The times. [volume] (Richmond, Va.) 1890-1903, 1902-04-16
Total Sales Reached s64,5olo !
0ut.of Total Of 1, 200, 600.
MORGAN 4 COMPANY BUYERS.
Followed Statement that Gates q Co.
Had Secured Controlof the Louis-a
Vile and Nashville Many Con.
ferences Pres't Spencer
Denies that His Road
Would Control.
fBy Associated Pres,.)

{By Associated Press)
NEW YORK, April 15:--Wall Street
passed through one OF its most exciting
and sensational periods to-day. The Louis.
Vile and Nashville situation. which had
hung menacingly over the district for a
week or more. was cleared by the undls-
puted statement that John w. Gates and
HIS associates had wrested control OF the
property from the Belmont party. and
were in absolute possession. Accompany
ing this statement. which had been dis
counted the day before. was one that the
Gates faction had selected j. Pierpont
| Morgan & Company to settle the differ
ences between the contending interests
While these events were happening a
| movement without parallel in the hiss
tory OF the Stock Exchange was on In I
Southern Railway. Trading in Southern
Railway common set in on a tremendous
scale, and at one time centered almost
entirely in that stock. 1t became evident
before the opening of the market that a
settlement would be reached. At the OF.
fee of J. P. Morgan e Company a series
of conferences began before 10 O'Clock.
Those present during the morning were
George Perkins and William Pierson Ham,
ilton. representing the Morgan interests:
August Belmont. Samuel Spencer. presi-
dent of the Southern Railway; Edwin
Hawley. president of the Iowa Central,
and Minneapolis and st. Louis Roads,
John w Gates, Talbot ]. Taylor. head OF
the brokerage firm of that and
son-in-law of James r. keene. and Fran
els Lynde Stetson, one of Mr.. NI1rgan.s
attorneys. This conference broke up
shortly before II O'clock
MADE STATEMENT.
Mr. Gates was among the first to leave.
and it soon became known that he would
issue a statement telling oe a peaceful
| solution of the situation. Shortly beforo
noon the appended announcement was giv-
en- out by the brokerage firm of Messrs
Gates & Company. in which John w. Gates
Is "a special partner:
We have bought large amount OF
stock of the Louisville and Nashville
r adj We did not buy it for speculation.
pat: for Investment, believing absolutely
Ill the present and future value. OF the
property. There will not be any corneo
| N the stock. We have placed the entire
m after in the hands OF J. 2. Morgan and
company, and requested them to act 4
I ;.-bitrators in the situa ton. because Nc
know that they have no interest whatever
| In the property or in recent purchases.
/ This statement was later changed so
that 1t reads: I'VE have bought con-
| troll" etc The correction was made by
John F. Harris, who had Just paid a
second visit to the Morgan banking house.
Mr. Belmont made another hurried visie
to Morgan and Company's soon after tho
| Gates statement was issued, He de-
clined to say anything, as did the Nor.
I! gan representatives. sEss sZg.
A1r. Perkins. who had been most activs
i in the preliminary negotiations. seemed
at first disposed to say something deal-
( Ing with the terms arranged between ths
Gates and Belmont factions. He changed
!; his mind, however. and announced that
/ some definite declaration would be made
! by the arbitrators later IN the afternoon.
| When that time came. Mr.. Perkins de-
cided to withhold the Morgan statements
| until late at night. Mr.. Belmont on hear
Ling of this. decided to withhold anything
4 he might have for publication until the
Morgan statement had been issued. Mr.
/ Perkins and Mr. Belmont were In con-
/ ference late in the afternoon. and both
said that formal declarations would be
sent out by them before midnight
TREMENDOUS DEALINGS.
Throughout the day opetations in soutl-
/ ern Railway shares continued on an
enormous scale The demand was extra
ordinary almost from the outset. Tbs
A common stock advanced q 5-s and tl1s
preferred 8 10 points Blocks of 0,oll >
and 10000 shares we're common and there
was one string lof 90 oc1 shares and
i another OF 1900 while TIE trading was at
4 its height. Much OF the early buying was
/ attributed to Morgan influence. but fe
soon became clear that the Gates citQue
j as well as room traders generally Wers
i taking hand in the game
4 In the first half hour fully a0,0 900 shares
OF Southern Railway common chanssd
/ hands BY the end OF the first hour
4 transactions in this stock alone reachedsH q
i total of over ;;50.0 COO shares. BY noon cons
Isiderably more than half a million shares
had changed hands s8ss
4 Dealings fell of after that to some ex-
4 tent. but tha records for the NUMBERED
! shares of a single stock sold In one ho.ir.
i in two hours and in one days trading
were all shattered as a result OF South-
Il ern Railways performance to-day. The
total sales for the day reached total. Ct
II ss4 800 shares. The total outstanding
1 stock of the company is 10000 sh1res.
4 on April "a, 1901. there were Ss.s9d
4 shares of Union Pacific sold on the New
4 York Stock Exchange during The strug-
q gle between the Morgan and Hartman
s interests which eliminated In the Nay
). manic. The record was broken today.
4 There were complaints that no order FOR
Il less than a thousand shares could be seN-
Il ecuted. The stock sold after the open
It ing at 81 IL. compared with 50 IL Last
Il night There were numerous f1ctua tons
! before5it advanced TO 20 L. aud after thS
Fl reactions from the top figures About
. this same time there was marked strength
4 in Illinois Central and chicazo. Indian.
81 apoIis and Louisville 81 CAfononi. based
q presumahlyEo on the. belief that these roads