Evening star., 1896-10-05
SEABOARD AIR LINE
A Fight for the Control of the
Road.
THE ANNUAL MEETING TOMORROW
President Hoffman, Said to Have
Made Sure of Reelection.
MR.. GILL'S OPPOSITION

| IL L L N
| The annual meeting OF the SeaboaTd and
Roanoke Railroad Company. properly
known as the Seaboard Air Line, will be
held a. Portsmouth. Va. tomorrow. at
which time a board Of directors will, 1t is
| expected. be chosen for the ensuing year.
1t is pretty we'll understood that President
r. Curzon Hoffman, has secured enough
proxies to guarantee his own reelection tas
no one else has. 1t is said. been making any
efforts in that direction). unless the unex-
pected should happen. and there are some
| persons who believe that the meeting will
| be attended with some very spicy incidents.
| For the first time since Mr.. Hoffman, sue
! ceeded the late, Mr. John NJ. Robinson as
| president of the company several years ago
| he finds himself confronted with the serious
| and earnest opposition of his longtime
| friend and business associate. Mr.. John
| Gill, president of the Mercantile Trust and
Deposit Company of Baltimore.
| Mr.. GiN's Circular.
The situation is rendered the more en-
| barrassing for Mr.. Hoffman, by reason of
| the fact that the Mercantile Trust and De-
| post Company has not only undertaken TO
| secure options on enough stock to GUST Mr..
| Hoffman, from his present position, but
Mr.. GILL; who has long been a director In
| the Seaboard, has within a day or two de-
| clared himself in a circular over his own
| signature as favoring the sale Of the road
| to the parties who are seeking its control.
and continuing. referring to the rate war.
| said:
| Il have endeavored for some years past
| to sustain the president of the Seaboard.
| but, like every other man of business or
| E,,.. 1l.a
| to take Issue with Mr.. Hoffman, on his
| present action. l do not know a single gen.
| tleman of any prominence in financial CIR
| cies in this city or any other who approves
| it
'It is no. Mr.. Hoffman, who owns the
| Seaboard. This property is owned by the
| Stockholders OF whom 1 am one OF the
| largest. 1t is the management, of which
| Mr.. Hoffman, is the responsible head,
| which has put the stock down to $40 per
| share, rendered the securities Of the Sea-
| board almost unstable ANA affected the
| value of securities OF H"rn railways
| generally.
For this reason / seek a change and to
give to the stockholders either an opportuni-
| ty to sell their stock at a good price, or. ny
| cooperating with us, to secure harmony
| and put an end to the war of rates
| Il have already secured an option N
large blocks of the stock. and repeat what
| l have said before. that IL 6 controlling
| interest In the stock of the Seaboard and
| Roanoke railroad can be obtained 1 am
assured 1t can be sold at 500 per share.
| I'm this connection 1t Is distinctly I'M
| derstood between my principals and my
self that they take the stock of the Bay
Line Baltimore Steam Packet Company
4 at fair price.
| "a petition has been filed with the Mer-
| cartile Trust and Deposit Company signed
! by numerous bondholders and the largest
| financial Institution in Baltimore, demand
| ing of the company named to intervene in
the suit Low pending in the United States
| circuit court for the eastern district of
Virginia, the object Of which suit is to
compel the various railroads made defend
| ant therein to restore and maintain rates"
| The Mercantile Trust and Deposit Com
| pany is now. as 1t has been for many
years, financial agelt of the Seaboard. ami.
acting in that capacity. has placed nearly
| all the securities issued during receSt
| years by that company.
| 1t is reported in railroad circles that an
attempt is being made to induce the stock
| holders to revoke the proxies given by
| them for the reelection Of President Hoff-
| mann and to attend the annual meeting
| in person. 1t is further stated that move
NJ ent is on foot among some of those VINO
are opposed to the reelection of Mr.. Hoff-
mann to postpone the election of officers
| until a proposed overha auling of the books
| and accounts is completed and the actual
| condition of the property is disclosed.
President Hoffmann's Counter Effort.
President Hoffman, has issued an address
| to the stockholders Of the Seaboard and
says that, Having seen circular issued by
| John GILL; president of the Mercantile
Trust and Deposit Company of Baltimore,
| asking for options on your holdings of Sea-
board and Roanoke Railroad Company's
stock, 1 beg leave to say that this circular
| has been issued without the knowledge
| consent, authority approval of the man.
| agement, and is against your true in
| tereSt."
When Mr.. Gils attention was called to
| the above quoted circular of Mr.. Hoffman,
| he said: lille 1t is true that my circular
| was issued without the knowledge. con-
ent authority of Mr.. Hoffman,, it was
| known to a great many stockholders of
| the Seaboard road, and approved by them,
| and in this connection 1 would further say
| that 1 fail to why 1 should be called
| upon to ask for the consent or authority of
| the management.
| In another address directed to the stock
| holders Mr.. Hoffman, said: THE Seaboard
| Air Line is a most valuable property, and
| the stockholders should not permit them
| selves to become alarmed at the present
| situation. 1t is important to stand shoul-
| der to shoulder in common defense and
| before giving credence to statements af
| fect1ng the status of the property or the
| character OF its management to inquire at
the office of the company In Baltimore
| THE physical condition of the Seaboard
| Air Line-its track and eQuipment-is first
! class in every respect, and has been stead
| lily improved by the present administrat ton
| and is today in a higher state of efficiency
than ever in the history of the line
Every expense, including the building of
new cars and rebuilding of engines, has
been included in the years expense, and
there is no floating debt
| This last paragraph Of Mr. Hoffmann's q
address has attracted much attention in
| financial circles, and 1t is said that one
Of the stockholders, who. wants to know
the true inwardness- of the past year s
| workings of the affairs of the companx,
j will ask for the appointment of a railroad
| accountant, for the purpose of making a
| statement of the financial condition of the
| road
| German Day.