The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-04-16

way by the selection of Morgan & Co,
as arbiters of the situation.
The widest rumors and reports were
circulated to account for the record
breaking activity of Southern
Railway common. Veteran brok-
ers failed to understand why
Morgan interests should want to in
crease their holdings of this stock.
Later when it was seen that the Gates
crowd and spectators generally were
buying in Southern common, the move
ment partook of a purely speculative
character, and although the stock con-
tinued phenomenally active through
out. heavy profit-taking sent it below
the high level. In spite of numerous at
tempts to rally, the price fell off to
5I& and the closing was 377s, a net
gain for the day of 35s.
Louisville and Nashville shares ad-
vanced at the opening, but fell off al
most as soon as the bulge in South
ern Railway came. Transactions in
Louisville and Nashville aggregated
about 5S, 900 shares, the stock closing at
127, net loss for the day of l point,
Fully two-score brokers were active
in the buying and selling of Southern
Railway common. Prominent among
these were Talbot ]. Taylor & Co.,
VanEmburgh & Atterbury, A. A. Hous-
man & Co., Frank Savin and ]. S.
Bache and Bowler. About half the
room traders and free lances" took a
hand in the game at one time or other
Harris, Gates & Co. were reported to
have bought and sold 100000 shares in
the course of the day.
VIII Not Pass to Southern.
That the Southern Railway Company
will haUa n 70 ,oe n
the future of Louisville and Nash
Vile became the conviction of
most Wall street men before
the close of the day. President
Spencer, when asked as to the fu-
ture relations of Southern and Louis
vile, made this statement:
1.-THE Southern Railway had no inter-
est in the purchase and it will have
no interest in it at any time in the
future. Louisville and Nashville will
not pass to the Southern Railway"
Neither directly nor Indirectly"
NO. Neither directly nor indirectly
in any shape, manner or form will
Southern Railway have anything to do
with Louisville and Nashville"
Mr.. Spencer, Mr.. Gates, Mr.. Harris
MIR. Perkins, Attorney Stetson and
several others of the interested par
ties held another conference at Morgan
& Co.'S late in the afternoon. This
conference preceded the meeting be-
tween Mr.. Perkins and Mr.. Belmont,
at which it was decided not to issue
the Morgan Belmont statements until
late at night.
Edwin Hawley, who had not figured
i'll the L. and N. much before the pre-
vious day, was also among the late
callers at Morgan & Co.'S. Mr.. Haw-
ley's interest in the situation has not
been made clear, but he vouchsafed
the statement earlier in the day that
he was large holder of Louisville and
Nashville stock and a firm believer in
it's future prosperity. Reports recently.
coupled Mr.. Hawley's name with that
of Mr. Gates in the recent Colorado
and Southern and Colorado Fuel and
Iron deals.
Must Wait on Northern Merger.
No definite statement as to what dis
position Morgan & Co.. may make of
Louisville and Nashville is looked for
until the pending legal entanglements
growing out of the Great Northern
Northern Pacific merger are settled.
Should Southern Railway acquire
majority interest in Louisville and
Nashville it is assumed that the Him
dis Central road which parallels
Louisville and Nashville territory and
is dominated by. Hartman interests,
will receive some very material con-
cessions. That Illinois Central desires
a majority interest in Louisville and
Nashville is not generally believed.
The Midnight Statement.
George w. Perkins, a member of the
banking house of ]. Pierpont Morgan
& Co., gave out the following state
ment tonight:
"At the request of Messrs. Harris,
Gates & Co., who on their own indie
pendent account have recently made
large purchases of Louisville and Nash
Vile Railroad stock, Messrs. j. Pier
pont Morgan e Co., as bankers, have
consented to take control of the stock
so purchased and to receive the same
on deposit.
They have so consented solely to re-
lieve the general financial condition,
and not for the benefit of any rail-
way company. The Southern Railway
has no interest, direct or indirect, pres
ent or prospective, in this stock or in
it's purchase or deposit. Messrs. j.
Pierpont Morgan & Co., are acting
with the cordial assent of Messrs.
August Belmont &c Co."
On this statement being shown to
August Belmont at his residence he
read it over carefully and then gave out
the following typewriter statement:
81 have been aware of the negotia-
tions by which ]. P. Morgan & Co.,
have consented to take control and de-
post of the stock of the Louisville and
Nashville Railroad Company, pur-
chased by Harris, Gates & Co. The
statement by Messrs. j. P. Morgan &
Co., just made public, has my unqual-
flied approval and there will be no con-
test for the control of the Louisville
nd No oil ,,