Birmingham state herald., 1896-10-30
S HELEN N" AFTER II 2 The Air Full of Rumors to That
 Effect. A LITTLE INSIDE HISTORY Seaboard Deal Assuming Phase Which Will
 Interest Birmingham. JUST AT PRESENT THERE IS A HITCH But it May Develop That the Louisville and Nashville Will Secure Control of the Bellicose Line-would Be Am
 other Underwater Outlet.
\ LITTLE INSIDE HISTORY.
JUST AT PRESENT THERE IS A HITCH

Baltimore, Oct. 29.-A little inside N1sto- ry of the deal for. the sale of the eeatsoard and Roanoke railroad to the syndicate headed by Thomas F. Ryan of New York came to light this morning. It explains the delay in the .consummation of the deal, and disposes of many absurd rumors which have been freely circulated.
 When a controlling interest in the stock was negotiated for just previous to the annual meeting in Portsmouth. Va, some weeks ago, it was supposed that the deal would be closedsup in few days A good round sum was paid in cash asa guaran- tee of good faith. The remainder was to be paid within a stipulated time. Upon this final payment being made, the prop erty was to be turned over to the Ryan syndicate, along with the resignations of the present directory of the Seaboard company. It appears, however, that when the final payment, which represent ed something like round $l,000,000 be- came due, the purchasers were not ready with the cash. They found that in the present unsettled state of the money mar ket the required sum was not so easy to raise. They offered, it is understood, to pay half the amount in cash, and asked for time on the remainder To this prop osition Louis McLane, who is represent ing the pooling committee in the deal, declined to assent, and the purcha sers re- turned to New York to look for more ready money. In the meantime they se- cured an extension of time on the whole transaction. Thus the matter now stands, MT. McLane insisting that the whole amount must be paid in cash before the pooling stock is turned over to the Ryan syndicate. In this pool there is the orig inal 4000 shares and enough additional to make, with the 2700 shares secured by General Gill; over 5000 shares. Owing to the peculiar voting privileges which the charter of the company provides for, big majority of the total issue is necessa- ry to a complete control.
 This charter, which Is one of the oldest in the country, scales the vote so that stockholders have a vote for each share up to certain number Beyond this the number of votes Is sealed, the proportion depending upon the size of the holding. This provision was put in the charter with view to protecting the minority in- terest. rt.z.za#
 MT. McLane has issued a circular ad- visiong stockholders to pool their stock with the committee of which is the head. It is not stated what price those who pool their stock will receive, but it will prob ably be something in the neighborhood of $125. This will be S25 more per share than was received by those who joined with General Gill in selling their stock at par.
 Meanwhile the air is filled with rumors that the Louisville and Nashville Rail- road company is after the Seaboard sys- tenn, desiring it for an outlet to the sea. Should this be true it would not be inn probable for the Ryan syndicate to sell to this company. The ownership of this line by the Louisville and Nashville would practically complete the latter sys- tenn by giving il. an entrance to the northern sea ports. s~f
 Should the property pass into the hands of the Louisville and Nashville the war of rates would be permanently ended, and that lines rivalry with the Southern would be much more friendly than has been the rivalry between the Southern and Seaboard line. Tn any event rates will be restored on the Bay and the two steamer lines will be consolidated and operated under single management.
 It is not believed that there will be any further developments in the Seaboard affair until the latter part of next week.