The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-18
The Committee Refuses to Turn Stock
Over to the Ryan Syndicate.
A VICTORY FOR PRESIDENT HOFFMAN.
He Declines To Give Any Detail--A stock
holder says Mr.. Hofiman's Friends Raj
lied to His side, notwithstanding
MI. Hyan'- High Offers.

NNtN lHc NNWHiAttNf NhiN" ''""
5000 shares OF the stock pooled, refused
to turn It over to the syndicate headed
by Mr. r. T.. Ryan. Of New York.
The decision was a great surprise to
every one except President Hoffman and
a few OF his associates. It was signal
victory for the seaboard president. When
the arrangement was made at the Ports
mouth meeting looking 10 a sale of a.
controlling interest in the Seaboard Com
pany. there were few who doubted It's
consummation.
THE REPORT CONFIRMED.
The announcement this evening that
the deal was entirely Off. and the road
would hereafter bee conducted as an in
dependent line, as heretofore, was not at
first credited IL was only after PRESIDENT
Hoffman confirmed the statement that 1t
was generally believed.
Mr.. Hoffman declined TO give any de-
tails. but d stockhol1er gave this view Of
the case.
President Hoffman opposition 10 the
sale was generally own. and as soon
as Mr. Ryan's representatives. began 20
buy stock Mr.. Honman's friends came 10
his support and purchased all they could
obtain with the view Of pooling IL for
his benefit. We have really had the upper
hand in the fight from the start, but
have said nothing. When the impression
became general among To- stockholders
that Mr.. Ryan really represented j. +.
Morgan * CO.. the New York bankers,
who control the policy of the Southern
Railway Company, and that the sale OF
| the Seaboard would mean its eventual
control by the Southern railway we gained
ground rapidly. and were favored rather
than Mr.. Ryan I'm spite of the high price
DE offered for the stock
PRESIDENT HOFFMAN TALKS.
Just before leaving Portsmouth. Va,
| whittier he went late this afternoon on
business connected with the system. tne
executive of the SeabOard Air Line gave
out the following statement;
Under the terms of the pooling agree
mont.' said President Hoffman, no sale
| of the pooled stock can be made without
| the assent of three-fourths of the stock
| pooled. There are S.32l shares I'm the pool.
ANA as Jess than one. half of that amount
gave their assent, there Will be no sale.
"The vote also shows that the stoos-
holders have every confidence In the
future of the property and i'm lhc pres
emit management. The importance oil
| keeping am independent line TO the South
can scarcely be Ovoresumated, and, no
| doubt influenced the vote OF Baltimore,
Norfolk and Portsmouth stockholders.
| Had this line got into the hands ~
| New York parties represented in the
| Southern railway. there would DEE hut
Cne line 10 the South and that in the
| hands of New York. and the securities
would have suffered according i'm treir
trade
"The future of the system now looks
very promising, as the first three months
| of the current fiscal year show large
net gains over the corresponding NJ )ntr5
| o. l,a-. and the fact that the Ry p 'yirii-
| cate has been wiling to pay par for even
a. minority interest shows the results of
their study of Tie resources of the >.
\. l..
PRESENT MANAGEMENT.
Under tho present management.
continued Mr.. Hoffman "the road has
| been honestly operated FIN the interests
0l its stockholders. and of those holding
! us securities. amounting 10 many mill
! lions of dollars. Should change throw
its control into hands that seek only
! personal prout or to serve the ends
of competitive carrier. 30 might be
difficulty t0 oresc-timate the danger that
would threaten au Interested in the sys-
tenn.
"Tho public think. is 10 De congratu-
| lated that this line is still independent.
and Will bee run iu the future ns in the
| past. looking to the interest of the Bal
tmore and the Southern critics. with
which its trade rolniions are the most
| intimate and important
COMMENT ON THE OUTCOME.
I'm commenting upon the failure Of the
| RYAN syndicate. thc Manufacturer Re
cord Will tomorrow say.
"The failure of the New York people
| 10 secure "a controlling interest in the
| Soaboard Air Line should cause profound
| THANKSGIVING. not only throughout the
| South but wherever there exists any in-
torest iu the future OF this section. That
| the concentration OF ownership Of all
| railroads in the Central South In New
! York hands. would prove a serious in-
! jury 90 this section. and eventually 10 all
| Southern roads securities. admits of no
| question.
"fu the first place competition is essen
! tlf tO the best interest OF the South 10
! is essential 10 the success Of its mcr-
| chants. manufacturers and farmers. 10 is
| essential TO the best railroad work for
| the upbuildiug of IT'S industrial resources
| and the encouragement Of immigration.
| The Scaboard Air Line have given this
| much needed competition No railroad
| company in the country has done better
| and broader work for the material add
| yancement Of the country tributary 10 IL
| than has the ScabOard. I'm the second
| pI4ce the purchase Of tho ScabOard
| would have been regarded by the South
! as the eobbline-up of the last independ-
| cnt line north OF Atlanta and this would
| have given tho politicians of the Popuiis-
| Tie persuasion . new fighting ground
| against railroads. 70 is safe 20 say that
| under such circumstances legislation
| would have been enacted i'm the. Central
| South of vast injury TO an Southern rail-
| road securities and thus 10 all Southern
! business interest
IMPROVED SERVICE
"With the details of the recent contest
| for control. the Manufacturer Record
| has nothing TO do lt may however. very
| appropriately boz said that the record OF
| the present administration during the
| last three years of probably unequallcd
| business depression Is one of which any
| company might be proud. In that time
| this company has shown q most marvel
| Gus increase I'm the magnitude Of the
| roads traffic wonderful development of
| passenger service by the establishment
| Of through Pullman trains between
| Washington and Portsmouth and Atlanta
| (whercas three years ago there were only
| local trains and no through passenger
| service), the establishment of Atlanta ter
| minals the enlarge ment Of Portsmouth
| facilities with new warehouses. Office
| building. enlarged water front. ETC.. the
! raising OF the standard of the rolling
stock. from a very inferior condition 10
| its present high grade with the best 10,
| comotlves and good cars.
| IAN these things have been done not
! as Is often necessary al the expense OF
| net carnings. on the contrary during
| this three year period. the gross earnings