The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-10-30
THE RECENT =. IS. L.. DEAL.
Some of tho Inside Facts Concern.
ing H..

Baltimore, Oct. GA little inside his
tory of the deal for the sale of the Sea- !
board and Roanoke railroad to the syn
dicatc headed by Thomas Il. Ryan, of |
New York, came To light this morning. |
1t explains the delay in the consumma-
ton OF the deal and disposcs of many
absurd runiors which have been freely
circulated. When Il controlling inter
est In the stock was negotiated for just
previous to the annual meeting ut Ports
mouth. some weeks ago. 1t was supposed
that the deal would be closed up in
few days. y good round sum was paid
in cash as II guarantee of good faith.
The remainder was to be paid within
II stipulated time. Upon this final pay
| ment begging made the property was
| to be turned over to the Ryan syndi-
| cate along with the designations of the
present directory of the ScabOard Com
pany.
| 1t appears. however, that when the
! final payment, which represented some
I thing like IL round million dollars, be-
came due. the purchasers were not ready
with the cash They found that In the
present unsettled state of the money
market the required sum WAS not so
easy to raise They offered, it is under
stood, To pay half of the amount in cash,
and asked for time on the remainder.
ITO this proposition Louis McLanc. who
is representing the pooling committee
in the deal. declined to assent and the
purchasers returned to New York, to
look for more ready money. III the
meantime they secured an extension OF
time IN the whole transaction.
| Thus the matter now stands. Nc
Lane insisting that the whole amount
must he paid in cash before The pooled
l stock Is turned over to the Ryan syn
. dicatc. IN this pool there is the origina
y i.c0D shares and enough additional &
: make. with the 2,700 shares secured b.
= General Gill. over 5000 shares. OWNS
$ To the peculiar voting privileges which
l the charter OF the company provides FOL
d a big majority OF the total issue Is nee
cssary'to Il complete control.
This charter. which Is one of the oldes
in the country, scales the vote so tina
n stockholders have IL vote for each shar
= up to u certain number
n Beyond this the number of votes
T. scaled tho proportion depending upo
" the size of the holding. This provisio
az was put in the charter with II view
protecting minority interests.
nj Mr.. McLanc has issued q circular az
ir viSine stockholders. to pool their stoc
~ with the committee of which lie is I'll
y head. 1t is not stated what prices tho:
Y. who pool their stock will receive, bl
pc it will probably be something in IL
IN ncighborhood of SIZE. This Will be :
nd more per share than was received !
it,l those who joined with General GIL
selling their stock ut par.
Meanwhile the air is filed with rumo
that the Louisville ana Nashville Cor
pany is after the Seaboard system, d
u string it for an outlet to the sea- Shou
nj this be true it would not be improb
Ills bic for the Ryan syndicate TO sell
cr this company. The ownership of IL
he line by the Louisville and Nashv
Is would practically complete the latt
re system by giving 1t an entrance TO t
ne Northern sea ports.
ne Should the property pass into I
or. hands of the Louisville and Nashvi
lhs the war of rates would be permanent
SIT ended, and that lines rivalry wi
Oh, the Southern would be mu
oS- more friendly than has be
ith the rivalry between the Southc
and Seahoard Air Line. III any eve
rates will be restored on the Bay a
the two steamer lines will be consc
TO dated and operated under single ma
So agcment
\ 1t is. not believed that there will be a
Get further developments in the Seaboa
nc affair unt!l after the latter part of M
nd | week.