The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-30
SALE OF THE SEAB0ARD.
WHY. THE CONSULTATION OF THE
DEAL ~ DELAYED.
The Purchasers Were Not Ready with the
Cash for the Second Payment and an
Extension Was Granted.

BALTIMORE. oct. ga little Of the
inside history of the deal for the sale OF
the Seaboard Air Zine and Roanoke rail
road to the syndicate headed by Thomas
j. Ryan. OF New York. came TO .ight tais
morning. 1t explains the delay IN the
contamination of the deal and 6isI Cses
OF many absurd rumors which have teen
freely circulated.
TERMS or SALE.
When a controlling interest Ia the stock
Was negotiated FOR just urcH )us TO the
annual meeting al Portsmouth Few
weeks ago. IL was supposed That the deal
would be closed up IN lew days. A
good round sam was paid M c9sh as
guarantee OF good faith. The -"maindcr
was 10 be paid within a stipullted time.
Upon this nnal payment teinS ace,
the property was 10 he -usncd ever 10
the Ryan syndicate. along with me fcslg-
nations OF the present directory OF the
ScabOard Company.
II appears. however. that when the
final payment. which represented some
thing like round million dollars. became
due. the purchasers were not ready with
the cash They found that In the pres
emf unsettled state OF the money market
the required sum was not 50 easy 10 raise.
They offered. IL Is understood, TO pay
half OF the amount in cash. and asked
for time on remainder. To TINS propo-
sition Louis McIAne. who Is representing
clined TO assent. and the purchasers re-
turned TO New York for more ready
money. In the meantime they secured
an extension Of time on the whole trans
action.
HOW 1T STANDS.
Thus the matter now stands, Mr.. Nc
l.auc insisting that the whole amount
must Toe paid in cash before the pooled
stock is turned over 20 the Ryan synGl-
In this pool there is the original 1000
shares and enough additional 10 make;
with the 100 shares secured by GeherAl
Gil over 300 shares. owing 10 the
peculiar voting privileges which the char-
ter of the company provides lul' d Dl6
majority Of the total issue Is necessary
10 a complete control ~ ,,s...
This charter. which Is one OF the oloest
I'm tho country, scales the vote so that
stockholders nave a vote for each snare
nm 10 a certain number. Beyond TINS
the number OF votes is scaled. the proper
lion depending upon the size OF the
holding. This provision was put In the
charter with view to protecting mi
nority interests
Mr. McI.anc has issued a circular ad-
Vising stockholders to pool their stock
with the committee Of which he Is the
head. IL Is not stated what price those
who pool their stock will receive. but
n will probably be something in the
ueighborhood OF Sl25. This will be S25
more per share than was received by
those who Joined with General Gill in
selling them stock at par.
MANY RUMORS AFLOAT
Meanwhile the air is filled with ru-
mors that the Louisville and Nashville
Railroad Company is after the Seaboard
system. desiring II Tor an outlet TO the
sea. Should this be true II would not
be improbable for the Ryan syndicate
10 sell to this company. The ownership
Of this lire by the Louisville and Nash
VILE would practically complete the latter
system by giving II an entrance TO the
northern seaports.
Should the property pass into the hands
Of the Louisville and Nashville. the war
Of rates would be permanently ended,
and that lines rivalry with the South
crn would be much more friendly than
has been the rivalry between the South
ern and the Seaboard Air Line. In any
event. rates will be restored on the bay.
and the two steamer lines will be CONSOLE
dated and operated under a single man
agement.
II is not believed that there will be any
further developments in the Seaboard af-
fairs until the latter part Of next week