The Washington times., 1902-04-16
GATES SETS UNCERTAINTY AT REST
Announcement of Change of
Control of L. & N. Has No
UntoWard Effect.
FEW OTHER DEVELOPMENTS
Des Moines and Fort Dodge and Chicago,
indianapolis and Louisville Rise in
Sympathy With Other Railways
Fluctuations in Features Extensive.

NEW YORK, April 15.-All uncertainty
as to the status of the control of the
Louisville and Nashville property or in
regard to the market position of that
stock was dissipated today by a formal
and frank statement which was issued by
the coterie of operators who have been
accommodating the stock during the past
ten days. In their statement they declared
that the stock was not bought on specula-
ton, but for investment, and affirmed fiat
ly that there would be no corner in the
market for it
They stated further that the entire mat
ter had been placed in the hands of ]. p.
Morgan & Co., who had been requested to
act as arbitrator in the situation. The
attitude of the latter firm will, it may
be assumed, facilitate the solution of
ouch questions as are involved in the
position of these firms or individuals
which may be technically or actually
short of the stock in the market.
The Rise in Southern.
The well known relations of the firm
with the Southern Railway Company, to-
gether with this mornings unprecedented
dealings in the Southern Railway shares,
naturally diverted interest somewhat
from the Louisville and Nashville to
Southern Railway securities. Both the
common and preferred stocks rose very
sharply, the first named attaining by far
the highest prices in its history.
Cd, IN he. baf-t Poll ,,-aN-
stocks. in the absence Of any more definite
explanation, was assumed TO mean either
that the control of the Louisville and
Nashville would eventually be lodged in
the hands of the Southern Railway, or
that, at all events, there would be no
disturbance in the fairly sympathetic :e-
lations which have heretofore been main
tanned between the two lines.
Within less than year now the con-
troll of two of the country's oldest and
greatest railway systems have passed into
the hands of men whose very names were
unfamiliar to Wall Street ten years ago,
and whose colossal fortunes have been
created cut of the several developments in
the industrial field for the past three or
four years, which had their elimination
in the organization of the United States
Steel Cooperation.
measures CnWdrranteC.
Such wealth as has been acquired by
these men. even when so quickly accumu-
lated, must bring with it sense OF re-
sponsibility, and it may be said in the
present instance the new controlling in
teresfs in Louisville and Nashville have
taken the most effective steps possible to
insure confidence in designating the
Messrs. Morgan as tLe.r epT esentatives in
the settlement of any question which
may arise cut OF their stroke OF high
finance.
The stock market at large showed no
further arrangement as result of the
formal anr-ulcezeat OF The change of
control in Louisville and Nashville, and,
in fact. was decidedly strong in most
quarters with the trading at large show
ing a greater degree Of animation than In
many mo- -hs-
Few Other Developments.
Apart from Louisville and Nashville and
Southern affairs. there was little in the
days situation to engage attention, and
such developments took place were
completely oyershadowed by the interest
in the former matters.
Notably firm features of the railway list
we're ST Paul, Baltimore and Ohio. Union,
Atchison stocks, Illinois Central, and
Chicago and Northwestern.
Among the railway specialties, Des
Moines and Fort Dodge and Chicago, In
dianapolis and Louisville both rose sharp
Iy, the advance in the last named being
plainly in sympathy with the development
in Louisville and Nashville affairs.
In today's enormous dealings the nuctu-
atoms were naturally very extensive, and
particularly SO In the more active iea-
lures of the market
The advices respecting the condition Of
the growing crops continued satisfactory,
and the money market. while firm, fur
nished no occasion for uneasiness.
Tax on Collateral.
Among other matters wholly ignored in
the days reckoning was the announce
ment from Washington that the Internal
Revenue Commissioner had decided that
securities deposited as collateral for
loans are taxable. This vexing question
now goes TO the Attorney General of the
United States for final decision.
Little of interest happened in the
market aside from the railway list. The
United States Steel stocks showed re-
newed weakness. Sugar Refining and
Amalgamated Copper fuctuated irregular
Among the miscellaneous issues lnterna-
tionaI Power scored a further extremely
sharp advance, but otherwise the move
ments in that direction were limited and
irregular
London Continues Strong.
The London market continued strong,
the proposals submitted
in the governments budget yesterday. be
ing favorably Influenced by the sustained
hone that the South African peace nego-
1iations will be successfully terminated
on this occasion.
Foreign houses on balance were moder-
etc sellers in this market on the sharp
advances of the forenoon.
New York Stock Exchange, April IS.
High. Low. Last. Cfl'ge.
Anal Copper ...... s7A G5% 66h + y
Am. Bicycle ........ "a 4