Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-04-17
MORGAN TRUSTEE"
OFFICIAL STATEMENT
President Spencer Wires
S. Nj. Inman a Denial
That Either rlorgan
or Southern Control.

NEW YORK. April 1s-Further progress
vas reported today in the settlement OF
the L & y. matter.
George ". Perkins. OF ]. Pierpont Nor
gan & Co, and J. W. Gates. who claims
control OF L. & N, were In conference
during the morning at the Morgan bank
ing house. It IS assumed that the lines OF
the agreement between the Gates and Bel
mont parties were discussed. out on TINS
and All matters dealing with the situation
Messrs. Perkins and Gates were silent
Samuel Spencer. who said that the
Southern railway had no interest IN L. q
n also called TO see Mr.. Perkins. he
said nothing 20 add TO his statement OF
yesterday.
a seu,i-onicfai statement credited 70 a
nember Of J.. p. Morgan & Co. to the eff
feet that L. & n. is now a Morgan road.
and that It's policy WI be dictated by Mr..
Morran was discredIted by one OF the lat
ter's partners this morning
Morgan a Co. viii act as trustees OF
the i. & n. road said this party. mat
Is all We have been asked TO do. and we
do not propose 70 so outside our province.
We are 70 be stewards Of the property
and will manage Il for the best interests
OF the stockholders
The regular monthly meeting OF the l.
A. " directors Is scheduled for tomorrow
IN this cts. Il Is altogether unIkeiy,
however. that the meeting viii be held as
the directors are scattered all over the
country and II wfil be almost Impossible
20 gather q quorum
AUGUST Belmont had nothing to add to-
day 20 his brief statement OF last night
II may be stated. however, that the BEL
mont interests do not admit having lost
control OF the I. & y. Mr. Belmont oe-
clines Absolutely 20 discuss this point ana
has nothing 10 say regarding the state
ment that he too will turn over some l. &
n stock 70 J. p. Morgan and company.
The statement OF Harris. Gates & Co
that they bought control OF L. & n I'M
plies that they are actually holding pny-
efcal possession OF over 90. oo0 shares OF
stock including the stock now out on
s.tfrne~ contract and deliverable some two
10 four weeks OF. Effort 10 get a definite
statement from the Gates interest regard
Ing thu phase OF the situation were fu-
fIIe. This naturally gives rise 70 the sug-
restion that some changes may soon take
place n the L & y. board that Mr.. Gates
wi be permitted TO name several dtrec-
fors. From the highest possible source.
however, comes the statement that no
rhanrs Is likely 10 be made in the 1. q
IL directorate until Mr.. Morgan's return
from abroad Mr. Morgan is not expect
e hack until the early. summer,
one OF the latest versions OF the Louis
Fs-The Gates holdings have been divided
into three PARTS. J. p. Morgan & co. TAX
frr one-third and Messrs- Gates & Haw-
lev the remainder, Morgan & Co. take
this interest on the understanding that
IN. Il 20 be operated in harmony with
Morgan Interests In the same section OF
the country.
yesterdays move In Southern railway Is
attributed to Gates desire 70 secure an
Interest In that property. He Is reported
% have been informed that the best way
% get II was 10 go into the open market.
which he and HIS followers are reported
10 have done TO the extent Of aoout 10000
shares. The substance OF these reports
vas outlined 20 Samuel Spencer. president
Of the Southern He appeared 20 be inter-
ested. but made no comment
Mr.. Spencer and Mr.. Stetson, attorney
Tor J. p Morgan. spent considerable
tine at Nr Morgan & Co.'s office this az
ternoon comforting with Mr.. Perkins.
An interested refused 20 discuss the
terms OF the agreement between Mr.. Gates
and Mr.. Belmont nor could Il be learned
when the terms are likely 70 be made
public.