Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-26
RAIL ROAD D0|NGS
Morgan Relinquishes Control
of L. & N.
HIS OPTION EXPIRES
COAST LINE PEOPLE
ACQUIRE PROPERTY.
Pennsylvania New York Terminal
Scheme Again Blocked by City
oficials-Wabash Fight. j
HIS OPTION EXPIRES

Railroad circles in Wall street were re-
called this morning with the story that ].
P. Morgan had disposed OF the cou14ol OF
the Louisville and Nashville road to the At
lantic Coast Line Company Of Connecticut.
II this report proves to be true 1t would
seem to nullify the belief that the Morgan
people were working for the formation Of a
Southern Securities Company. with the
Southern road and the Louisville and Nash
vile as the main factors.
Mr.. Morgan. it Is understood. has for
some time held an option on a controlling
amount Of the stock Of the Louisville and
Nashville road. This option expires on Oc-
tober 1, hence the necessity of making a
disposition Of the stock or allowing tho
option to lapse in the immediate future.
Railroad politics would seem to preclude
union OF the Southern and L. and N. in
terests. should the control Of the latter
road fall into the hands Of the Atlantic
Coast Line.
There Is another aspect Of the transac-
ton, however, which has not escaped COM
ment, and that is that the Morgan faction
In railroads will by this means secure an
interest in the Atlantic Coast Line, at the
same time maintaining an interest in the
Ioulsville and Nashville. and also in the
Southern. This might mean a gentle
mems agreement" rate understanding,
Which would be as effective as an incor-
porated securities company.
Pennsylvania Tunnel Setback.
Following the suggestion of Mayor Low,
the New York rapid transit commission
yesterday rescinded the action it took last
week In approving the tunnel plans and
franchise Of the Pennsylvania railroad in
connection with its New York terminal
plans.
The excuse or reason given by Mayor
Low for recommending the resembling Of
the approval was that the road had asked
for slight modification Of the tunnel
route. The mayor explained that in his
opinion the whole subject should be thrown
open and an opportunity given for public
hearings as to the advisabilHy of the tun-
mel project given.
With this action the tunnel project stands
where 1t did before any steps we're taken
by the New York authorities. The whole
question is left open for redecision as to
its advisabiltty.
Much surprise was expressed by Vice
President Green Of the Pennsylvania road
last night when he was seen regarding the
action Of Mayor Low and the railroad COM
mission.
The officials of the company he said, he'd
not expected that an application for a
slight change in the proposed route Of the
tunnel would have this effect on the OFF,
Gals.
But whatever developments may arise"
he continued, 81 am in a position to say
that the Pennsylvania company will make
no more concessions.
"Our position has been made clear both
to the rapid transit commission and to the
New York aldermen, and it now rests with
the authorities Of that city to say whether
or not they want the Pennsylvania COM
pany to connect its system with the me-
tropolis."
The Wabash Fight.
The fight of the Wabash for an Atlantic
coast outlet is reported to be going merrily
on. Reports from West Virginia say that
surveying parties of this road and also Of
the Baltimore and Ohio. are working side by
side in Upshur county. and several fierce
surveying contests are predicted for rights
of way.