The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-15
Ga con Rolls
His Interests Finally Take
Over the Louisville &
Nashville.

New York, April 15.-Negotiations look-
ing to the settlement OF the Louisville &
Nashville differences began at the Office Of
j. P. Morgan & Co. this morning.
& On the stock exchange there was an
enormous demand for the Southern rail-
way stocks, which lifted them SO for the
common and 3k for the preferred. The
buying was by Morgan brokers and was
interpreted as indicating settlement OF
the question OF control of the Louisville
& Nashville in favor of Southern inter-
ests. Harris, Gates & Co., stock exchange
brokers and representatives of the Gates
interests. issued the following statement:
We have bought large block of stock Of
the Louisville & Nashville road. We did not
buy it for speculation, but for investment, be.
lieving in the present and future value of the
property There will not be any corner in
the stock. We hare placed the entire mat
ter 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 condition; and,
because we know that they have no interest
whatever in the property or in recent pur-
chases.
JOHu w. IdLe anu JOutS I1dFIlS VI
Harris, Gates e Co., were at j. P. Morgan
& Co.'s Office. Another visitor was Ed
win Hawley, who said that he was not
associated with Mr.. Gates In the Louis
| Vile & Nashville, but had a large block
of the stock on his account.
Later Mr.. Harris paid another visit to
Morgan & Co.. s Office and had another
talk with MIR. Perkins. He was asked
whether he had anything to add to the
I G a ont Nv hi
before noon. Mr.. Harris took out pencil
and changed the original statement so
| that it read:
1--WE have bought control" instead of
1--WE have bought large block Of stock"
Notwithstanding Deals.
The dealings in Southern Railway
| common in the first hour amounted to
100000 shares and for the two hours up
to noon upwards of half million. This
breaks all records for dealings in single
4 stock for one hour and for two hours on
4 the New York stock exchange. During
the exciting trading in Southern Railway
one block of 10000 shares changed hands
at 4O12.
i The decision to make Morgan & Co.
'arbiters in the situation" was not
reached until shortly after II o'clock. It
followed the conference at which Messrs.
Belmont, Gates. Spencer, Harris, Perkins
and Francis Linde Stetson were present
Mr.. Stetson is j. P. Morgan's attorney and
he is supposed to have formulated the
agreement between the contending inter-
ests in Louisville & Nashville, None of
the gentlemen present at the conference
would iscuss the events of the morning
beyond remark by Mr.. Gates that cts
/ all over
All sorts Of theories and opinions were
advanced to account for the tremendous
activity of Southern Railway shares. On
the stock exchange it was generally be-
lieved that the first big orders came
from Morgan & Co. Later however, 1t
was asserted that many heavy orders
came from Gates brokers. In fact, Har-
ris, Gates and Co, made no secret of their
operations in this quarter and reports
credited them with the purchase of 175,-
900 shares up to 1890 O'Clock