Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-08
The TRANSACTION KEPT QUIET.
President Hoffman and General
Manager st. John to BE Retained
Future Policy to he Conservative.
How the Deal Was Made.

clusion.
The details of the transfer were COM
pleted Tuesday az Norfolk. and the pro-
perty is now virtually in new hands. II
is stated. however, on the authority Of
Colonel Harvey, who spoke in behah of
the purchasing syndicate. that the Sea-
board was not bought for the Southern,
but on the contrary will be operated In
connection with the Port Royal and
Augusta road This line is controlled by
Messrs. Thomas and Ryan, who gained
nrornirence in railroad circles as the re-
oreanizers of the Georgia Central rail-
road.
Under the terms by which the transfer
of the Seaboard stock was made, about
1000 shares which had been held In pool
bv Judge Watts of Portsmouth, va;
Alexander Mclean, Of Baltimore, and
Noncure Robinson. Of Philadelphia were
bought i'm at about Sll0 share, and In
order to bind the bargain big cash
bonus was deposited.
THE DEAL WAS UNEXPECTED.
The circumstances leading up 10 the
purcbase of the pooled control OF the
Seaboard were marked with SURPRISES
especialIv TO President Hoffman, who had
iourneyed to Portsmouth, believing
confidently that he controlled nine-tentns
OF the stock He was unaware that the
RYAN syndicates together with General
Gill president Of the Mercantile Trust
Company. which has been the Seaooarus
fiscal agency and backer were uoins
missionary work among the holders Oh
stock. and hence. the announcement be-
fore the annual meeting OF Seaboard
stockholders that the controlling interest
had passed out Of his hands came 70
him in the nature Of a thunderbolt shock.
PRESENT OFFICERS TO REMAIN.
One OF the conditions of the transfer
was that the old officers of the road
should be continued for year, and this
was readily agreed to- though, Of course
they will conduct the road as Mr.. Ryan
and his associates direct and its future
policy will be one OF conservatism. IN
stead OF being the thorn In the sides OF
the other southern lines il Will hence
forth be found working In full sympathy
with them, and there Is every assurance
that the rate Generalization which has
characterized the southern situation du-
ring the past twelve months will ineVita-
bly, pass away.
The negotiations that resulted In the
deal were quickly arranged The collec-
tion of stockholdings had been In pro-
gress for a week. but the interview pc
tween Mr.. Ryan and the pool committee
was a very brief one. The oiter OF apout
$40 per share for the stock was accept
able and no time was lost IN preparing
the papers, which were taken TO Balti-
more tuesday night. The contract was
drawn up by Henry Crawford, or New
York. and Judge Watts
ST. JOHN STILL MANAGER.
One Of the new owners is quoted as
l.
sun why Mr. st. John should not be con-
tinued i'm office. He has conducted a very
stubborn fight. and why cannot ne pur-
sue a policy OF peace as successfully az
he has waged a policy OF wartare2 MI
st John has done wonders for the Sea-
hoard AIRLINE. and we regard him as
one OF the best railroad men In tne
country" ,
Mr.. St John is NOT averse to continuing
under the new management, ana points
with justihable pride to MS record maj, maze
by following a policy which has orougnt
tho value OF the Seaboard stock from $ZO
to considerably over 500 per share.
THE BAY LINE. TOO.
A press telegram from New York to the
Dispatch last night, says:
'Tt IS announced here that the contract
for the transfer of the control Of the Sea-
hoard Air-Line To Messrs. Thomas and
RYAN includes also the control OF ths
Baltimore Steam Packet Company, Wnlcn
runs the Bay lime from Norfolk 10 Bal.
tinore I'm connection with the Seaooard
Airline"
A FLANK MOVEMENT.
The news Of the reported deal was
great surprise in Norfolk, as shown ~
the press kilograms from there. III WdS
said in a message received from there
last night that Judge Watts "empnaucai-
ly denied the sale OF his stock put ne ue-
clined to discuss the situation. The I'M
presslon seemed 10 prevail at the general
offices that the road had been sold.
The Norfolk dispatch continues:
This afternoon a movement was placed
on foot the successful contamination OF
which will effectually defeat the schemes
Of the SeabOards opponents. president
Hoffman to-day Issued a circular, under
date of Baltimore october 7th, inviting
all stockholders to sign an agreement 10
pool their holdings with a committee con-
sisting of Leigh II. Watts, OF portsmouth,
Moncure Robinson. OF Philadelphia, ana
IouIs McIane. of Baltimore. who. during
five years. from October ID, shall repre-
sent and control the pool anl manage
the stock and the voting thereof.
II Is provided that none Of the stock
shall be- sold during the five years, or
until ten days after abrogauon or tne
pool by the written consent or three
fourths of the signers Taken I'm connec-
tion with Judge Watts's denial of the
sale Of his stock, the appointment OF N.Y.
NcIane. whose holdings almost consu-
tute a controlling interest. 10 the com
mittee. would seem to indicate that Presl-
dent Hoffman considers It entirely FEAST
bic to defeat Mr. Ryan by his new nank
movement. This Il, OF course problemat-
cal
OFFICIALS ON-GET-Ar-ABLE
WILMINGTON. n. C., october 7.--Presi-
dent Hoffman, Vice President 81. John,
and Treasurer j. III. fharp, officials OF
the Seaboard Airline, arrived here to-
DAY from Portsmouth Va. and went
| directly through OH their private car 10
| Ocean View. where they will spend the
night. and will return to Wilmington to-
morrow morning to attend The regular
! annual meeting of stockholders Of the
| Carolina Central Railroad Company,
which will be held IN this city. In an
/ swer TO questions over the phone tney
say they will reply as soon as they get 10
| town tomorrow.
MIR. RYAN DOES NOT DENY.
NEW YORK, October Thomas r.
RYAN. I'm reply to a question OF inquiry,
| said that he would not deny the report
| that he had bought for himself and others
/ majority OF the stock Of the Seaboard
| and Roanoke Railroad Company.
AUTHORITATIVE STATEMENT
NEW YORK. October 7.-The statement
| Is authoritatively made that majority
| OF the stock OF the Seaboard and Roanoke
/ railroad which controls the various roads
| constituting the Seaboard Airline. has
heen purchased by Thomas f. Ryan. OF
! New York, acting for himself and General
| Samuel Thomas
| The understanding H. that the Seaboard
| Airline will be joined with the Georgia
| Central Port ROYAL and Augusta. and
Port Royal and Western Carolina roads,
which are controlled by Messrs. Thomas
| and Ryan
THE FLORIDA ELECTION.
-
Very Light yote-Democrutic e