The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-10-09
How the Seahoard and Roanoke is Said 10
Have Passed Into Other Hands.
WILL PRESIDENT HOFFMAN RESIGN
II Ls Stated That ~ New Directory
Will nsc EOrnicd MS Soon as the
Transfer is Completed Judge
Watts Neither Arirnis nor Denies
Anything Reported.

OF the Watts. Robinson and AIcI,ane
stock in the Seaboard Air Line. the be-
lief Is now general that the reported
deal by which Mcssrs. Thomas and Ry-
an, OF New York, are said To have oh
famed n controlling interest in the line
has been contaminated
me following Southern Associated
Press telegram was received by The Vii
Sinian yesterday afternoon:
Washington, d. c., Oct S.--A Rich
lnond special says: The details of the
transfer OF the Scaboard and Roanoke
railroad have been completed and the
property is now virtually in new hands.
anu VIII be now operated for the general
railroad development ana welfare OF
me South. 1t is known that three of
the parties holding controlling shares
under the pooling contract were anxious
10 get the highest figures possible They
were offered par but they made IL
known that $40 was the Ic:.st they
would take. Mir. Ryan and the pool
committee held IL short conference, the
result of which WAS the acceptance If
about Sll0 per share hy the committee.
y contract Tor the necessary transfer
was drawn by Henry Crawford for the
Ryan syndicate ana Judge l.. Il. Watts
Tor the pool There were conditions Of
ne transfer which Included the re-elcc-
tion Of President Hoffman or the rctcn-
tion OF the present management for an
day the Scnbuard Air Line is complete
~ controlled by Thomas f. Ryan ana its
future policy will be one of cunSerVa-
tism and peace.
Judge Leigh II. Watts. general counse.
OF the line was shown the telegram yes
terday and he said:
You may merely say that Judge
watts declines to discuss the matter.
ana neither aiirms nor denies this tele-
gram"
"Hui," snih the reporter. lin view of
your statement Yesterday"
Il merely said yesterday" replied the
Judge. What appears in The Virgin
ian this morning. to the effect that the
sale of the Watts Robinson and Nc
Lane stock had not been sold at SllO.
further than that decline to discuss
the matter"
The Judge also confirmed The Virgin
IAN report Of the Hoffman pool.
Southern Associated Press dispatch
from Baltimore last night says:
In addition to securing n controlling
Interest in the stock Of the SeabCard
ana Roanoke railroad. the New York
syndicate, headed by ThoS. T.. Ryan and
Col. George Il. Harvey has also secured
controi of the Baltimore Steam Packet
Company.
TINS company, more Familiarity known
as the Bay Line, operates a lire of
steamers which forms The connecting
link between Baltimore and Port s7nouth
IN the SeabOard Air Line system. of
which the Seaboard and Roanoke is the
parent company. The Steam Packet
Company has 100000 in capital stock
divided into 1000 shares OF 81 900 each.
Hitherto this company has had srpa-
rate stock debt from that of the Sea
board and Roanoke and has been held
as an individual corporation, although
the management was made up of the
same interests which controlled the Sea
RI 81 lf,t Ia .
Board of Directors controlled the opera
tons of the two companies.
1t is stated TO he the intention of the
purchasers az soon as they come INTO
control of the properties TO combine the
stock Indebtedness of these companies
and form one corporation having lis
Northern terminus ut Baltimore. Tn,
capital stock o. the new corporation viii!
depend on the earnings of the two COM
panieS. as determined by the cNamina-
ton Of the books of the Seaboard and
Roanoke. and also one which will be
made by the books of the Bay Line.
The sale of the Sea board and Roanoke
stock To the syndicate Is understood To
u" contingent upon an examination of
the railway companys books. This how
ever, is regarded as satisfactory from
the representations already made, and
no hitch in the transfer is anticipat ted
from this source. The examination VIII
be concluded and the transfer proba-
bly, contaminated within the next thirty
days.
AS has been previously stated the Mer-
camille Trust Company, in Offering par
for options on n controlling interest i'm
the stock, had no desire TO freeze out
minority holders of the stock after the
control had hcen secured. The new pur-
chascrS stand ready 10 purchase the
minority OF the Seaboard and Roanok.
ut par. and the holders may sign options
t" sell nj This price TO the Mercantile
Trust COMPANY AT any time.
The syndicar,. II is said. will build NJ
system in The South comnused of
the Soaboard Air Line, Port Royal and
Augusta, and other lines in thai section
already controlled by Mr.. Ryan and
those associated with him.
The syndicate. il is stated, now con-
shares of me Scnboard and Roanoke
held in pool BY Judge Watts, of Ports
more. and MCncurc Robinson. OF Phila-
delphia and OF the options on about
ZOO shares obtained Uy the ,Ncrcantilc
Trust Company.
The pooled interests are understood
to have been bought in at the annual
meeting IN Portsmouth on Tuesday. The
options secured by the Mercantile Trust
Company We're obtained by the offer of
par for the stock. which has been quoted
in the market at about SIS.
Ii is the impression with those most
familiar with the interests of tie prom
erty and with the change In policy con-
icmpiated by the new management
than President X. CIraon T1ufTuau Sc