The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-08
SEABOARD HAS BEEN SOLD.
The Times Exclusive announcement
AuthOritatiYely Confirmed.
SITUATION As VIEWED IN NORFOLK.
Judge Watts Denies the sale Of His stock,
but Refuses to Say Anything Fur
ther-Will End the Rate War,
No Raleigh Meeting.

railroad. which controls the various foau5
constituting the Seaboard Air Line mas
been purchased by Thomas !. Ryan OF
New York, acting for himself ana Gene
raj Samuel Thomas
rbe transaction also includes control
Of the Batimort steam Packet CHnpanN-
which operates the Bay Line OF
steamboats, from Norfolk TO Baltimore IL
connection with the seaboard Air Line.
Tho deal will result in a termination or
the rate war started by the Seaboard
Air Line.
The understanding IS that the Seaboard
Air Line viii De- joined with lne georgia
Central Port Royal and A yusta ana
Port Royal and Western Carolina ROADS.
which are controlled by by Messrs. Ryan
and Thomas.
The last named two roads are operated
by a new company. called the Port hoyai
and Western Carolina.
AS VIEWED IN NORFOLK
NORFOLK, VA, oct. l.-Spccial-lhe
belief that the Seaboard Air Line mas
passed into other hands by the puichase
by agents Of the Southern Railway Oh
biz block Of stock IS now a weH-ueuheu
probability. Following the harhoillOus
action Of the stockholders meeting ol
Tuesday bv only a few hours, the re-
UUIIUU
Of the line was not only great surprise
but Il was not generally believed that
anv sale had taken place, and IN the
face Of the assertion of the President
Vice President, and general counsel OF
the line that they were unaware Oh
the sale OF any large blocks Of the stock,
the idea was discredited.
SURPRISING REPORTS.
This afternoon, however. one VI 'n'
most surprising reports Of all tnat nave
been circulated came from New foiN'
IL was 10 the effect that four tnous"ilu
shares of stock owned by Louis McLane'
Iegh Il. Watts and Moncure i'oDihso"
had been sold. These sehlleinen, VIZ
are directors Of the line, Judge WAITS
being its general counsel, hold the CON
trolling interest. Judge Watts, when
seen this afternoon. emphatically denied
the sale of his stock. AS TO the sltua-
tlon he said, Il have nothing whatever
TO say"
An official standing high in the coun-
ellis Of the Seaboard, but who oechneu
70 allow the use Of his name, SAID to-day
TINT the report that the three directors
named have sold their stock Is aD5o-
lutely without foundation. The heads
Of departments took the decidedly mixed
situation with easy nonchalance. Ihey
had good reason for their ease, ior II Is
reasonable to suppose that they Knew
as did Judge Watts, that at that very
moment a great movement was on foot
the successful elimination OF which
would enecually defeat the schemes OK
the Seaboards' opponents.
APOOLlNG ARRANGEMENT.
Il is known that President Hoffman
to-day issued circular under date or
Baltimore. October 9Th, inviting all
stockholders TO sign an agreement 10
pool their holdings with the same three
men whom the New York report stated
had sold out 10 Thomas and Ryan, OF
New York. The circular emphasizes
the necessity Of pool for the mutual
protection of all stockholders.
October 18th is fixed as the latest date
for joining tie pool. The agreement
is. I'm substance, that for five years, from
October O. 1896, the stock of the signer
shall bo pooled with a committee. con-
slstlng of Leigh II. Watts, Of Ports
mouth, M0ncure Robinson, Of Philadel-
phia, and Louis McLane. of Baltimore.
who. during the time specified shall rep
resent ard control the pool and manage
tho STOCK and the voting thereof. lt
is further provided that none of the
stock shall be sold during the five years
or until thirty days after the abrogation
Of the pool by the written consent OF
three-fourths Of the signers thereto.
FAVORABLY RECEIVED.
This agreement it is understood has
been quite fayorably received by a num-
ber Of stockholders. Ii is quite evident
that the management hopes 10 defeat
their opponents by this plan.
Taken IN connection with Judge Watts
denial Of the sale OF his stock, the APP
pointment TO the committee Of Mr.. Nc
Lane whose holdings almost constitute
4 controlling interest would seem 10
Indicate that President Hoffman consld-
ers it entirely plausible to defeat Mr..
Ryan by his new flank movement.
10 IS not improbable that finding that
Mr.. Ryan had purchased 1000 shares. as
reported the pool has been formed 10
use the remaining 1000 shares against
him. This is. of course, probiematical.
in the absence OF an authoritative state
mcnt from .he absent president and vice
president, but the stockholders ot the
line here are feeling easier tonight.
THE REPORTED CONTRACT.
NEW YORK, Oct. 1T Is announced
here that the contract for the transfer
OF the control Of the Seaboard Air Line
10 Messrs. Thomas and Ryan includes
also the control OF the Baltimore Steam
Packet Compay which runs the Bay
Line from Norfolk 10 Baltimore, in con-
nection with the Seaboard Air Line.
The explanation Of this announcement
IS found in special dispatches from Nor
folk 10 the effect that the Southern
rate war was virtually brought 10 an
end by the transfer OF the controlling
interest In the Seaboard and Roanoke
railroad stock 10 4 syndicate headed by
Thomas T.. Ryan and Colonel George y
Harvey. OF New York. The transfer
covered four thousand shares OF the
stock, heretofore held I'm a pool by
Judge Watts. OF Portsmouth Va; Louis
AcLane. Of Baltimore; and MOncure Rob-
ius0n. Of philadelphia. The price was
stated M $40 per share. and large
cash deposit was made 10 bind the bar
gain.
General GILL os Baltimore. who led the
opDosition 10 the present management
OF the seaboard. and Mr.. Ryan were az
Portsmouth yesterday. and the result 0f
the election was brought about by "a
series OF conferences between tho two
contend ne parties. The details Of these
conferences were not made public IN
any authorized form.
\ dispatch from Portsmouth to-day
said that Hoffman, Gill; Ryan. and other
interested parties went 20 Raleigh this
morning. where meeting Of the direc-
tors would be held.
NO RALEIGH MEETING.
RALEIGH, y. c.. Oct. 7.-President
Hoffman and Vioe-President St John
of the SeabOard Air Line, went 10 Will
mington this morning, and are there. No