New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-16
/. e. N. STOCK GOES TO MORGAN.
GATES HOLDINGS TURNED OVER TO THE BANKING FIRM
DENIAL THAT SOUTHERN RAILWAY HAS IT.


cent, at the rate of > per cent yearly. Con-
troll of the common. at yesterdays average fig
ures could be purchased for about S22Ooo.U".
and of the preferred for about $40 100000;
total considerably less than the Harrima -Kuhn-
Loeb interests are understood to have expended
in their purchases of Northern Pacific stock. The
theory of Rothschild buying it is believed. would
reconcile the statements of Mr. Perkins and Mr..
Belmont with the widespread and we'll support
ed belief of yesterday afternoon that the Gates
stock was to go to the Southern Railway Com
pany the abandonment Of that plan would
relieve the general financial condition instant
ly and decisively. 1t would also explain the
enormous dealings in Southern Railway COM
yesterday.
Opening at 34%, Southern Railway common
advanced in the first hour 5 points. only one OF
the sales being of as small a lot as 100 shares.
and the total sales broke all records for the
first hour of trading exceeding 100000 shares.
This is a sample from the tape in the first few
minutes: 1OOO 34$.; 200 343s; 1890. 34ai; 4,5oO.
345s: 1000 81; 1000, 3i7s; 5000. 80; $500, 351s:
900. 80; 1000. 351s; 1000. 3514; 1000. 3o1s;
1000 3514. A little after noon the stock touched
the high level of the day, 4e1a. at which figure
block of 10000 shares changed hands There
after. on heavy profit taking, it declined to 3I1s
at the close. net gain for the day of 32s points,
on total sales of $50. 500 shares. The preferred,
closed at 91A net gain of pa per cent
Louisville and Nashville shares advanced at
the opening but fell off almost soon as the
bulge" in Southern Railway came. Transac-
tions in Louisville and Nashville aggregated
57.54O shares. the stock closing at 12l, net
loss for the day of point
While the excitement over Southern Railway
was at its height brokers the floor refused
deal in less than 1000 share lots specialist
in Southern Railway tried to sell 400 shares at
4O but could not. bids were being made at
that time for only lots of 1000 shares orr more.
On April "a 1901. there were 662.SO0 shares
of Union Pacific sold the New-York Stock
Exchange during the struggle between the Nor
gan and Hartman interests. which eliminated
in the May panic That record was broken yes
terday. The dealings in Southern Railway COM
mon on the Stock Exchange during the first
hour amounted to about $50 600 shares, and for
the two hours up to noon TO upward of half a
million shares. This breaks all records for deal
ings in a single stock for one hour and for two
hours on the New-York Stock Exchange
There was one quotation the tape which
had not before been seen this year. IL was a
transaction in 500 shares of Chicago. Burling-
ton and Quincy at 34A. The last sale, last fall
was at 95l2
Fully twoscore brokers were active in the
buying and selling Os Southern Railway COM
mon Prominent among these were representa-
tives of Talbot j. Taylor & Co.. Van Emburgh
& Atterbury A. A Housman & Co., F. W. Savln
e Co J. s Bache & co. and VI. G.. Bouvier S
Co About half the room traders and free
Iances'' took hand in the game at one time or
other Harris Gates & Co. were reported 70
have bought and sold 100000 shares in the
course of the day.