The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-11-02
WALL STREET
All Torn up Over the Nickel
Plate Railway.

flaCe ICall"ays
NEW YORK, October 27.-The prime
factor affecting calculations on Wall
street to-day has been the reported sale
of the Nickel-Plate Railroad. The rum
Ors concerning this transaction have
been almost numberleSS. 1t has been
denied up hill and down that Wander
bilt has anything to do with it, and it
has been asserted quite as positively
movement. The latter opinion pre-
vailed almost all day to such an extent
that Lake Shore, whose dangerous rival
Nickel-Plate was thought to be, lOOmed
from the very opening of the Exchange.
and the other Vanderbilt stocks were all
very strong. 1t seems to be quite i'm
possible to get at the true inwardness
of the sale. Every one seems to take it
for granted that there has been sale,
despite the denial from Chicago.
A pretty good authority, this after
noon, describes the situation thus: "It
appears that the nominal purchasers
were Mr.. ]. H. Devereux, President of
the Cleveland, Columbus, Cincinnati &
indianapolis Railroad, the controlling
interest in which company belongs to
Mr.. VIM. II. Vanderbilt and Judge Steve
son Burke, who is the Vice-President of
the Columbus, Hooking Valley & Toledo
Railroad Company and Director in
several of the Vanderbilt companies,
The real purchasers are Mr.. Vanderbilt
and the controlling owners of the Hook
ing Valley, who are friends of Mr.. Van
derbilt. While, according to infOrma-
tion lam bound to regard as trustworthy,
these are the facts as to the real pur.
charsers, it is very likely that the affair
has been so managed that Mr.. Wander
bilt could, speaking in literary way,
say that he was not the purchaser. The
main advantage of this purchase to Mr..
Vanderbilt is that he and his friends
now control road which might have
given serious trouble to his entire sys-
tenn of roads from New York to Chicago.
The Hooking Valley Road owns 10000
acres of coal land, and is doing large
coal business. This purchase affords
this road new outlet to Chicago and
the NOrtn- west for its coal. The effect
of the transaction on the stock market
was to cause decided change i'll its
tone, and, in that it clears up the specu
latiye situation, the change may become
even more marked"
Another says: "The Seney people pro-
fess not to know to whom they sold
their shares, or for whose account, or in
whose interest. General Devereux was
the only person that was met, and
through whom they dealt. But whether
he acted merely as an agent or as chief
cannot be determined. So the street
holds Mr.. Vanderbilt responsible for the
mystery. Mr.. Gould offered 10 for the
common and 80 for the preferred about
two weeks ago, but the Seney people
were not disposed to accept these terms.
He has since had his eye on the property,
and one of his motives for going West
was to try and make some arrangement
by which his scheme should be cOnsum-
mated; but Mr.. Vanderbilt was just one
week ahead of him."
The strength in the Vanderbilt shares,
principally in Lake Shore, Michigan
Central and Canada Southern, gives fur
theT credence to the suppOsitiOn that
Mr.. Vanderbilt had acquired the control
of the new road.
The Hon. Russell Sage declares that
Mr.. Vanderbilt displayed transcendent
abilities in making this move, and that
the street would not be backward in
acknowledging it.
The bull market did not hold it's own
all day, despite the fine start OF the
morning, for. taking advantage of the
boom, many persons who have been buy
ing stocks during the decline began to
unload. The rush was so great that the
oVertOpped market could not stand it;
and instead of a strong, active market,