The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-17
SPENCER AGAIN SPEAKS
Says Morgan Acted to Brevent a
Threatened Corner.
MANY CONFERENCES HELD YESTERDAY
Seaboard Expected 10 Share in Any Arrange
ment That May Follow the Deal. Gates
Efforts 10 Secure Interest in
the Southern.
By the Associated Press.)

0By the Associated Press)
| New York, April 16.-Further prog
ress was reported today in the settle
ment Of the Louisville and Nashville
matter George w. Perkins, of j. r.
| Morgan and Company, and John w.
Gates, who claims control of the Louis
Vile and Nashville were in conference
during the day at the Morgan banking
! house
1t is assumed that the lines of the
| agreement between the Gates and Bel
mont parties were discussed, but on this
and all matters dealing with the situa-
| tion Messrs. Perkins and Gates were ST.
| lent.
Samuel Spencer, who said yesterday
! that the Southern Railway of which he
! is the executive head, had no interest
in the Louisville and Nashville, also
called to see Mr.. Perkins. He had roth
ing to add to his statement of yesterday.
A~semi official statement credited to
member of ]. P. Morgan and Com
pany to. the effect that Louisville and
Nashville is now a Morgan road. and
that its policy will be dictated by Mr..
Molgan was discredited by one of the
latters partners this morning
Morgan and Company will act as
trustees of the Louisville and Nashville
Railrt ad," said this partner ''rhat is
all we have been asked to do and we do
not propose to go outside our province
The regular monthly meeting of the
Louisville and Nashville directors is
scheduled for tomorrow in this city. 1t
is altogether unlikely however that
the meeting will be held as the directors
are scattered all over the country and
1t Will be almost impossible to gather
| a quorum. August Belmont had moth
ing to add today to his brief statement
OF last night 1t may be stated, how
ever, that the Belmont interests dc not
admit having lost control of the Louis
vile and Nashville.
Mr. Belmont declines absolutely to
discuss this point and has nothing to
say regarding the statement that he toe,
VIII turn over some Louisville and
Nashville stock to ]. p. Morgan and
Company
A statement of Harris Gates and Com
pahy that they bought control of Louis
vile and Nashville" implies that thew
actually mold physical possession of over
100000 shares of the stock, including the
stock now out on "time" contracts and
deliverable some two to four weeks off.
Efforts to get a definite statement from
me Gates interest regarding this phase
OF the situation were futile. This nat
ufally gives rise to the suggestion that
some changes may soon take place in
the Louisville and Nashville board-tbat
Mr.. Gates will oe permitted to name sew
eral directors. From the highest possi-
bic source, however, comes the statement
that no change is likely to be made in
the Louisville and Nashville directorate
until Mr.. Morgan's return from abroad.
Mr.. Morgan is not expected back until
the early summer.
One of the latest versions of the Louis
vile and Nashville situation is as fol-
lows:
The Gates holdings have been divided
into three parts J. p. Morgan and Com
pany taking one third and Messrs Gates
and Hawley the remainder. Morgan and
Company take the interest on the un-
derstandng that Louisville and Nashville
IS to be operated in harmony with Nor
gan interests in the same section of the
country
Yesterdays move in Southern Railway
is attributed to Mr.. Gates desire to Sc
cure an interest in that property. He
is reported to have been Informed that
the best way to get it was to go into
the open market. which he and his fol-
lowers are reported to have done to the
extent of about 100000 shares.
The substance of these reports was
outlined to Samuel Spencer. President OF
the Southern. He appeared to be inter
ested, but made no comment.
Mr.. Spencer and Mr. Stetson. attorney
for }. ?. Morgan, spent considerable time
at Morgan and Company's office this af-
ternoon comforting with Mr.. Perkins. All
interested refused to discuss the terms
of the agreement between NJ. Gates and
Mr.. BalmOnt, nor could it be learned
when the terms arc likely to be made
public.
Mr. Belmont made this statement later
respecting the reported meeting Of the
Louisville and Nashville road tomorrow:
This meeting is cnly one of the regu-
lar monthly meetings OF the board,
No quorum is likely owing to the alb
sence Of some Gf the directors. In any