Birmingham state herald., 1896-10-27
SPENCER ON THE SITUATION Interview With the President of
 the Southern. HIS Is, A PACIFIC POLICY " Maintain Stable Rates and Live and Let
 Live" He Says. LATEST STORY ABOUT THE SEAB0ARD Is That Ex-Secretary Whitney Is Largely nterested-President Hoffman Is to Resign, But General Manager
 St. John Will Stay.
HIS IS. A PACIFIC POLICY
.ATEsT STORY ABOUT THE sEAB0ARD

Washington, Oct. 26.--An article pub lished this evening upon the alleged con- test between the Southern railway and the Louisville and Nashville company for the control of the Seaboard Air Line em- bodies an interview with President Spen- cer of the Southern upon the relations of his company and of the Louisville and Nashville to the Central of Georgia, un- der the joint lease.
 As an introduction to the interview it is stated that the Louisville and Nash vile is trying to secure the exclusive con- trol of the Central. President Spencer describes the various changes that led up to the present status of the Central and then to illustrate how the Southern and Central might exchange business with each other and upon the most harmonious business terms and yet be independent as to ownership, went on to say: At Knox vile, Tenn, where the Southern owns every road except the Marietta and North Georgia the Southern hauls out a sleeping car to deliver to the LouisN ille and Nashville for Louisville, although the Southern has a sleeping car line of it's own between the two cities by way of Hartman.
 "It is the best policy for railroads to maintain stable rates toward competi- tors and give the others show.
 'All precedents show that whenever one railroad tries to monopolize the busi- ness some other line will cut rates and cause demoraliZation. The East Tennes- see lines used to be open to the Seaboard Air Line and still are, because it is the wisest course to pursue."
 Referring again to the reorganization of the Richmond and Danville, or Rich mond Terminal company, MT. Spencer said:
 This reorganization committee of the Richmond Terminal company includes two members of the Central Trust com pany, which Is trustee for certain bond holders of the Central Railroad company. The officers of that trust company would not sit quietly and see me dictate policy for the Central which would be detrimen- tai to the interests of the bondholaers whom they represent. Those gentlesn represent three or four hundred millions of securities, and they are managing their securities for the benefit of all They hold the Central stock and vote it." The article adds that the latest infor- nation in reference to the Seaboard is that Ex-Secretary of the Navy Whitney is largely interested in the property, and it is represented that MT. Whitney's con- nection with the syndicate forms large part of the basis for the assertion which has been made that Ryan and Thomas have practically unlimited capital, as well IS abundant credit.
 It is further reported that the resigna- tion of President R. Curzon Hoffman is a question of but a short time, and that MT. Thomas F. Ryan, who, in addition to being one of the owners of the eaboard, is secretary of MT. Whltney's street rail- way system in New York, will succeed him. It is said that Vice President and General Manager St. John has been in- vited to remain with the new company, and it is understood that he will manage the property in full harmony with its neighbors.
 It 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 Baltimore, formed the pool which secured the con- tral of the Seaboard stock, will be carried through on the lines as originally intend- of about 5000 shares of the stock, and General Gill has about 2700 more, which insures its transfer to the new owners. To part with the active control of the property, with such bright prospects of continuous rate wars and accompanying excitement, has been severe blow, but some of the biggest holders, aside from pecuniary advantages, have been in a measure philanthropic, for they say that has impelled them to agree to the terms offered by the Ryan syndicate.
 Recent developments have shown that while MT, St. John has by his course to- ward the Southern in the past made a great many enemies, he has also demon strated that he has many friends, and the great majority of these are to be found in the ranks of those who furnish the Seaboard with its best and most prof