The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-09
.SEABOARD'S NEW DEAL.
TO CONSOT IDaTE THE ROdD AND
THE BALTIMORE PACKET 90.
To Build Up Southern systen-The
Stockholders Deny Mismsna-c cmcnt
ard Commend Officers OF the Road.

ton to securing a controlling interest IN
the stock Of the seaboard and Roanoke
railroad, the New York syndicate, head
ed by Thomas T.. Ryan and Colonel Geo.
B. Harvey has also secured control OF the
Baltimore Steam Packet Company. This
company. more lamiliarly known as the
Bay Line, operates a line OF steamers
which forms the connecting link between
Baltimore and Portsmouth in the Sea-
board Air Line system, Of which The Sea-
board and Roanoke is the parent cont
pany. The Steam Packet Company has
$4,000 in capital stock, divided INTO fouE
hundred shares Of Sl,O1) each.
Hitherto. this company has had
separate stock debt from that OF the
Seaboard and Roanoke and has been
held as an individual corporation al
though the management was made UP OF
the same interests which controlled the
seaboard and Roanoke. Usually the
same board OF directors controlled the
operations OF the two companies.
TO CONSOLIDATE.
II is stated 10 be the intention or the
purchasers as soon as they come into
control OF the properties 10 combine the
stock indebtedness OF these companies
and form one corporation. having It's
northern terminus at Baltimore.
Tho canltal stock OF the new
corporation will depend on the
earnings Of the two companies. 81
determined BY the examination OF the
books Of the companies.
The syndicate, 1t is said, will build up
system I'm the South composed OF the
Seaboard Air Line. Port Royal and Au-
eusta and other lines in that section al
ready controlled by Mr.. Ryan and those
associated with him.
THE SYNDICA1ES HOLDINGS.
Tho svndicate. il "a said. now controls
about 600 shares Of the 1000 shares OF
the seaboard and Roanoke stock ThH
&c made I'D Of the 5000 shares held IN
nool bv Judge Watts. Of Portsmouth
Va. Louis McClane, of Baltimore, and
Noncure Robinson, OF Philadelphia. and
~ the options on about 300 shares OBJ
talned by the Mercantile Trust Company
OF this city.
The urinary cause Of the purchase was
10 get rid Of the policy Of rate cutting as
inaugurated under the management OF inc
two companies, and TO restore harmony
among the Southern lines in place OF the
present hostility.
Tho following card is published here to-
day:
ITO the Stockholders OF the Seaboard
and Roanoke Railroad Company:
Il DO not desire 70 enter into news
paper discussion as TO the right or wrong
of the action Of the financial agency OK
the Seaboard Air Line. but Mr.. Can has
asked me one direct question which 1 VIII
answer.
| do not consider it TO the interest Of
any stockhoider TO give an option on his
stock, and particularly at 500 a snare
as ] consider the seaDoard and Roanoke
Railroad Companys stock intrinsicaHy
worth more. because there Is In the treas
ury of that company stocks and DondS
70 the par value Of far more than the
capital stock This Is entirely outside OF
the holdings Of that company, which con-
trolls about one thousand niles or rodd'
or the property, terminals, road bed, etc
therefore say that the stock Of the
Seaboard and Roanoke railroad Is IN
trinslcally worth much more than par,
and where a control is desired by any
other line. more than double par. Who're
Is there another case in which 1000 miles
OF road IS controlled by a company with
a capital stock of si.3SS40 and is not
this stocA worth over 500 per share2
r. c. HOFFMAN,
President sea1oard ana Roanoke Rail-
road Company.
MANAGEMENT COMMENDED.
WILMINGTON, y. c.. oct. Sat a
regular meeting OF stockholders Of the
Carolina Central Railroad Company con-
vened here to-day at l:SO r NJ.
The old officers were reelected and the
following resolution offered by J. August
.IIr "a F.FfH HlH
whereas, alarmist reports have recently
appeared In the daily press indicating
great losses and grieyous mismanagement
on the part OK officers Of the SeaDoard
Air Line. ana, whereas the oilcial re-
mort presented by the management OF the
Carolina Central Railroad Company-a
part OF said system-shows large IN
crease OF net earnings over last year and
a large surplus over operating and hXed
charges. together with many valuable I'M
provemenls and betterments Of roadway,
therefore.
Resolved, That the stockholders OF the
Carolina Central Railroad Company here-
by express their grateful recognition TO
the management for such Increase or
earnings and Improvement Of the COM
ranv's plant and their confidence in the
practical wisdom and business capacity
Of its officers I'm conducting the affairs or
the company during the current year
MIR. JOHNsON'S VIEWS
Mr.. Johnson, one OF the New York
stockholders. who represents over 5000
Oo0 Of the securities OF the company IN
Offering the resolution stated that lie
had read in the New York Sun and other
paoers attacks upon the management Of
anafrs Of the Seaboard Air Line, o.
which the Carolina Central Is q part,whicn
articles ALLEGED that the interest OF the
security holders of the company We're
being ruthlessiy sacrificed, and the physl-
cal condition OF the roads being impaired
by the mismanagement Of the affairs or
the line. and we deem It expedent on the
mart of the stockholders, in view OF the
totally different condition OF the affairs
OF the company. as presented In the
annual report. 20 pass the resolution IN
approval OF the business saGacity and eN-
ceUent management which had q. lracter-
lied the conduct OF the companys ope-
ratiOns.
President Hoffman EXPRESSED HE an
nreciltion OF the compliment paid him
ana his officers. Mr. George - Moale.
OF baltimore. was elected a member OF
the Board OF Directors. in place Of Nr
John Cin resigned. There is no other
change In the board.
GENERAL GILLS SIDE.
BALTIMORE MD, Oct S.-The saroe
secrecy Is observed here in the absorp-
ton by the New York syndicate. headed
by Thomas r. Ryan OF the seaboard ana
Roanoke railway and the Baltimore Steam
Packet Company. that characterized the
early stages II the NEGOTIATIONS. ana Il
Is hard 10 obtain anything Ike a clear
idea OF the transaction