderbilt Of tho s9I. 1888
shares of the capital stock 1t is estimated by
persons in position to know that the
Vanderbilt family owned. before the
cent sale about 900, 900 shares. higher esti-
mate has been made by Others. who placed the
number at nearly 600. 900 shares. Mr.. Vanderbilt
recently said that he had sold less than one
half of his interest, but at the same time he
admitted the possibility OF combination among
tbe other stockholders that might deprive HIM of
thc management of the road. 1t is probable that
less than one-thrd of the stock will be retained in
the family It was predicted yesterday
with great confidence that Mr. Vanderbilt
wonld not again be reelected president OF the COM
pany. Although It not believed that at present
There WAS any danger If such combination against
him. il was thought probable that before the next
annual election the control of majority of the stock
wond fall INTO the hands Of persons hostile TO his
reelection. Candidates for the prospective vacancy
were named even. The course Of Mr. Vanderbilt
in disposing oi n controlling interest was believed
generally To be fraught with important conse-
quences to New-York.
RELATIONS OF TIE CENTRAL To THE WABASH.
There is nothing in the agreement between Mr..
Vanderbilt and the Wabash syndicate that can COM
pei the Wabash Company to deliver its through
freight to the Lake shore and Central Roads. hat
company is free. indeed, 10 arrange for an
exchange Of traffic with the Erie aud other trunk
lines to the seaboard IL is asserted that such
contract for the exchange of business would have
been made before this time with the Erie
Company if the latter road had been ready
and able TO handle the business. For the
present harmony, between the Wabash and Central
systems has been assured. Friends OF the Wabash
Company said yesterday that the admission to the
directory of the Central Road of the president and
n director of the Wabash Company was a
sufficient guarantee that the two companies would
work in harmony. The business Of the Wabash
Road the prize, il was said. for which Mr.. Van
dcrbt was striving The larger part Of its through
business had been gyen TO the Vanderbilt roads. By
the acquisitions and connections recently made
by IT. that business was likely to swell
to still larger dimensions. The company was
seeking an outlet to the Atlantic seaboard. and
it was known to Mr.. Vanderbilt that negotiations
TO that end were IN progress between the managers
ia ia Of Mt he fear
of losing a business that had brought TO tho Central
a considerable part of its revenue
PEELED Mr. Vanderbilt TO concilatc the
Wabash interest His friends directed
by him to seek friendly alliance with the Wabash
Company, and the efforts that for four weeks have
been put forth have been crowned with
partial success. He has gained no assurances
that the business OF the Wabash system may
not he diverted into other channels beyond the
facts that he has admitted TWO of the Wabash
Board to a share in the management of the Central,
and that his roads at present favorable out
let for the traffic of the Wabash.
GROWTH or TIE WABASH SYSTEM
The system of railroads that has compelled these
concessions from the owner of the NewYorS Cen
trail has been actually the growth Of few months.
II ia scarcely more than seven months ago that
Cyrus w. Field was elected president OF the Wabash
Railroad Company. The change of management
had been effected two months before. in February
Of this year. The company then operated less than
700 miles Of road. and Its power was insignificant.
Constantly since that time 1t has reached out IN all
directions. and by its consolidation with the st
Jouis Kansas City aud Northern Road, which was
accomplished in October. the company now controls
more than 1000 mites of road Butts connections
with other lines. virtually under the same manage
ment, added largely to it's Importance aud power. AT
Kansas CITY It connects with tha Kansas Pacific
and at Council Bluffs with the Union Pacific.
vith which 1t has another connection by