The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-27
COMPETING RAILROADS.
PRESIDENT sPLNCfK EXPLAINS
WY THEY ARE HARMONIOCS.
Talk of n Contest Between the Southern ana
l.. 4 Ms Mr.. Whitney Interested III inc
Seaboard ?-Mr. st. Johns Course.

| railway and the Louisville and NASH
| viii for the control OF the Seaboard Ar
| Line e.ubodies an interview With fresi-
dent Spencer. of the Southern. upon the
relations OF his company and OF the
Louisville and Narhyille to the Central
OF Georgia under the joint lease. AS an
introduction to the interview it is stated
that the Louisville and Nashville Is
trying to secure the exclusive control
of the Central.
ircsidenl spencer describes the various
changes that led up TO the present status
of the Central, ana then to illustrate
how the Southern and Central might ex-
change business with each other, and be
on the most harmonious business terms.
and yet be entirely Independent as to
ownership. went on TO say:
AT Knoxville, Tenn, where the South
ern owns every railway, except the Ma
rietta and North Georgia. the Southern
hauls out n sleeping car TO deliver to
the Louisville and Nashville for Louis
lille. although the Southern has a
sleeping-car line of its own between the
two cities by way of Hartman.
THE BEST POLICY.
ut is the best policy for railroads to
maintain stable rates toward competi-
tors and give others a show. All pre-
cedents shows that whenever one rail-
road tries to monopOlize the business.
some other line Will cut rates and cause
Generalization. The East Tennessee lines
used 10 be open to the Seaboard AIR
Line
AS to the reorganization OF the Rich
mond and Danville or Richmond Ter
u;inal Mr. Spencer said:
This reorganization committee Of the
Richmond Terminal Company includes
two members Of the Central Trust CON-
pany, which is trustee for certain bond
holders of the Central Railroad Com
pany. The officers Of that Trust Com
pany would not sit quietly and see me
dictate policy FOR the Central which
would be detrimental 10 the interests
o. the bond-holders whom they repre-
sent. Those gentlemen represent three
hundred or four hundred millions of So
curities and they are managing their
securities for the benefit of all They
mold the Central stock. and vote it."
EX-SECRETART WHITNEY
The article adds that the latest in
formation in reference to the Seaboard
Is that of Secretary Of the Navy whitney
Is largely interested In the property
and il is reported that Mr.. Whitneys
connection with the syndicate forms
large part OF the basis for the assertion
which has been made that Ryan and
Inomas have practically unlimited capl-
tai, as well as abundant credit
1T is further reported that the resic-
nation of President h. Curzon Hoffman
is a question Of but a short time. and
that Mr.. Thomas +. Ryan. who. in adj
dition TO being one of the owners of
the Seaboard, is secretary Of Mr. Whit
ney's street-raiiway system in New
York. Will succeed him. II is said that
Nice-President and General Manger 81.
John has been invited to remain with
the new company, and it is understood
that he will manage the property in fun
harmony with its neighbors
1T can be stated on the best authority
that there is no longer any doubt that
the deal made between two and three
weeks ago, when Ryan and Thomas.
with the help Of General Gill. of Balti-
more, formed the pool which secured
the control of the Seaboard stock will
be carried through on the lines originally
intended
Mr.. Ryan is now in practical control
of about 5000 shares of the stock. and
General Gill has about 2 700 more. which
insures its transfer TO the new owners
To part with the active control of the
continued rate wars and accompanying
excitement, has been Il sereve blow, but
some of the biggest holders aside from
pecuniary advantages. have been in a
measure philanthropic, for they say that
a desire 10 end the disastrous rate war
has impelled them TO agree to the terms
offered by the Ryan syndicate.
IN EXCELLENT SHAPE.
1.-THE Seaboard, IT ia claimed, is at
present in excellent shape, and there is
little doubt that its new owners will
take advantage of this condition TO
further improve the property.
Recent developments have shown that
while Mr.. ST. John has by his course to-
ward the Southern in the past made
many enemies. he has also demonstrated
that he has many friends, and the great
majority of these are 10 be found-in the
ranks Of those who furnish the Seaboard
with its best and most profitable bust
ness"
SALE OF THE j., T., & X. W.
JACKSONVILLE, FLA, oct. 26.-The
sale of the Jacksonville, Tampa, and
Key West railroad, which was adver-
tised 10 take place next Monday. has
been postponed until the first Monday in
March, 1891 by order of Judge }. ".
Locke. of the United States Court.
The order was granted upon the petit
ton OF the complainants in the suit OF
the Pennsylvania Company for insurance
in lives and granting annuities VS.. the
Jacksonville. Tampa, and Key West Rail
way Company, the American Coustruc-
ton Company, ana the Mercantile COM
pany.
The postponement was granted because
of the depressed condition Of the money
market.
The road was first ordered 10 be sold
on the hrst Monday in April then the
nrst Monday in May. The sale was
afterwards postponed until the first Mon
gay III November and is now postponed
untiI the hrst Monday in March. 1N.,
Inc upset price fixed by the court il
SSoo'oV0 and the property is subject ~
heh OF N.ZZOOO, the amount OF the
hrst-morlgage bonds, secured by q mort
gage deed. held by the Mercantile Trus,
Company, Of New York.
BALTIMORE RIMORs
BALIlAOhk, MD. Oct n, II NO., -
hortc IN lccal financial circles ,o-osv - -,
the controlling interest OF lie 1n,,, ~ -
STOCK .! Tie SCa btaTa and Jtoa1,l,e -
ioau Company. the parent OF the s.
D p. An Line company, would .e trans
.Sli Gu 10 Tue syndicate to-mOrrow: that
INC puchase-money in full would be paid
over, and the new owners ASSUME 80
trol. III was also said that meefinp ot
Tie directors Of the Roanoke. Seaboar't
ana tCanOke would be held in a few d@vs
at which MIR. Hoffman would resign fbe
presidency. NV
THE FLOWE. CONGRESS