New-York tribune., 1896-10-05
AIR LINE FIGHT
AN ATTEMPT TO GUST THE PRESENT
MANAGEMENT.
GENERAL JOHN GILL SEEKING TO SECURE CON
TRoI,-sioo SHARE OFFERED FOR STOCK
NOW WORTH ABOUT s45.

baltimore. Oct 4-The possible absorption
Of the seaboard Air Lire by the Southern
Railway COMPANY as indicated IN these ds-
patches last Friday. has led 10 such serious
trouble In the Seaboard household, that the
rate war with the Southern company Is for the
limo boing forgotten General John GIL. president
n the Mercantile Trust and Deposit Company. OF
this CITY which has been the financial agent Of the
sooboard has taken issue with President Honman
and Vice President 81. John regarding the man
agement OF the road and the rate war. and mas
addressed to the stockholders OF the Seaboard ana
Roanoke Railroad the line which controls the Sea
hoard system a letter asking for options on the
stock This letter offered 500 snare IL con-
trailing interest I'm the Inc could be secured AS
the market price Of the stock is now about so. II
can readily be seen that an earnest EFFORT Is peihg
made TO wrest the management OF the Seaboard
from the hands OF those now In control
The offer is made at this time because the an
ruoI meeting Of the stockholders of the SSaboard
and Roanoke Railroad will be held next TUESDAY
n, Portsmouth, AS the offer is so much higher
than the market price OF the stock. 1t would NOT
he surprising II the control or the roah woui"
pass into the hands OF persons represented ps
General Gil He asserts. however. that ne is not
acting for the Southern. About S6o,ooo IN STOCK
constitutes a control OF the road. The popularity
Of the situation can be better understood when II
f. said that General GIL is director OF the Sea-
board Air Line system. and that President H. Cur
.o, Hoffman OF the Seaboard Is director of the
Mercantile Trust and Deposit Company. Should
the control OF the Seaboard be obtained by General
Gill II Is believed that General Manager 81 John
will be deposed and he is looked upon by the Bal
t,more stockholders at being responsible tor the
present ruinous rate war
President Hoffman as General Gtlrs
propositlon was made to the stockholders. sent
letter TO each OF them in which he said that "eh-
ora, Cill's letter had been issued without the
KNOWLEDGE consent. authority or approval or the
management and is against your true interests.
To this letter General Gill to-day replied that MS
proposition to buy a controlling interest III n me ne
Scaboard company was known 10 great many
stockholders and approved by them; ne SAYS ,s II
has been his effort for years TO stand by the pres-
dent of the Seaboard. but as a man or business
and financial experience he mas oech compei1Sso ne 70
ar vane Win the southern and does not know of a
single gentleman Of any prominence In nnahc'di
circles circles III Of lis action. He says Mr. Hoffman
does not own the Scaboard. but rs owned by the
stockhoidcrs OF whom / am one OF the largest"
lie goes on to say that the securities OF the Sea-
board have been rendered almost unsaiapie or or
this rcasSn Son sockhodcrs either an opportunity to
Sell their stock at good price or by cooperating
with us TO secure harmony and put an ehd 10 the
General Gin further says that he has has already sa :;
secured option on large bocK OF stocS. ana !,
The controlling interest Is secured he Is assured
that II can be- sold at 500 share so far as he
3 G t., s"ys sse Soc sSuhs Raway lie
saws II is understood between himself and those
he represents that they take the stock also OF the
baltimore Steam Packet Company at fair price.
General GIL says he desires TO inform the stock
holders of the Seaboard and Roanoke Railroad tnat
a pctiton has been ,iled with the Mercantile Trust
and Deposit Company. signed by number Of bond
holders and the largest financial institutions In
venc in the suit now pending In the United States
Circuit Court for the Eastern District of Virginia,
the object OF the suit being to compel the various
railroads made defendants therein to restore and
maintain rates.