The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-04-18

chicago, lndiapollS and Louisville
(Monon) based. presumably on the be-
lief that these roads would benefit in
some way by the selection OF Morgan
& Co, as arbiters 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 un-
derstand why Morgan interests should
want to increase their holdings OF this
stock. Later, when il was seen that
the Gates crowd and spectators gen.
orally were buying in Southern common
the movement partook OF purely spec
ulative character, and although the
stock continued phenomenally active
throughout. heavy profit taking sent it
below the high level. In spite of num-
erous attempts to rally, the price fell
off to 37A and the closing was 377s,
net gain for the day of 35s.
Louisville and Nashville shares ad-
vanced at the opening, but fell
off almost as soon as the bulge in
Southern railway cane. Transactions
in Louisville and Nashville aggregated
about $4,000 shares, the stock closing at
127, net loss for the day of one point.
Fully two score brokers were active
in the buying and selling OF Southern
railway common. About half the room
traders and free lances" took a hand
in the game at one time or other.
HarEs, Gates & Co., were reported to
have bought and sold 250,010 shares in
the course of the day.
That the Southern Railway Company
will have considerable TO say as to the
future of Louisville and Nashville be-
came the conviction of most Wall street
men before the close Of the day. Pres
ident Spencer, when asked as to the
future relations of Southern and Louis
vile and Nashville, roade this state
ment:
THE Southern railway had no inter-
est 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 or indirectly?"
mo. Neither directly or Indirectly,
| in any shape, manner or form will the
Southern railway have anything to do
| with the Louisville and Nashville"
Mr.. Spencer, Mr.. Gates, Mr.. Harris,
Mr.. Perkins, Attorney StetSon and sew
eral other of the interested parties held
| another conference at Morgan & Co.'S
| late in the afternoon. This conference
preceded the meeting between Mr.. Per-
| kins and Mr.. Belmont at which it was
| decided not to issue the Morgan-Bel-
| mont statement until late at night.
Edwin Hawley, who had not figured
| in the Louisville and Nashville matter
| before the previous day, was also
among the late callers at Morgan &
| Co s. Mr.. Hawleys interest in the sit
! uation has not been made clear, but
| he vouchsafed the statement earlier in
| the day that. he was a large holder Of
! Louisville and Nashville stock and a
| firm believer in its future prosperity.
| Reports recently coupled Mr.. Hawley's S
name with that of Mr.. Gates in the re-
| cent Colorado Southern and Colorado
Fuel and Iron deals.
| No definite statement as to what dis
| position Morgan & Co, may make of
| Louisville and Nashville is looked for
| until the pending legal entanglements
| growing out of the Great Northern Pa
| cific merger are settled. Should South
| ern railway acquire a majority interest
/ in Louisville and Nashville, it is assum-
/ ed that the Illinois Central road, which
| parallels Louisville and Nashville ter
| ritory, and is dominated by the Harri-
man interest, will receive some very
| material concessions. That Illinois Cen
trail desires a majority interest in
| Louisville and Nashville is not gener-
| ally believed.
George w. Perkins, a member of the
| banking house of ]. p. Morgan & Co.,
gave out the following statement to-
| night:
AT the request of Messrs Harris,
| Gates & Co. who on their own inde-
. pendent account have recently made
| large purchases OF Louisville and Nash
| vile railroad stock, Messrs. J. p. Nor
| gan & CO., as bankers, have consented
| to take control OF the stock so pur-
chased and to receive the same on de-
| posit.
They have so consented solely to re-
Ave the general financial condition and
not for the benefit of any railway COM
| pany The Southern railway has no in
| terest, direct or indirect, present OF
| prospective, in this stock or in its pur-
chase or deposits. Messrs. j. p. Morgan
| & Co., are acting with the cordial as
sent Of Messrs. August Belmont & Co.
On this statement being shown te
| 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-
| tions by which J. F. Morgan & Co.
have consented to take control and de-
| posit of the stock of the Louisville and
Nashville Railroad Company, pur-
chased by Harris, Gates & Co. The
statement by Messrs. ]. P. Morgan &
Co, just made public mas my unquali-
fed approval and there will be no con-
test for the control OF the Louisville
and Nashville Railroad Company"
Louisville, KY. April l5-The Post to-
day says:
Governor ]. c. W. Beckham was ask
ed il he would take ally action to pre-
vent the absorption OF the Louisville
and Nashville road by the Southern
road, If such an attempt was made. H,
! said:
81 have considered this matter bu
/ am not ready to state at this tim;
what steps 1 will take. My action viii
be governed by the law Of this state II
this connection and it is we'll known
what this law is''
| The law is as follows:
mo railroad, telegre ph. telephone
bridge or common carrier compan!
shall consolidate its capital stock, fran
chises or property, or pool earnings IL
whole or in part with another railway
telegraph, telephone, bridge or common
carrier company owning a parallel o
; | competing line or structure, or acquir,
by purchase, lease OIL otherwise an,
parallel or competing line or structur,
| or operate the same, Tor shall and rail
| road company or other common carrie
companies make any contract with tn
II - -