The daily morning journal and courier., 1902-04-16
LOUISVILLE AND NASHVILLE
(Continued from First Page.)

Continued from First Pagel ment. believing absolutely in the pres ent and future value of the property, There will not be any corner in the stock. We have placed the entire mat ter in the hands of J P Morgan x Co.,, and requested them to act as arbiters in the situation because of the promi- nence of the property and desire not to disturb in any way the general market condition and because we know that they (Morgan & Co) have no interest whatever in the property or in recent purchases"
 MT. Belmont made another hurried visit to Morgan & CO.'S soon after the Gates statement was issued. He declln- ed to say anything, as did the Morgan representatives. MT. Perkins announce ed that some definite declaration would | be made by the arbters late in the af- | ternoon. When that time came MT. Perkins decided to withhold the Mor- gan statement until late at night Mr. l Belmont on hearing of this, decided to withhold anything he might have for | publication until the Morgan statement had been issued.
 Throughout the day operations in Southern Railway shares continued on an enormous scale, The demand was | extraordinary almost from the outset. | The common stock advanced BPS and the preferred 31a points. Blocks of 5000 and 10000 shares were common and there' was one string" of 3O,0OO shares and another of 370O0 shares, while the trading was at it's height, Much of the early buying was attributed to Morgan influence, but it soon became clear that the Gates clique as well as room trad CTS generally were taking a hand in the game.
 In the first hour fully 100000 shares of Southern Railway common changed hands By the end of the first hour transactions in this stock alone reach cd total of over 350000 shares. By noon considerably more than half a million shares had changed hands.
 Dealings fell off soon after to some extent. The total sales for the day reached total of S64,50O shares. The total outstanding of the company is l. 100000 shares.
 The widest rumors and reports were circulated to account for the record breaking activity of Southern Railway common Veteran brokers failed to un- 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 were buying in Southern Railway com mon the movement partook of purely speculative character Although the stock continued phenomenally active throughout the day heavy profit taking sent it below the high level
 Louisville and Nashville shares ad- vanced at the opening. but fell off al- most as soon as the "bulea" in South ern Railway came. Transactions in Louisville and Nashville aggregated about 5S GOO shares. the stock closing at 127, net loss for the day of 1 point.
 President Spencer when asked as to the future relations of Southern Rail- way and Louisville and Nashville, made this statement: "The Southern Rail- way had no interest in the purchase and it will have no interest in it at any time in the future Louisville and Nashville will not pass to the Southern Railway"
 Neither directly nor indirectly"
 No; neither directly nor indirectly, in any shape, manner or form will Southern Railway have anything to do | with Louisville and Nashville
 George w. Perkins, a member of the l banking firm of J P. Morgan X Co.,, | gave out the following statement to- night:
 At the request of Harris, Gates & | Co.,, who on their own independent ac- | count have recently made large pln- | chases of Louisville and Nashville | stock, J. F. Morgan x Co., as bankers, have consented to take contr )l | of the stock so purchased and to re- ceive the same on deposit, /
 They have so consented solely to re- lieve the general financial condition and | not for the benefit of any railway com pany. The Southern Railway has no interest direct or indirect present or in this stock in it's purchase or deposit J. F. Morgan & co. are act ing with the cordial assent cf Augpa, Belmont 8 Co,
 On this statement being shown to August Belmont at his residence he read it over carefully and then gave out the following typewriter statement:
 'I have been aware of the negotia- lions by which J. P. Morgan x Go. have to take control and deposit 1f the stock of the Louisville and Nash vile Railroad company purchased b. Harris, Gates x Go. The statement oy [ P. Morgan & Co., just made public 1as my unqualified approval and there will be no contest for the control of the Louisville and Nashville Railroad com oany."
 
 WRECK NEAR PLAINVILLE