The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-04-17
|. AND N. SITUATION
MORGAN q co. SIMPLY STEWARDS
OF PROPERTY.
SEAB0ARD WILL HAVE A HAND.
SAMUEL SPENCER TELLS HOW 1T
HAPPENED.

Monthly Meeting of Louisville and
Nashville Directors Takes Place
To-day, but No Quorum Is Expect
edwin Be No Change in Direc-
tors, Says August Belmont, who
Has Not Yet Admitted Loss of Con-
trol-COnfcrences mt Morgan q
Co.'s Office Continue, and Appar-
emily No Real Adjustment of the
Situation Has Been Reached.
New York, April 16.-Further pro-
gress was reported to-day in the set
| Element of the Louisville and Nash
Vile matter. George w. Perkins of ].
p. Morgan & Co, and John W. Gates,
who claims control of Louisville 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
situation, Messrs. Perkins and Gates
were silent
Samuel Spencer, who said yesterday
that the Southern Railway, of which
he is the executive head, had no inter-
est in Louisville and Nashville, also
called to see Mr.. Perkins. He had
nothing to add to his statement of yes
terday.
semi-ofiicial statement credited to
a member of ]. P. Morgan & Co., to the
effect that Louisville and Nashville is
Morgan road and that it's policy will
be dictated by Mr.. Morgan, was dis
credited by one of the latters partners
this morning.
Morgan & Co. will act as trustees of
the Louisville and Nashville road" said
this partner. THAT is all we have been
asked to do and we do not propose to
| go outside our province. We are to be
the stewards of the property and will
manage it for the best interests of the
stockholders"
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 direc-
tors are scattered all over the country
end it will be almost impossible to
gather quorum.
Belmont Does Not Admit Defent.
August Belmont had nothing to add
to-day to his brief statement of last
night. 1t may be stated however, that
| the Belmont interests do not admit
having lost cor roll of the Louisville
ana Nashville. Mr.. Belmont declines
| absolutely TO discuss this point and
| mas nothing to say regarding the state
| ment that he, too, will turn over some
Louisville and Nashville stock to ].
| P. Morgan & Co.
A statement of Harris, Gates &
! Co., that they bought control IF
Louisville and Nashville" implies that
they actually hold physical possession
| OF over 100000 shares of the stock. in
| Guiding the stock now out on time"
| contracts, and deliverable some two to
four weeks off. Efforts to get a def
mite statement from the Gates interest
| regarding this phase of the situa ton
| were futile. This naturally gives rise
10 the suggestion that some changes
may soon take place in the Louisville
and Nashville board-that Mr.. Gates
| viii be permitted to name several d.
| rectorS. From the highest possible
source, however, comes the statement
that no change is likely to be made in
the Louisville and Nashville director
rate, until Mr.. Morgan's return from
/
back until the early summer.
One of the latest versions Of tbe
| Louisville and Nashville situation is as
follows:
The Gates holdings have been divided
into three parts, ]. p Morgan e. ca.
taking one-third, and Messrs. Gates
and Hawley the remainder. Morgan e.
| co. take this interest on the under
| standing that Louisville and Nashville
is to be operated in harmony with Nor
gan interests in the same section of the
| country.
Gates Was After Southern.
Yesterdays move in Southern rail
way is attributed to Mr. Gates desire
| to secure 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
followers 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
interested, but made no comment.
Mr.. Spencer and Mr.. Stetson, attor-
ney for j. p. Morgan, spent consider
able time at Morgan & Co.'S this after
| noon comforting with Mr. Perkins. All
interested refused to discuss the terms
of the agreement between Mr.. Gates
anu MI. beptnoHt, nor could II be learn
ed when the terms are likely to be
made public.
Will Be No Change, Snys Belmont.
Mr.. Belmont made this statement
later respecting the reported meeting
of the Louisville and Nashville road
tomorrow:
This meeting is only one of the reg
ular monthly meetings of the board.
No quorum is likely, owing to the
| absence of some of the directors. In
any event. there will be no change in