The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-18
IN SEABOARD'S SALE.
DELIVERY OF THE POOL STOCK
REFUSED.


no sO-The Manufacturer's Record
Claims the Failure of the Deal Is
in the Interest of the South.
baltimore, Nd, Nov. 1.-THE much
talked about Seaboard Air Line deal re-
ceIved a knockout blow this afternoon
when the committee, which has some 5000
shares of the stock pooled, refused to turn
n over to the syndicate headed by Thomas
z RYAN Of New York. The decision was
great surprise to every one, except
President Hoffman and few of his ac-
socates. 1t was signal victory for the
seaboard president. When the arrange
,nent was made at the Portsmouth meet
ing looking to a sale of a controlling in
terest in the Seaboard company there
were few who doubted it's consummation.
The announcement this evening that the
deal was entirely off and that the road
would hereafter be conducted as an in
dependent line, as heretofore, was not at
first credited. 1t was only after Presi-
dent Hoffman confirmed the statement
that it was generally believed.
Mr.. Hoffman declined to give any de-
tails but a stockholder gave this view of
the case: president Hoffman's opposi-
tion to the sale was well known, and as
soon as Mr. Ryan's representatives be-
gan to buy stock, Mr.. Hoffman's friends
came to his support and purchased all
they could obtain with the view of pool
ing it for his benefit. We have really
had the upper hand in the fight from the
start, but have said nothing. When the
impression became general among the
stockholders that Mr.. Ryan really repre-
sented j. P Morgan & Co., the New York
bankers who control the policy of the
Southern Railway Company, and that
the sale Of the Seaboard would mean it's
eventual control by the Southern railway,
we gained ground rapidly and were fav-
ored rather than Mr.. Ryan in spite of the
high price he offered for the stock
Just before leaving Portsmouth, Va,
whittier he went late this afternoon on
business connected with the system, the
executive Of the Seaboard Air Line gave
out the following statement: Under the
terms of the pooling agreement said
President Hoffman, mo sale of the pooled
stock can be made without the assent of
three-fourths of the stock pooled. There
are 1921 shares in the pool, and as less
than one-half of that amount gave their
assent there will be no sale.
"The vote also shows that the stock
holders have every confidence in the future
of the property and in the present manage
ment The importance of keeping an in
dependent line to the south can scarcely
be over-estmated, and has no doubt in
fuenced the vote of Baltimore, Norfolk
and Portsmouth stockholders. Had this
line got into the hands of New York par
ties represented in the Southern railway
there would be but one line to the south,
and that in the hands of New York, and
these cities would have suffered according
ly in their trade.
THE future of the system now looks
very promising as the first three months
of the current fiscal year show large net
gains over the corresponding months of
Il 1895, and the fact that the Ryan syndicate
Il has been willing to pay par for even mi
nority interest shows the results of their
study of the resources of the Seaboard
4 Air Line
Under the present management con-
A tinued Mr. Hoffman, 1.-The road has been
honestly operated in the interest of its
II stockholders and of those holding its Sc
4 curities, amounting to many millions of
a dollars Should a change throw its con-
I troll into the hands that seek only a per-
sonal profit or to serve the ends of
a competitive carrier, 1t might be difficult
to over estimate the danger that would
q threaten all interested In the system.
"The public, 1 think, is to be congratu-
lated that this line is still independent,
4 and will be run in the future as in the
past, looking to the interest of Baltimore
and the southern cities, with which its
N trade relations are most intimate and An
N portant."
In commenting upon the failure of the
81 Ryan syndicate, the Manufacturers Rec
ord, will tomorrow say: 1.-The failure of
the New York people to secure a controll-
ing interest in the Seaboard Air Line,
should cause profound thanksgiving, not
only throughout the south, but wherever
tnere exists any interest in the future of
thls section. That the concentration Of
ownership of all the railroads in the Gen.
tral south in New York hands would prove
serious injury to this section, and even
'ually to all southern railroad securities,
" aumlts of no question In the first place,
Xcompetition is essential to the best inter-
ests Of the south, it is essential to the
suceess of its merchants, manufacturers
and farmers, it is essential to the best rail-
cad work for the up-buildng of it's in
lustrial resources and the encouragement
!" immigration. The Seaboard Air Line
rs given this much needed competition.
NO railroad company in the country has
zone better and broader work for the ma
eral advancement of the country trfbu-
AIRY to 1t than has the Seaboard. In the
econd place, the purchase of the Sea-
Ddrd would have been regarded by the
outh as the gobbling up of the last inde-
endent line north of Atlanta and this
'ould have given the politicians of the
round against the railroads. 1t is safe
say that under such circumstances leg
smlon would have been enacted in the
M hIral south of vast injury to all south.
"a rh railroad securities, and thus to all
#oulheTn business interests.
With the details of the recent contest
tor control the Manufacturers Record, has
olhlng to do. 1t may, however, very APP
"a ropriately be said that the record of the
.t resent administration during the last
lree years of probably unequalled busi-
sss depression is one Of which any COM
ny might be proud. In that time this
mpany has shown most marvellous in
case in the magnitude of the roads
aiilc wonderful development OF pas
IA nger service by the establishment Of
rough Pullman trains between Wash
IA ston and Portsmouth and Atlanta
hereas, three years ago there were only
al trains and no through passenger SER
III ce)' the establishment of Atlanta termi-
Ms' the enlargement Of Portsmouth fa-
| tles with new warehouses, Office build
IS enlarged water 'front.' etc, the rails
OF the standard of the rolling stock
IN very inferior condition to its pres
"a nigh grade with the best locomotives
\. u good cars. All these things hava