Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-15
Controlling Interest in Louis
vile and Nashville.
PARTNERS STATEMENT
CONFERENCE AT OFFICE OF J.
PIERPoNT MORGAN.
Great Activity in That Stock and In
Southern Common and
Preferred.

NEW YORK, April 15.-Negotiat tons
looking to a settlement Of the Louisville
and Nashville situation were resumed at
the banking house of J. p. Morgan & Co.
today. A conference began almost before
the opening of the stock market. The con-
ferees included August Belmont. President
Spencer of the Southern railway, George
W. Perkins and William Piersou Hamilton,
Mr.. Morgan's partners. and Talbot ]. Tay-
lor of the stock exchange firm of It. ].
Taylor & Co. Mr.. Taylor is a son-in-law
of James r. Keene II is also declared
that one or more representatives OF the
Gates party attended, but this could not be
confirmed. Mr.. Gates was at his office, but
denied himself to all interviewers.
On the stock exchange Louisville and
Nashville stock sold up to 1914 on the
opening sales, but fell back to the neigh
borhood of 129. There was an enormous
demand for the Southern railway stocks.
which lifted them 3ss for the common and
80 for the preferred. The buying was by
Morgan brokers' and was interpreted as In
dicating a settlement Of the question or
control of Louisville and Nashville In favor
of Southern interests. Illinois Senuai Also
rose IL.
At 1l:25 o'clock Harris. Gates & Co,
stock exchange brokers and representa-
tfves of the Gates interests. Issued the fol-
LOWING StalemeHls
Mr. Harris Statement.
I'VE have bought a large amount OF
stock of the Louisville and Nashville road.
We did not buy 1t for speculation, but for
investment. believing absolutely In tho
present and future value of the property.
There will not be any corner in the STOCK
We have placed the entire matter In the
hands of ]. p. Morgan * Co, and requested
them to act as arbiters In the situation,
because of the prominence or the property
and the desire not to disturb in any way
the general market condition, ana because
we know that they have no In crest what
ever in the property or in recent pur-
chases"
John w Gates and John F. Harris OF
Harris Gates q Co. were at j. z. Morgan
& Co.'S office for upward OF half an hour.
Another visitor was Edwin Ha%ley, Nho
said that he was not associated with MT
Gates in the Louisville and Nashville road.
but that he had a large block If the stock
on his own account.
Later Mr.. Harris paid another visit 10
Morgan & Co.'S Office and had another talk
with Mr.. Perkins. He was asked whether
he had anything to add to the formal
statement put out by his firm just tefore
noon. Mr.. Harris took out pencil and
changed the original statement so that it
read: I'VE have bought control instead OF
I'VE have bought large block of stock"
The-total sales of stocks up TO pm.
were ! ,457 800 shares, of which 800 were
of Southern railway. Inc tothl issue OF
Southern railway Is 1,200,oo0 shares.
Work on Connecting Road.
KNOXVILLE. Tenn, April 15.-Notwith-
standing reports OF a change in the control
of the Louisville and Nashville purchases OF
local property for use by the Knoxville, La
Toilette and Jellico road, which is to con-
meet the Louisville and Nashville at Jellico,
with the Atlanta, Knoxville and Northern.
continue. Actual construction on the new
road is said to have been begun and the
contract is said to have been let for part
of the line. Fully 100 men began the work
of holding The Narrows," the only point
where the new road can get through the
mountains, except by tunneling. The Mar
rows are between the towns of La Toilette
and Jellico, and all available men near the
scene are being used in extending the Ten
nessee Northern road. little line running
out of La Toilette, to this strategic point
The dealings in Southern railway COM
mon on the stock exchange during the first
hour amounted to about $1,000 shares. and
for the two hours up to noon to upward OF
half a million shares. This breaks all REQ
ords for dealings in a single stock for an
hour and for two hours on the New York
stock exchange. During the exciting trad
ing I'm Southern railway one block of 10000
shares changed hands at 40A.