The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-04-18

New York, April 15.-Wall street pass
Cd through one of its most exciting and
SENSATIONAL periods today. The Louis
vile and Nashville situation, which had
hung menacingly over the district for
= week or more. was cleared by the
undisputed statement that John w.
Gates and his assistants had wrested
control of the property from the Be-
mont party and were in absolute posses
sion. Accompanying this statement,
which had been discounted the day be-
fore. was one that the Gates faction
had selected ]. P. Morgan & Co., to set
tie the differences between the contend
ing interests.
While these events were happening u
nsvement without parallel in history
Of the stock exchange was on in South
era railway Trading in Southern raul
way common set in on tremendous
scale and at one time interest centereu
almost entirely in that stock.
It became evident before the opening
OF the market that d settlement would
be reached. At the office of j. 2. Nor
gan before 10 o'clock. Those present
during the morning were George w.
Perkins and William Pierson Hamilton,
representing the Morgan interests;
August Belmont, Samuel Spencer, pres
ident of the Southern railway; Edwin
HawIey, president of the Iowa Central
and the Minneapolis and St Louis
roads: John w. Gates. Talbot j. Tay-
lor head of the brokerage firm of that
name and son-in-law of James +.
Keene. and Francis Lynde Stetson, one
Of Mr.. Morgan's attorneys. This con-
ference broke up shortly before IL
o'clock
Mr. Gates was among the first to
leave. and it soon became known that
he would issue a statement telling OF
. peaceful solution of the situation.
Shortly before noon the appended an
Rouncement was given ont by the brok-
erage firm OF Messrs. Gates & Co.. il
which John w. Gates is a special part
ner:
1--WE have bought a large amount Of
stock of the Louisville and Nashville
road. We did not buy 1t for specula-
ton, but for investment, believing 40
soluteIy in the present and future value
sf the property. There will not be any
\ corner in the stock. We have placed
the entire matter in the hands of j. p.
Morgan & CO.. and requested them to
act as arbiters in the situation because
OF the prominence of the property and
the desire not to disturb in any way the
general market conditions, and because
We know that they Morgan & Co..
have no interest whatever in the prop
srty or in recent purchases"
This statement was later changed so
rfaat It read: I'VE have bought con-
troll" etc The correction was made
by John F. Harris. who had just paid
icfr fN tha
house.
Mr. Belmont made another hurrie
visit to Morgan & Cos. soon after the
Gates statement was issued. He dec In
ed to say anything, as did the Morgan
representatives.
Mr Perkins. who had been most ar
i've i'm the preliminary negotiations,
thing dealing with the terms arranged
between the Gates and the Belmont
factions. He changed his mind howev-
er. and announced that some definite
declaration would be made by the ar
hiters later in the afternoon.
When that time came, Mr.. Perkins
decided to withhold the Morgan state
ment until late at night. Mr.. Belmont
sa hearing of this. decided to WITHHOLD
anything he might have for puhl:-
cation until the Morgan state
nent had been issued. Mr.. Perkins aud
DIR. Belmont were in conference late
ia the afternoon. and both said that for
NAL declarations would be sent out by
fhem before midnight
Throughout the day operations in
Houthern railway shares continued on
an enormous scale. The demand was
extraordinary almost from the outset
The common stock advanced 3S and
the preferred 3h points Blocks Of 81
zoo and 10000 shares were common and
, there was one string" of $4,000 shares
and another OF $1,000. while the trading
was at its height. Much of the early
buying was attributed to Morgan infiu-
ence. but ii soon became clear that t1t
Gates clique as well as room traders
generally were taking a hand in the
game.
In the first half hour fully 20O,OoC
shares of Southern railway couIInn'
changed hands By the end Of the frs
hour transactions in this stock alone
reached a total OF over 350.o0o shares
BY noon considerably more than 500,0f
shares had changed hands
Dealings fell OF after that to sor'
extent but the records for the numbe
sf shares OF a single stock sold in on'
hour. IN two hours and in one day.
trading were all shattered as result
OF Southern railways performance to
day. The total sales for the day reach
ed q total OF Ss4.5oo shares. The tota
ulSeoAuihS SUCK VI lne COInpdHy - IL,
4so.ooe shares On April "a, 1901 ther'
were e62.s0o shares OF Union Pacific sJlC
On the New York stock exchange dur
\ ing the struggle between the Morgan
and Hartman interests which culn.
mated in the May panic. That record
was broken today.
There were complaints that no orde
for less than 1000 shares could be exc
I. suited. The stock sold after the open
ing at S4h compared with 34A las
night There were numerous fiuctua