The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-08
MORGAN At OYSTER BAY
Financier Talks Chinese Railroad With
President Roosevelt.

Oyster Bay. Aug. 81. Pierpont
Morgan, of New York, had a conference
with President Roosevelt, lasting an
hour and half. The president himself
is authority for the statement that 1t
related practically entirely to the case
of the Hankow railroad in China, con-
trolling interest in which is owned by
]. p Morgan & Co. Incidentally, ana
as relating in a measure to the railroad
interests held by Americans in emma,
the pending peace negotiations formed a
topic of conversation between the preSl-
dent and Mr.. Morgan.
Mr. Morgan came to Oyster Bay I'M
heralded While his visit was by APP
pointment, nothing concerning it was
permitted to leak through official
Sources until after he had gone.
Shortly after noon Mr.. Morgan's big
steam yacht Corsair anchored IN tne
lower bay about three-quarters OF
mile from the dock of the Sewanhaka-
Corinthian Yacht club on Center island
When observed from the shore, she was
flying the absent flag, indicating ordl-
narily that her owner was not ABOARD
Nevertheless he was there, and in few
minutes entered a steam launch and
was taken ashore. One of the presl-
dents carriages was in waiting for NM
He was driven directly to Sycamore
Hill, arriving there about o'clock he
remained for luncheon with the presi-
dent and Mrs. Roosevelt, and for some
time afterward. The suggestion was
made that Mr. Morgan's visit and that
of Secretary Shaw little earlier might
be more than a coincidence, but they
had no relation at all with each other
Secretary Shaw and Mr.. Morgan did
not meet and the purposes OF their
visits were entirely different.
The president and Mr.. Morgan dis
cussed fully the Hankow railroad con-
cession. This was not the first time the
subject had been considered by the
president. Several months ago the QueS-
ton was taken up by the president ana
his cabinet and considered thoroughly
An effort is being made by the Chinese
government to purchase the concession
from the American-China Development
company which owns the railroad ana
the tributary concessions. The railroad
now is in operation between HankoW
and Canton distance of only about
thirty miles, but the company, which is
absolutely controlled by American cap
italists, owns concessions and has made
surveys for several hundred miles of
railroad lines.
Chinese government to the American
China Development company to pur-
chase the Hankow railroad and the ex-
tension concessions. 1t is understood
that the price offered is about Sl.oOo,
900. Some of the American holders of
the stock are inclined to accept the
proposal, but the European holders,
who have a minority of the stock, in
SiSt. they claim IN the interest OF
various foreign countries, that the
road and it's concessions be not sold,
but that they remain in control of the
In behalf of the latter it is argued
that a railroad in the heart of China,
operated by responsible and aggressive
American business men in connection
with the American steamship lines
would be of enormous advantage, not
only to the American producers of all
kinds, but to those of the civilized
world generally. It is said that King
Leopold of Belgium, who owns some
of the stock, takes this view of the
situation and is vigorously opposed to
yielding to the proposition of the
Chinese government. A meeting Of,
the board of directors of the Amer
lean Chinese Development company is
to be held in Jersey City on the 29th,
and it is expected that at that time a
determination will be reached as to the
acceptance of China's offer.
No details of the conclusions reach
ed at the conference between the
president and Mr.. Morgan are OBJ
tainable No information was obtain
able either, as to whether or not they
considered the peace negotiations in
relation to the flotation of a Russian
loan in this country, in case the en-
voys should reach an agreement which
should render it necessary for Russia
to raise a considerable sum of money.
Mr.. Morgan at the conclusion of the
conference went Immediately to the
Corsair.