The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-04-12
BUYS ANOTHER.
Rock Island Has Acquired Louis
vile & Nashville.
Deal Was Engineered by John
w. Gates.
SOUTHERN r. r. ALSO.
Would Form a Great TranscOn-
tinentaI Line.
SOufhpf.n and Rock TSIand in a
SOUTHERN R. r. ALSO.
and Rock Island in a
Community of Interest.
From Atlantic to Pacific
Through Heart of the South.

New York, April 12.-The Evening
Post discussing the situation in Louis
Vile and Nashville, says:
All indications seem TO point to the
fact that the control of the L. & N rail-
way is now SO held that it can be turned
over to the Rock Island railway. The
matter had not been determined at the
close of business today and facts are as
lacking as they have been since the eN-
citement in L. & N shares began some
days ago. Opinion in Wall street is in
nebulous condition as to who now
controls the company but there is con-
viction that control has passed from the
Belmont interests and that John w
Gates has been a factor in its pass
ing.
There appears to be good foundation
for the opinion that Mr. Gates may now
be in a position. by throwing his stock
one way CT the other to decide what in
terest shall hereafter control L. & N
Not much doubt is felt that the Moore
interests will secure his proxies, or the
stock he holds.
According to the Evening Post the
ChOctaw road was purchased for the
Moore interests by Speyer & Co. as part
of the plan for Rock Island extension
SAYS SOUTHERN IS THE BUYER
The Associated Press sends out the
following report:
As a result of several conferences
held today there is a very general con-
viction that control of the Louisville &
Nashville road has passed or win pass
to the Southern railway.
Representatives of the Louisville &
Nashville and Southern roads and d
number of the Gates faction were In
consultation early in the day, and later
John w. Gates was closeted for almost
an hour with George ". Perkins at the
Office Of J. P. Morgan & Co. Neither
Mr.. Perkins nor Mr.. Gates would say
what passed between them, but it was
admitted that the /. & N situation
was discussed in its several phases.
The most authoritative report dealing
with the recent course of the Louisville
& Nashville is substantially as follows
Some time ago Southern railway inter
ests, alarmed at the increasing strength
and prosperity of the L. & nj, made an
offer for q majority interest The offer
was declined, 50 report has it, by for
eign holders of L & n. who held the
balance OF power
Recently when L. & n. increased its
capital stock by $5.000,0O0 Mr.. Gates and
his assistants saw an opportunity tC
squeeze the insiders by buying Louis
vile in the market and creating a
scarcity in the stock. To what extern
the Gates faction succeeded is still
matter of conjecture, but it is no
doubted that they were in a position to
swing large block Of stock either
way
Conditions seemed ripe for an attempt
to gain control Of L. & n. and Southern
railway interests as represented by Nor
gan & Co. authorized the Moore Bros
10 acquire as much of the stock as posi-
bic in the open market with the under
standing that this stock would be taken
! over by the Southern railway
Banking interests in which the Moores
! are especially prominent have been
heavy buyers of L. & N and one bank
in particular IS said to have called a
number of loans this week SO as to ac-
! cumulate the money for its purchases
of Louisville stock
Wall street believes that a sort of
community of interest" deal between
Rock Island and Southern railway viii
follow the change in L. & n. ownership.