New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-15
I. & N. OFFERED TO MORGAN.
JOHN W. GATES SAID TO HAVE FROFFEHED CONTROL
TO SOUTHERN RAILWAY COMPANY


sale. From 133 It plunged down to 12S at the
close, a net advance for the day of SA points
HEAVY BUYING FOR SYNDICATE
1t seemed evident that the sensational ad-
vance was due in part 10 short covering, but 1t
was thought that it might also have represent
ed determined and heavy buying for the long
account by the Gates syndicate to enable it to
go INTO the conference later in the day with
clear 9jority of the stock of the road There
was q runor that Mr.. Belmont and his asso-
ciates were buying stock in the hope Of retain
ing control, but few credited this story. The
stock loaned yesterday afternoon at ; per cent,
a rate which gives indication of an impend-
ing corner. and several houses in the Street
made known their willingness to lend it if de-
sired
The sharp upward rush of Louisville in the
last half hour demoralized the rest of the mar
Ket- st. Paul, for example, which had sold after
. O'Clock from 16S up to 10 dropped to 161 in
few sales and rallied to 1GS at the close
There uneasiness everywhere over the
Louisville and Nashville situation. and commits
sion houses were suggesting to their customers
TO withdraw from the market until things be-
came more settled. \ few stocks besides Louis
Northwestern, which advanced :. points in the
last hour and closed at DIS. II points above
Saturdays close: and Omaha. which advanced
10 points sales of only 200 shares. No eXpla
nation of their strength was obtalnable.
ILLINOIS CENTRAL STRONG
that road might take over Louisville and Nash
vile, advancing to HOS: but the late slump
carried it down to l43. and it closed at 143$i, a
net gain of only a OF a point. The Southern
Railway issues were not especially prominent.
the common gaining only Is and the preferred
losing u point
WHY SOUTHERN RAILWAY NEEDS IT
AS already said. the offer Of the Louisville and
a "a / p
means its absorption by the Southern Railway
Company. The road is in a sense rival of the
Illinois Central, but it is the Southern Railway
with which its lines closely interlaced. Con-
trolling Louisville and Nashville, the Southern
Railway would have a direct line between New
Orleans and Cincinnati. from which point
the Monon, which is a Morgan proper
ty would give it entrance to Chicago.
the Louisville and Nashville connection
is made with the Choctaw. Oklahoma and Gulf
which it is understood the Rock Island has ac-
quired. system which is now controlled by the
Moores who identified with the First Ma
tional Bank party, allies of j. p Morgan & Co,
and il is not unreasonable to suppose that the
Rock Island would share in the benefit of ac-
QUESTION of the Louisville and Nashville by the
Southern. This alliance. indeed would give the
Rock Island access to the Atlantic seaboard as
we'll to the Gulf,
Edwin Hawley is rather closely identified with
the Hartman interests. who dominate the llli-
nois Central, and his presence in the Gates syn
dicate is taken by some 10 indicate that in the
disposal of the Louisville ana NaShFsle the III
nois Centrars interests viii in some effective
way be safeguarded.
Louisville. April 14.-Regarding report which
has been sent out from New-York that Attila
Cox. of this city director of the Louisville and
Nashville Railroad Company had confded to
John w Gates the fact that S5,O00O00 of new
stock would be issued. thus giving him the in
forrna tion which led him to try to gain control
of the Louisville and Nashville road, Mr. Cox
said TO-DAY: The whole thing is untrue from
beginning to end. / never once had conversa-
tion with Mr. Gates on the subject, and never
had any correspondence with him.