The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-16


of Southern Railway common changed
hands. BY the end of the first hour trans
actions in this stock alone reached a total
of over 350,000 shares. By noon consider
able more than half a million shares had
changed hands.
Dealings fell off after that to some
extent, but the records for the number of
shares of stock sold in one hour in two
hours and in days trading were all shat
tered as result of Southern Railways
performance today. The total sales for
the day reached a total of 500 shares
The total outstanding stock of the COM
pany is 100000 shares.
Beat Union Pacific.
On April "a, 1901, there were 662 500 shares
of Union Pacific sold on the New York
stock exchange in the struggle between
Morgan and Hartman which culmin-
eted in the May panic. That record was
broken today.
There were complaints that no order
for less than a thousand shares could
be executed. The stock sold at "a as
compared with Ban last night There
were numerous fluctuations before 1t ad-
Vanced to 4019 and after the reactions
from the top figures. About the same
time there was a marked strength in Illi-
nois Central. in Chicago, Indianapolis and
Illinois (Monon) based presumably on the
belief that these roads would benefit in
some way by the selection OF Morgan &
Co. as arbitrators of the situation.
The widest rumors and reports were
circulated to account for the record
breaking activity of Southern Railway
common. Veteran brokers failed to UNI
derstand why Morgan interests should
want to increase their holdings of this
stock. Later when it was seen that the
Gates crowd and speculators generally
We're buying in Southern common the
movement partook of a purely speculative
character, and although the stock was
enormously active throughout heavy
profit-taking sent it below the level. In
spite of numerous attempts to rally the
price, fell off to 37s4 and the closing was
377s, net gain for the day of 39s.
Louisville and Nashville shares adj
vanced at the opening but fell off al
most as soon as the bulge in Southern
Railway came. Transactions in Louis
Vile and Nashville aggregated about 5S.-
900 shares, the stock closing at 12T, a net
loss for the day of l point. Fully two
score brokers were active in the buying
and selling of Southern Railway common.
Prominent among these were Talbot J.
Taylor & Co., VanEmburg & Atterburty
A. A. Hurseman & Co., Frank J. Savin
& Co. Harris, Gates & Co. were repre-
sented to have bought and sold 250,000
".
Southern Has No Interest In L. G. NJ.
That the Southern Railway Company
will have considerable to say as to the
future of the Louisville and Nashville
became the conviction of most of the men
before the close of the day. President
Spencer when asked as to the future
relations of the Southern and Louisville
and Nashville. made this statement
tfFFI-z
est in the purchase of the Louisville and
Nashville and 1t will have no interest
in 1t at any time in the future the Louis
vile and Nashville will not pass to the
Southern Railway"
Neither directly or indirectly?"
mo neither directly or Indirectly, in
shape, manner form, will Southern
Railway have anything to do with the
Louisville and Nashville
Mr.. Spencer, Mr. Gates, Mr.. Harris, Mr.
Perkins, Attorney Stetson and several of
the interested parties held another con-
ference at Morgan & Co.'S late in the
afternoon. This conference preceded the
m Getting between Mr.. Perkins and Mr..
Belmont at which it was decided not to
issue the Morgan Belmont statements
until late at night.
Edwin Hawley who had not figured in
the Louisville and Nashville matter be-
late callers at Morgan & Co.'S Mr.. Haw-
leys interest In the situation has not yet
been made clear before he vouched for
the statement earlier In the day that he
was large holder of Louisville and
Nashville stock and firm believer in Its
future prosperity Reports recently
coupled Mr.. Hawley's name with that of
Mr.. Gates in the recent Colorado South
ern and Colorado Fuel and Iron deals.
No definite statement as to what dis
position Morgan & Co. may make of the
Louisville and Nashville is looked for
until the legal ENHANCEMENT growing out
OF the Northern Pacific merger is set
tied.
Should the Southern Railway acquire
majority interest in the Louisville and
Nashville 1t is assumed that the Illinois
central road which parallels the Louis
vile and Nashville is nominated by Har-
rlman interests, will receive some very
material concessions. The Illinois Central
desires an interest in the Louisville and
Nashville is generally believed.