The Brunswick news. [volume] (Brunswick, Ga.) 1901-1903, 1902-04-11
SOUTHERN BUYS
WATER FRONTAGE
pEAL WAS MADE IN NEW YORK
AND AS A RESULT SOUTHERN
RAILWAY STOCK WENT WAY
UP.
STATED THAT THE SYSTEM WILL
NOW MAKE BRUNSWICK ITS
SOUTHERN DEEP WATER TER.
MINUS.

SOUTHERN DEEP WATER TER.
MINUS.
--%
The New York special correspond
ent of the Atlanta Constitution yes
terday telegraphed his paper tn" fol-
lowing:
The Louisville and Nashville and
n railway caused great excite
\ IN the stock exchange here this
q Louisville had been strong
Rcontinuing the leadership
"a a week ago. but about
bk Morgan brokers startled the
oR by appearing with orders to buy
snare OF Southern railway stock
fsFed.
81 This movement was The result Of
khe certified news that the Southern
railway is acquiring the terminal
property of the Brunswick Dock I'm
provement company. at Brunswick,
Ca. and viii use 1t as an export port
foI the great lumber trade of the
south there by saving hundreds OF
miles of haul The Brunswick com
pany has S miles Of water front
where the water is from 25 to 30 feet
deep close to shore. The great prom
Use Of the undertaking startled the
usually sedate personality OF Wall
street. NO sooner was the order re-
ported than brokers came running
from all parts of the room and hurled
stock at the Morgan faction, 1000
shares at a time. Tney took It az
fast as it came in blocks of from L.
600 to 10000 Nineteen thousand
shares changed hands In few min
utes.
Thousands Of Shares Sold.
There was then a lull for a few
minutes. while brokers called up their
Offices and told of the peculiar con
ditiona- Instantly orders came for
ward again, and in the next rush 36.-
oVJ shares were purchased. There
was another lull, while brokers mott
fed their clients that Southern rail
way was wanted. Sixty thousand
shares were unloaded on the Morgan
brokers during the next onslaught
During the closing hours tney brought
the total stock purchased up to 14O..
600 share in ninety minutes. The
price advanced point. Seventeen
thousand snares of Southern railway
preferred also changed hands.
During the last two weeks the First
national bank, Morgan institution.
mas been heavy buyer OF Louisville
and Nashville 1t is estimated that
Mr Morgan used about $4,000 900 In
the brief trading. Louisville am
Nashville advanced points during
the day. It is believed in Wall stree,
that combination is about to be ef.
feeted between the Louisville ami
Nashville and Southern railway
whereby the Louisville and Nash.
vile will acquire either the Peoria
and Eastern or the Monon as an en-.
trance in Chicago, and the Louisville
and Nashville viii then be used as an
entrance to Chicago for the entire
system of Southern roads.
The excitement over the Louisyille
and Nashville and Southern railway
caused other issues to be neglected
but the electric stocks were very
strong all day.
August Belmont says
II know nothing about the rumors
Of pending changed relations between
the Louisville AMI Nashville and
Southerr. railway Or the source from
which they originated. So far as
know, nothing of Importance between
the two roads is pending. Such RI
mors have not colne from ne or PEG
pie identified th the Louisville ant
Nashville, and the activity ia the
stocks of the two roads can perhaps
best be explained BY the specuativ,
interests"