The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-08-08
]. P. MORGAN CONFERS
WITH THE PRESIDENT
DISCUSS OFFER OF CHINA TO BUY
HANKOW RAILROAD.

Morgan & Co. own Controlling Interest
in the Line and Hold Valuable Con-
cessiOns-PeIsin Government Will
ing to Pay $1,000, ,OOO--Some American
Holders Willing to Sell but European
Interests Are ,Opposed-~King Leopold
of Belgium would Hold On.
Oyster Bay, N. Y, Aug. ii. Pier
pont Morgan of New York had a con-
ference to-day with President Roose-
welt lasting an hour and a half. The
president is authority for the statement
that the conference related practically
entirely to the affairs Of the Hankow
railroad in China a controlling interest
in which Is owned by j. p. Morgan &
Co. Incidentally, and as relating in a
measure to the railroad interests held
by Americans in China. = the pending
peace negotiations formed a topic of
consideration by the president and Mr..
Morgan,
Mr.. Morgan came to Oyster Bay on
his yacht Corsair unheralded. While
his visit was by appointment, nothing
concerning it was permitted to leak out
through official sources until after he
had gone.
The president and Mr.. Morgan dis
.cussed fully the situation of the Han
kow railroad concession. This was not
the first time the subject has been con-
sidered by the president. Several
months ago the question was taken up
by the president and his cabinet and
considered thoroughly. An effort is
being made by the Chinese government
to purchase the concession from the
American China Development Co,
which owns the railroad and the con-
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 b American capt.
talists, owns concessions and has made
surveys for several hundred miles of
railroad lines.
A proposition has been made by the
Chinese government to the American
China Development company to pur-
chase the Eankow railroad and the ex-
that the price offered is about 81 900, 900.
ESone Of the American holders of the
hstock are inclined to accept the propos-
al, but the European holders, who have
q minority, as they claim in the interest
of various foreign countries, that the
read and its concessions be not sold,
but that they remain in control of the
Americans In behalf of the latter it is
Sargued that railroad in the heart
tof China, opera ted by responsible and
aggressive American business men in
connection with American Steamship
aines would be of enormous advantage,
mot only to the American producers of
all kinds, but to those of the civilized
world generally. 1t is said that King
lLeopold of Belgium owns some Of the
STOCK, takes this view of the situation
alnd is vigorously opposed to yielding
tp the proposition Of the Chinese gov
eminent. A meeting of the board of di-
r6ctors of the American China Devel-
Opment company is to be held in Jersey
CNy on the 29th inst, and it is expect
ed3 that at that time a determination
will be reached as to the acceptance of
Chhna's offer.
No details of the conclusions reached
at The conference between the president
and Mr.. Morgan are obtainable.
Mo information was obtainable, eth
er, as to whether they considered the
peaee negotiations in relation to the flo
tatipn of Russian loan in this coun-
try jim case the ENJOYS should reach an
agrelement which should render it nec-
essary for Russia to raise consider
able sum of money.
Mi. Morgan sailed on the Corsair
about o'clock.