The evening times., 1899-01-18
NOW In POSSESSION
OF THE SYNDICATE
SALE OF sEABoARD AIR LINE
Eight Thousand Three Hundred
Shares bought and Paid for
at $500 Each.

Control of the Seaboard Air Line is now
in the possession of the syndicate headed
by John Shelton Williams, which made
the offer OF 5000 a share for the pooled
stock of the Seaboard and Roanoke Rail-
road Company, the parent corporation OF
the system.
Mr. John Shelton Williams, who heads
the syndicate, was in Baltimore yesterday
completing the details of the transfer and
left last night for New York, in which
city reside some of the parties who are
members of the syndicate. Mr. Williams
refused to discuss the situation.
Arrangements for the transfer of the
pooled stock were made Immediately after
the decree was issued by Judges Wickes
and Stockbridge on Tuesday disso wing
/ the preliminary injunction granted on the
complaint on Mr.. Thomas F. Ryan, OF
New York, restraining the transfer. Mr.
Louis McLane, chairman OF the pooling
| committee, to whom, as trustee the in
dividual stockholders in the pool had
transferred their stock, had consultation
with ex-Judge William A. Fisher, com
sci for the committee, and was advised
that the dismissal of Mr.. Ryan's suit left
no obstacle in the way of the transfer of
the stock This transfer was made yes
terday and the $500 shares of stock held
by the pool were placed in the possession
of the syndicate and the purchase price
paid.
1t is expected that the syndicate will call
a special meeting of the stockholders of the
Seaboard and Roanoke Railroad Company
and formerly take charge of the property
! by electing its own board of directors
President r. Curzon Hoffman, who has
| been the executive officer of the system
for the past five years, will, it is under
stood, be succeeded by Mr.. Williams.
The passing of the pooled stock into the
possession of the syndicate and the dis
solving of the pool attracts interest in the
next move of Mr.. Ryan, who has been en-
! deavoring TO secure control of the Sea-
board system for nearly three years, and
| whose movements were opposed by the
| Hoffman interests in the property. Mr..
/ Ryan made number of legal moves, and
! the last was the bill of complaint which
was dismissed on Monday, in which he
sought TO enforce alleged contract for
| the sale. at SIPS q share, of between 5000
and 1900 shares of stock of the Seaboard
and Roanoke, This contract was made on
! October 6, 1886 and the suit for its en-
| forcement was instituted soon after the
| syndicate offer of 5000 a share was an
| nouRced. Under the terms of the pooling
agreement none OF the stock could be sold
without the assent of three fourths of the
! stock in the pool. Mr.. Ryans offer was
rejected owing TO the failure 10 secure this
required three-foprths assent. Mr. Will
lam L. Marbury, attorney for Mr. Ryan
said on Monday, after the suit was dis
missed, that Mr.. Ryan would take his case
/ case to the court of appeals
/ The proposition of the syndicate was
made in the latter part of December and
formal understanding was reached on
! Christmas Eve, when President Hoffman
agreed 10 recommend the acceptance OF
the offer of 5000 share. Prior 10 this
I agreement the syndicate was called upon
TO put up a sum of money as a guarantee
| that il would carry out its offer In an
| swer TO this call the syndicate put in bank
money TO cover the purchase price of The
| stock. The syndicate was formed by John
| L. Williams & Sons, of Richmond, Va;
| Middendorf. Oliver & Co. of Baltimore:
the Mercantile Trust and Deposit Com
pany and the Baltimore Trust and Guar
antee Company, OF Baltimore, and the Pro-
duce Exchange Trust Company, of New
York. The dominating interest in the syn
dicate is in Baltimore and Richmond and
the New York interest is not as large as
the Richmond interest.
1t is the announced policy Of the syndl-
cate TO develop the Seaboard Air Line as
an independent system. The fact that
members of the syndicate are in control
of the Georgia and Alabama Railway has
1 created the belief that these two properties
will be connected by the construction of a
new line. The Richmond, Petersburg and
/ Carolina Railroad. the new project provid-
ing for railroad from Richmond 10 Ridge
way, y. c.. where il meets the Seaboard
Air Line. is TO become part OF the sys-
TEN and will give it a long desired en-
trance into Richmond Financial arrange
ments have been made for the building of
this road and contract exists for its op-
Grafton as part of the Seaboard system.
Beyond this the syndicate has not formu-
lated any plans. although it is credited
with the intention of reaching Washington
after getting into Richmond by some ar
rangement yet to be made with the Rich
mond Fredericksburg and Potomac.