Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-08-11

NEW YORK. Aug s-The American
says: The final chapter in the history OF
the Gates corner of Louisville and Nash
VIII stock is to be read.
The manipulation of this most deter
mined master of corners will profit his
clique SC. 600 GOETHE result of four months
determined work and an infinite amount
of confidence and grit.
The end OF the corner. according to the
belief Of Wall street, lands a big majority
of the stock OF the Louisville and Nash
willie road in the hands OF j. p. Morgan
the merger master''-and clears the way
for that vast consolidation of railroad
interests first foreshadowed by the Ameri-
can.
Louisville and Nashville stock, which,
in the early part Of April was quoted at
los, but which under manipulation by John
W. Gates advanced by leaps and bounds
to a figure that finally forced August Bel
mont out Of the control, touched the top
notch of 149 IA yesterday, closing at 40, a
net gain of SIS for the day.
Top Notch Reached.
Forty-six thousand FIVE hundred shares
were sold and the Wholesale demand Of
the stock sent Wall street specializing
wildly as to the meaning of this sudden
reminder Of the days IN April when Gates
started In to buy all L. g. N. in sight.
tivity in the road now practically con-
trolled by the Harris-Gates- Eawley crowd
were noted visits at the office of Morgan
g. Company by Belmont, President Sam
uel Spencer of the Southern railway, and
John ". Gates, and the rumor spread
rapidly that Morgan & Company, who are
believed to hold 10000 shares. bought at
about 80, have agreed to take over the
Gates syndicate holdings Of 100000 shares
for $50.
Allowing that the Gates control of the
stock was secured at an average price Of
100. this settlement by Morgan g. Company
would mean a profit of &C. 100000 for the
Gates crowd-a handsome tribute to the
sagacity Of that successful manipulation Of
corners.
The control of the added block OF stock
by Morgan g. Company would abear out
most strongly the long repeated report Of
the intended merging of Louisville and
Nashville and the Southern railway, as
Mr.. Morgan practically owns the latter.
As the American pointed out nearly two
weeks ago a great consolidation of roads
to control the traffic from the Lakes to
the Gulf and the South Atlantic ports by
means Of a Southern Security company,
awaits only the. settlement OF the North
ern Securities company contest.
South Feels Alarm.
Sentiment IT. the south is against any
such traffic trust and the people Of Ten
nessee have already taken alarm at the
. threatened monopoly of their markets and
have called upon the governor to take
steps to thwart such a combination.
The question Of trust or no trust prom
fses to become an important political fea-
ture IN other southern states. that would
be affected by the denomination of one
railroad clique. and denials OF any whole>
sale merger have come from various
sources; but II the merger itself is not
actually in process Of formation many
smaller combinations are being made with
the general end In view Of making the
final consolidation Of these smaller unions
more easy when the time for its consum-
mation "a ripe.
, The return Of Mr.. Morgan within a few
days viii, II Is believed, be the signal for
an important announcement of traffic con-
solidation-whether such consolidation be
termed merger" lease or friendly
agreement