The evening Republican., 1902-04-16
GATESCETSRAILWAY
Belmont Party Ousted From
Louisville and Nashville.
A RECORD DAY IN WALL STREET
Union Pacific Sales Outdone-sonth.
ern Railway Denies All Inter.
est In the PuroI ase Direct
ly or Indirectly.

l
ly or Indirectly.
NEW YORK. April 1G.-Wall street
passed through one Of its most exciting
and sensational periods yesterday. The
Louisville and Nashville situation,
which had hung menacingly over the
district for week or more, was clear.
ed by the undisputed statement that
John W. Gates and his associates had
wrested control of the property from
the Belmont party and were in abs0-
| lutte possession. Accompanying this
statement, which had been discounted
the day before, WAS one that the Gate.
faction had selected J. =. Morgan 4
| Co. TO settle the differences between
the contending interests.
| While these events were happening
| movement without parallel in the
history of the Stock Exchange was OF
in Southern railway. Trading IN
Southern railway common set in on u
tremendous scale. and at one time in.
tercst centcred almost entirely in that
stock.
In the first bali hour fully 100000
shares Of Southern railway common
changed hands. BY theend of the firsr
hour transactions in this stock alone
reached total Of over $4,000 shares
BY noon considerably more than half a
million shares changed hands.
Dealings fell of after that to some
/ extent, but the records for the number
Of shares Of Il single stock sold in one
hour, in two hours and in one days
trading were all shattered as a result
of Southern railways performance,
The total sales for the day reached q
total Of Si4. 800 shares. The total ont.
standing stock Of the company is 1.aOO,,
900 shares.
On April "a. 1901. there were GG2,SOC
shares of Union Pacific sold on the New
York Stock Exchange during the strug
gle between the Morgan and Hartman
interests which eliminated in the May
panic. That record was broken.
1t became evident before the opening
Of the market that a settlement would
be reached. At the Office of J. =. Nor -
gan 4 Co. Il series of conferences be-
gan before 10 o'clock. Before noon the
appended announcement was given out
by the brokerage firm of Harris Gates
4 Co. in which John W. Gates is
special partner:
I'VE have bought a large amount Of
stock of the Louisville and Nashville
a Il IL
ton, but for Investment. believing ah-
solutely in the present and future val
lie Of the property. There will not be
any corner in the stock. We. have
placed the cntir" matter in the hands
of j. y. Morgan 4 Co. and requested
them 10 act as arhitcrs in the situation
because Of the prominence of the prop.
crty and desire not to disturb In any
way the general market condition and
because We know that they Morgan L.
co.. have no interest whatever in the
property or in recent purchases
This statement was later chan2eds 50
that it read I'VE have bought control"
etc The correction was made by John
+. Harris, who had just paid a second
visit to the Morgan banking house.
The widest rumors and reports were
circulated to account for the record
breaking activity of Southern railway
common.
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 lhc close Of the day. prcsi.
dent Spencer, when asked as to the fu.
tlIrc relations of Southern and Louis.
Vile and Nashville, made this state
mcnl:
The Southern railway had no inter-
est in the purchase, aud 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 South
crn railway have anything to do with
Louisville and Nashville"