New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-30
THE CLOVER LEAF SOLD
One of the Roads SAID To Be IN the
Ne1o Hartman System.

Chicago, Dec. 29-"The Daily News says to-day
that the formation OF committee to receive de-
posits OF Chicago and Alton stocks and the Sc
lection of T. P. shonts for the presidency of the
Clover Leaf are merely the initial steps toward the
consolidation of five Western railways. big
system is in process of organization. The trunk
line will consist of the Kansas City Southern, the
Chicago and Alton, the Iowa Central. the Clover
Leaf and the Minneapolis and St. Louis.
E. H. Hartman. John W. Gates and Edwin Hav-
ley the influential forces in the scheme Messrs
Gates and Hawley. by the purchase OF General
Hubbards holdings, have come into complete con-
troll of the Glover Leaf; they also prominent in
the Kansas City Southern, and they have interests
In the Alton Iowa Central and the Minneapolis and
ST. Louis. which are virtually in the control Of
Hartman. Messrs. Hartman. Gates and Hawley
as well as John ]. Mitchell. have deposited their
Alton holdings with Kuhn. Loeb s. Co.. the bank
Ing house which will receive all of these securities
as the preliminary to further negotiations
II is understood that General Hubbard's Glover
Leaf shares sold at so and so for the preferred
and common, respectively. The general stipulation
was that outside holders who wished to sell should
receive the same price from Hawley and Gates.
The report that control Of the Clover Leaf (ths
Toledo ST. Louis and Western Railway Companvl
had passed to interests was confirmed yes
terday afternoon in Wall Street 1t is understood
however. that John ". Gates has had no part in
the transaction. but that the new controlling In
terests are Edwin Hawley. H. z. Huntington and
their associates. Messrs Hawley and HUNTINGTON
are directors OF the company. 1t is learned that
T. P, Shonts. who president OF the Indiana I'LL
nois and Iowa Railroad Company up TO its absorb
ton by the Lake Shore and Michigan Southern a
year or so ago. is soon to be elected president OF
the Clover Leaf. succeeding Benjamin Norton The
following statement regarding the latter was issued
yesterday:
w: A. Read, chairman OF the board of the Toledo
ST Louis and Western Railroad Company author
ICES the statement that there is no truth in tha
report puolished IN the Chicago papers that owing
70 irregularities in the manag cement the resignas
ton OF BENJAMIN Norton. president has been ac~
copied Mr.. Norton presented some time ago his
resignation 10 the board asking to be relieved an
It's convenience. but successor has Vet been
appointed, dis management of the property has
peen highly satisfactory, as the results show The
board has the fullest confidence in Mr. Norton
integrity and ability.
No statement could be obtained yesterday from
any Chicago and Alton interest concerning the
Identity OF the prospective purchaser of that prom
erty. II was reported in Wall Street with more
or less pesitveness that the persistent buyinr Of
Alton common stock In the open market durine TIA
last two months has been for account Of M
Louis and San Francisco. acting under aereenen,
with Mr.. Hartman. Rumors have often been bear
m the past OF plans in preparation for the com.
bination Of the Kansas City Southern the Alton
and the Clover Leaf into new trunk line extend.
Ing from Port Arthur the Gulf through Konsss
City and St. Louis to Lake Michigan an CbiSaso
and Lake Erie at Toledo.