Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-19
CLOSING THE DEAL
Outcome Of the Meeting Here Today
Of Railroad Magnates, go
TRANSFER OF TIE SEABOARD CONTROL
It is Said New System Will Be
Formed.
AS TO THE PRESIDENCY

Arrangements have been completed 50
that it is expected during today the abso-
lutte control of the Seaboard and Roanoke
Railroad Company will pass to the Gill
Ryan-Thomas syndicate. which juse pre-
vious to the recent annual meeting Of the
stockholders at Portsmouth, Va, secured
an option on the majority of the stock and
that while the new owners are not nomi-
nally, at least, the Southern Railway Com
pany, they are so closely identified with
the Morgan syndicate. the owners of that
SYSTEM that there will be no rate wars be-
tween the two lines in future.
PRESIDENT r. Curzon Hoffman of the Sea-
board has been in conference all day with
certain parties. whose names an inquiry at
me ONCE OF the company failed to discover,
put who are understood to be representa-
tives OF the Gill-Ryan-Thomas syndicate.
and 1t Is stated that an agreement has been
reached by which Mr.. Hoffman will trans
Ter to the syndicate the block Of stock held
by himself. Moncure Robinson. Judge L. r.
watts and Louis McLane, amounting to
several thousand shares, thus selling the
road outright to the syndicate. 1t is I'M
derstood that the price 10 be paid Is $40,
ana that the entire sum necessary to buy
the whole common stock of the company.
and aggregating between s., 100000 and
81 100000 will be paid today.
Mr. Ryan of the syndicate reached Ralti-
more Saturday night, and was, 1t is Said.
In frequent consultation with Mr.. Hoffman
nearly ever since that time. y
When the syndicate secured majority OF
the stock Of the road they for a few days,
were entirely satisfied that they had OBJ
tanned all that was necessary to make
them masters Of the situation but it was
developed in the course Of the investigation
of the history of the Seaboard and Roam
oke road that when the charter was grant
ed provision was inserted that while the
holder Of one share was entitled to one
vote. the holder of 100 shares was only
allowed seventy-f1ve votes. the object Of
this being apparently to keep the big stock
holders from freezing out the smaller ones
If the former should take a notion to do So
1t was then determined that 1t would be
necessary to buy the holdings of Mr.. Hoff-
man and his friends. and an attempt Was
ever, obdurate. and 1t was not until to-day.
that the syndicate has been able to fully
command the situation.
Mr.. Hoffman was asked today whether he
would remain with the Seaboard as presi-
dent after he had sold his stock in the
line, and he replied that he did not know.
Efforts are, it is understood, being made
10 complete all the details necessary to
the transfer Of the entire stock today. as
the option for the shares previously secured
by the syndicate expires at II o'clock to-
night.
1t is also generally understood that If the
Gill-Thomas-Ryan people secure the actual
control of the Seal GARD and Roanoke 1t will
not be nominally at least consolidated with
Tic OoutAcIH SySttHl, Dut that D. new -SyS-'
tenn will be formed to comprise the Sea-
board Air Line. Port Royal and Augusta
and Carolina and Western reads. with pos
sibly the addition of the Central of Georgia
ard the Cape Fear and Yadkin Valley.
The lstter rad Is now in the hands of
Gen. Gill of the syndicate as receiver. and
the impression prevails that he would be
made president of the new system If ne
would accept the position.
AS receiver Of the Cape Fear and Yadkln
Valley Gen. Gill is said to have developed
remarkable ability in railway management,
and 1t IS believed he would be equally as
successful as the head of big railway
system such as the new consolidation would
make.
President Samuel Spencer Of the Southern
Railway Company has been invited by the
Georgia railway commissioners to appear
before them this week and enlighten them
as to what the Southern proposes to do
about various railway questions so far as
Georgia Is concerned.
At o'clock Mr.. Hoffman and the dt1ier
railway men were still in conference, and
it was stated they would not compiete
their business for several hours.