The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-11-25
THE DEAL rs OFF.
Pres. Hoffman OF The S. A. L.
Euchres Thos. F. Ryan.

BALr1rxoRE. Nov. 1.-THE much
talked about Seaboard Air Line deal
received a Knockout blow this after
noon wheo the committee which has
some 5000 shares of the stock pooled
refused to turn it over to the syndicate
beaded by Mr. Thomas +. Ryan of New
! York. The decision was great eur
prise to everyone except President Hoff
man and few of his associates. 1t
was signal victory for the Seaboard
president.
When the arrangement was made
at the Portsmouth meeting looking to
sale Of controlling interest iu the
Seaboaod company. there we're few who
doubted its consum nation The an
pouucement this evening that the deal
was entirely of and that the road would
hereafter be conducted as an ipdepend-
ent line as heretofore. was not at first
credited 1t was only after president
Hoffman confirmed the statement that
it was generally believed. Mr.. Hoff.
map declines to give any details but a
stockholder gave this view Of the case:
"Presidebt Hoffmau's opposition to
the sale was we'll known aud as soou as
Mr.. Ryau's representative began to buy
stock, Mr.. Hoffmau's friends came to
bis support and purchased all they could
obtain with the view Of pooling it for
bis benefit We have really had the
upper hand 10 the fight from the start
bot have said nothing. When the i'm
preston became general among the
stockholders that Mr. Ryan really rep
resented J. P Morgan & Co the New
York bankers who control the policy Of
the Southern railway company, aud
that the sale of the Seaboard would
mean its eventual control by the South.
ern railway, ne gained ground rapidly
and were favored 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 Sea aboard Air Line
gave out the following statement !:
/ "Under the terms of the pooling
agreement" said President Hoffman,
800 sale of the pooled stock can he
made without the assent of three
fourtbs 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 20 sale.
s.Tbe vote also shows that the stock
holders have every cou6deoce in the fu-
ture Of the property and in the present
management. The importance of keep.
ing 40 independeu, line to the south
can scarcely be overstimated and 90
doubt influenced the vote of Baltimore,
Norfolk and Portsmouth stockholders
Had this line got ioto the hands of the
New York parties represented in the
Southern railway there would have been
but one line to the south, and that 10
the hands Of New York, and these
cities would have suffered accordingly
10 their trade. The future of the sys-
tenn now looks very promising, as the
first three months Of the current fiscal
year show large net gains over the cor
responding months of 1895, and the
fact that the Ryan syndicate has
been willing to pay par for even a
minority interest shows the results of
their study of the resources of the Sea-
board Air Line.
Under the present management, y
continued Mr. Hoffman. 1.-The road has
been honestly operated 10 the interest
of its ockholders and of those hold
ing its securities, amounting to many
millions Of dollars. Should such a
change throw it's control into the hands
that seek only personal profit or to
serve the ends of competitive carrier,
it might be difficult to overestimate the
Danger that would threaten all interest
ed in the system.
"The public, think, is to be con-
congratulated that this line ls still In
dependent and will be run in the fu-
ture as in the past looking to the inter-
est of Baltimore and the southern cities
with which it's trade relasations are % ost
intimate and important.
Coahoard Affairs