The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-19
A FINISH FIGHT, SAYS KEENE,
SOUTHERN PACIFIC GIVES THE
SHORTS A SQUEEZE.


Suit TO Prevent Voting OF the Pool
Stock on the Ground That Pools Are
Had Things Under Kentucky Law.
There was . big squeeze yesterday Of
the short interest In Southern Pacific
stock The movement developed In the
final hour Of trading on the Stock Ex-
change. Early in the afternoon Southern
Pacific had sold as low as So, with deal
ings not particularly large. By 2 o'clock
the stock had advanced to OK. and from
that time on. under increasingly heavy
transactions, there was a rapid further
advance with tho price touching o7T Just
being made at ok. or ~ points above
Of excitement was created by the move
merit in the stock and many rumors cir
cliated, some Of them going 90 far as 10
auege that the stock was oornered.
srArKMBNr BY JAMES R. KEKNE.
James r. Keene. head of the Southern
Pacific pool. broke his silence after the
day was over and gave out this statement:
Whenever an unusual situation de-
velops In Wall Street II is invariably ac-
companied with statements purporting
10 come from rival interests connected
with 1t, and differences drawn therefrom
are given to the press as facts Amid
this confusion which has attended the
commencement OF suit by I. j. Taylor
Co. against the Union Pacific Rail- Dad
and It's directors ! had hoped TO preserve
absolute silence; but on reflection ! think
it advisable for me to state the situation
clearly, 80 that every one can understand
INJUNCTION SUIT NOT BROUGHT BIZ POOL.
The suit begun by 7. j. Taylor d Co.,
in which the right OF the Union Pacific
Railroad 10 vote its Southern Pacific stock
u quest ioned, and In which the manage
uient OF the company Is alta oked, and in
connection with which other legal ques-
tons are raised, is backed by me and has
been brought by my instruct ion. The
200 eco shares OF st ock used in the action
is owned by myself, 7. J. Taylor Il Go.
and other gentlemen; SO, 1000 shares Of which
antedsting the purchases Of Southern
Pacific stock by the Union Pacific Rail
road / wish TO make II perfectly clear
that the action is not brought for the ac-
count OF any pool.
POOL CONTINUED BY ALMOST UNANIMOUS
CONSENT.
Regarding the pool, however. Of which
lam manager, il has ben stated that there
10 dissatisfaction in it, II so ! have not
heard OF IL. and with two exceptions (Which
repr cont . very small holding) the re has
been unanimous consent to continue its
operation.
YIaHr TO FINISH.
This contest being inspired by me
] consider IL but proper TO state at this
junct ure that have but one purpose and
mana ge ment OF the company 10 chang, d
and the present dire ctors oustsd at the an
nual lection. The b. gal and moral equities
upon which the plaintiffs cort. are
stock which ! ropresent 10 20 great, that.
with the coSperstion OF other minority
stockhel<crs whose grievances are the
came, ] look forward most confidently to
Q euccsssful issue. II defeated, | am per-
fectly pre- pard to endure the corse QW nor e.
ATIAcKs Z. p. MANAGEMENT.
"The conditions which have precpitated
this struggle are so VICIOUS, opprt ssive and
burd6 nFome upon the stockholders az to
make 70 entrly clear that the pr, sent di-
rctors and exc cutive officers Of the South
em Peoao company are acting in q manns r
alsolutely r. pugnant 10 the true interests
Of the propsrty and tho stockholders. IL
scckho)d' N were ,mcharitable enough
TO think IL. they might he excus d the aus
r.clon that this money, earned 10y the
southern Pacific. had not ben applied 10
huermsnts upon the property, but 10 Other
m.r: for II there 10 any virtue In large out
aye for bsttermonts there should 10 de-
cnsss in the cost OF OPP ration, but this
not apparent in the Southern Pacific
case
A. To BEARS.
Every one Interested knows that snoe
,te control OF ,hl. proPsry was ac9uird
o1mpsny have ksn psrisis mt and consist
'rt bfars uI-pn Nh. southern Pacific stock
rhs they ttomss Ives wne buying II at
o." .ow pnos which this attitude 'nabks
thin TO 90 such ratio 81 expense TO
gross earnings, after the enormous sums
Which have hon put into The propsry.
boks moro lib. an attempted oonhsoation
~ u than snything els"
ylhsINos AND NJ pBssFs 90 rHT TWO koA 10
v oLe oonsiders tl.Gi he uuion Pacific
tslIosd Conn any oTsfaisd hs lace lasi
"a srcsiold.r, q no souil,n Isci6c
lomIafy ficuld ~ HlATm' q Wien tlsy
I'D tltt ~lih llIion Pacific .f.fhtIs
'rrsi 80 n clif ID r. "r' from lsooi 10
lSl-o2 ~ oTsiGiiIg NJ I''s ~ h"uil' ~
Wss lss' its, h. foIs stated "a loPT"f'
iof ~ hfsi ,svh months ~ the f.ssl s,ff,
srds astUS dsld u etifN a q oN'ftt 0S fss'
v 90 oomiaf,. ~. Iao~ns $50 80
nflu siils Doe 49, b. ~ ~. l'' 81 q oonssi -
- fsa lie, dafus III lat iii'' va,
" a. sp ~ ssoD hss lave h'h l's'h Il
- u.Ai ornpahf IA Iss fof slb s'd Addhs -.
y. NAhNfNf sfso fslatlafsf - 80 hsf y ~
nns ilst tlsss ol-teih.s, az nss az ~
HsYh d set II tl.is AZ i.ahnis AID a. 90
49, - ii,s ,Jsieihs '.isis.s - To-
tfel.ns Ad N g. i-iiSisf 40 No o. 30
ls a. tYsifin "a AH q fsfiinsH u 80 talii'
- q 10 siAns hsu'lsfn fsTlhg sAA hs
.ssst's issslS y ,'.'.isial lsi.a ~ is4,
tds frlaiha IA al ilsts ado sllii ~ o.
100 90 go tislif ufs ~ lah si4f
sssitts 80 a.isFAtf nDRfsoi % D
u if,ssi a. stfsi' "a a. st'ig 80 go
lsut seiiI a. = 49, slsi isf ilasi t.sst| 80 +.
iinl ssarlssd - a. tiit.A lseiG, H. ilii a.
sslstaG ftsf fls sfsts ~ y h'isiistf ~ ~
Hflsfi fssiis u tsiisil- N q iiis ~ 4 , 80
- a ts,.Ag AZ yslllt, isfslf s'Il
q = o. elsB "A Do - bee ~ Hff
fFst tssiu n ti OIL fSaHff sffh i.i
49, eco lasfisfs > ills Be- faH
L itis 80 a. fits isu piH
HIsf
A. D SEA- A. asl A. go IA 49,
fflafHH a 10 Fitsf Az iFfHfFi - ~
tsiItisl - - 49, $50 q 49, H. isssil.
o. ~. a. issi,,ie.l $50 ~ ii.s 4 ts.trr
NJ. ~ a.. -.