Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-09
THE OLD BAY LINE.
1T is TO DE MADE ONE CORPORA
TIox WITH sEAB0ARD ROAD.
A CARD FROM PRESIDENT HOFFMAN,.
Answer to Mr.. GiIrs Queation-Why
the stock of the Seabonrd and
Roanoke Road Is Worth More
Than Par.

BALTIMORE, MD. October Sin addi-
tion to securing controlling interest In
the stock Of the seaboard and Roanoke
railroad. the New York syndicate, headed
by Thomas f. Ryan and Colonel George
B Harvey, has also secured control OF
the Baltimore Steam Packet Company.
This company. more Familiarity known as
the Bay Line, operates line OF steamers
which forms the connecting link between
Baltimore and Portsmouth in the Sea-
board Airline system. of which the
seaboard and Roanoke is the parent
company. The Steam Packet Company
has 10000 in capital stock, divided INTO
100 shares Of $1,000 each.
Hitherto this company has had sepa-
rate stock debt from that Of the Seaooard
and Roanoke road and has been held as
an individual corporation, although the
management was made up OF the same
iutsresrs which controlled the Seaboard
and Roanoke. Usually, the same Board OF
Directors controlled the operations OF the
two companies IL is stated 10 De the
intention of the purchasers, as soon as
they come into control of the properties,
10 combine the stock Indebtedness or
these companies. and form one corpora
ton. having its northern terminus AT
Baltimore. The capital stock OF the new
corporation will depend on the earnings OF
the two companies. as determined uy the
examination of the books OF the COM
panies. -, ~,
avsten i'm the South, composed or the
! eeaboard Airline, the Port Royal ana
Aueusta. and other lines In that seclloh
alr.adv controlled by Mr.. Ryan and those
aoeociated with him. The syndicate, II
a. atated now controls about 6.iVO shares
NJ the II 900 shares OF the Seaooard ana
Roanoke stock. This is made up OF the
90 shares held in pool by Judge watts,
os portsnnouth Va: Louis McLane, of
baltimore. and Moncure ROBINSON OF
pbiiadelphia. and Of the options on about
. -oo shares obtained by the Mercantile
! Trust Company. Of this city
Tba urinary cause Of the purchase was
20 oct rid Of the policy Of rate-cutting
inaueurated under the management OF the
two companies. and to restore harmony
among the southern lines, in place Oh the
present hostilily.
CARD FROM HOFFMAN.
rha following card is published here
to-day: coohoard and
'oTo the Stockholders OF the Seaoodiu anu
Roanoke R1llGodu ROhif~Hf
or A. rot desire TO enter into news
-o,sr discussIon as TO the right or wrong
20 the action OF the financial agency Oh
tho Seaboard Airline, but Mr.. Gil mas
aslxed me one direct question, which
will answer. -. -
81 do not consider II to the interest OF
any stockholder to give an option on ms
stock. and particularly at 800 a snare as
consider the Seaboard and koahoke
pailroad Company stock intrinsicaly
worth more. because there Is In the urea
sury of that company stocks anu ooilIS
70 the par value Of far more thah 'ne
capital stock. This is entirely OUTSIDE VI
the holdings OF that company. which con-
t-ois about one thousand miles of the
,oad. or the property, terminals. roau-
hed etc 7. therefore. say that the STOCK
~ the seaboard and Roanoke rail-
rosd "a intrinsically worth much more
tban mar. and where control - ue
s,red nv any other line, more than uoupie
yhera is there another case In
l.Ltoh /, ooo miles of road is controlled
", companv with capital stock oil
si 2SS 100 and is not this stock worth over
,no s,,S'o, ~ sbare r. c. HOFFMAN,
president Seaboard and Roanoke han-
road Company.
THE ONE TOPIC IN BALTIMORE.
BALTIMORE. ND, October S-Ihe
ahsorntion by the New YORK syhdica'e
headed by Thomas +. Ryan OF the sea-
hoard and Roanoke Railway anu en'
baltimore Steam-Packet Company con
t,nues TO be the one topic Of discussion
80 the fnanciers and railroad men
~ this CITY The same secrecy shat
cbaracterized the early stages of the ne.
s,otiations Is still observed. and 1t is hard
20 obtafn ANYTHING like a clear idea OF
the transaction. -, cu
Incident ~ the Mercantile, Trust, and
Deposit Company. had, up to the ume
~ b,s leaving for Portsmouth TO attend
the Stockholders meeting on Iuesnay,
secured 200 shares Of the seaboard ana
Roanoke stock, while President H. y
Hoffman carried with him, inciudlnS his
own holdings. 1900 shares. General Gill
bod euaranteed 500 per share TO the
owners of the block which he represent
ga II was stated to-day by one In a
nosition to know that Mr.. Hoffman de-
cIined The offer OF the New Workers to
purchase the 4o00 which he held at that
nrice and finally closed the deal with
them at Sll0.
CONTROL OF BAY LINE.
The syndicate insisted on having
turned over to them the controlling in
terest i'm the Packet Company without
which the Seaboard would be bottled up
at Norfolk. A block OF the stock Is
owned by the Seaboard and Roanoke.
but il lacked considerable OF the coveted
majority. and the representatives OF the
voting pool present at the conference
agreed to sell the necessary number OF
shares. the par value Of which is $500.
81 800 a share is said to have been paid
bv the New Workers for the securities.
General Gill was asked to-day by re-
norter for the Southern Associated Press
If he desired to make public statement
concerning the transaction. He replied;
81 have only one statement to make l
desire the public to understand that the
price | obtain for the stock of the Sea
hoard and Roanoke Railroad Company,
for which I have taken options, and am
still taking options at 800 per share is
the price which will be paid 10 the hold
ers OF said stock, in accordance with the
terms of said options. This includes my
own stock and that Is the largest in
dividual holding signed to that agree
ment."