The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-18
,na nn 10 wi.hln ga ooo Of its net enrnlngs for

Of 1895 the Williams syndicate acquired con-
trG o, int properly AMI Is tba wi hps
syndicate rested for n time, but they appar-
emily soon reached the conclusion that Y the
welded 10 tho tat Of another company. the
process would be conducive TO the market
9sy oi 'hsr sssuftssN eWpfsmesn s Com NJ
Quoting negotiations for the purchase of con-
trolling interest In the Seahoard and Roanoke
pany Of The seabcard Air Line system. Nor
were his redundant energies confined to this
business. for about the lame time he began the
q the Florida Central and peninsular Railroad
a. thus las property more anon possess ,s
the general Characteristic Of the Georgia ana
Alabama property. somewhat accumulated:
Wnes ophennS nesotstions loy M pnsena nis
Of the f litigation Being Conducted BY Mr. RYAN
70 compel the fulHlment OF his contract with
elected 10 ignore il and also to ignore the sue-
gestions that II might be to his interest to So
cure, the co6peration OF Mr.. Ryan. At all events.
Hoffman pool. as the seaboaTd ( Roanoke syn.
dictate agreement was STYLED BY which he was
amount Of stock not to exceed 1910 shares.
ton taken out By Mr.. Ryan, the Williams .s syn
stock under The terms noted. but t Tor reasons
that will appear, hereafter. i was LEFT IN the
Company OF Baltimore. where il had been de-
posted by the pool. Promptly and within the
legal period; Mr.. Ryan took an appeal from the
order dissolving the Injunction to the Mary
lnnd Court OF Appeals. and this appeal Ia yet to
be decided.
and Sr n to she na
that In Decemb Der. 1879. the energetic Mr.. Will
inms having arranged another syndicate more
prlsing, some new blood. concluded the nur-
chase OF the property from the Messrs W. Bay
ans n ru ena or TSs
Messrs; Cutting have. ever aimee this sale, been
the recinien,s y the most hearty ant coq,Inp.d
Central and Peninsular has a capitalization OF
s2O.0OO,0OO Of common stock and S4.5O0.OOO
youll appear to have been Effected i0r upon
o. ls:s, in which, the GompSny enjoysG
TRANSFORMATION OF troops and supplies during
the spanish war. In that year L managed TO
those 81 the preVons S Year. or. ihdeed aSout
t i series o. years. That the earnings for
turns from Jan. ] to. Oct, 81 Of this, year.
ssn s r ssa SHOWN s r' ss Ss sSs n
May aud June when tho movement OF troops
aud munitions OF war was at its height. II the
Si over Ss If ssd Us cSrSea we nm IN
the instance Of the Georgia and Alabama.
by tho most nieRardly outisys for the main.
tenance OF way and equipment
=, However. enrly in the present year Mr.
virtual control OF the Georgia and Alabama
the the Florida Geptral and PeninsYsr and the
Sen ntt ana hnnnoke although In the last
ened with yitIntion should the litigation insti-
t nmo 5y Mr. hy92 be decided IN his favor. In
president OF all OF these companies and OF the
minor companies controlled by them, and their
ciater and assistants The Williams syndicate.
having obtained possession ~ these three COM
ranies. IL now engaged In the work Of CON
understood. is well on the way to conplstion.
inSindsd IN tmt new Mileage nhs 4 line from
would seem to imply a diversion Of the s"a.
board syst"m froni its natural deep water
terminus at Paramount 70 Richmond. but It 10
NOT now Necessary .y to criticise the plans OF the
The next point oi pertinent interest Is In re-
Ssrd to what oil this 6TaynS and Sonstrnoting
renditure has been PROVIDED for. Roughly
these transactions, appear TO have
involved an outlay about as follows:
For soaboSrd and Roanoke aud con.
ptto FLORIDA Central and Peninsula. 1900 900
DITTO Georgia and Alabama. ......,.... 100000
New construction and terminals at
Savannah. ........".............. 100000
Total Observation-Disclosures. sls.sOo.oro
=. Thlsis tiiv sum. even IN these days OF great
things particularly when the wholly non-pro-
q
properties acquired IA considered. Tnvestiaa.
that the bulk Of this capital has been provided
by certain trust companies in Baltimore. and
Thus. Richmond capital has been enlisted to
Suna 2oPE "%.S' and ioSst H.v sHSA
GrGoab,y incomplete but perhaps accurate
"acs wond c"mprse tSs G:r 81 ths s TTS.,
AMI DEPOSIT Company. the Baltimore Trust
FRI a Nr smSaay '4s st nsre9' sSs
aaS CIV The F.SnSns rr., G and 81.
State CAPITALISTS. IN addition. there arc. Of
in this city and in The south 5a. as no,es o tbs
hnlk OF the expenditures have been provided
y, the concerns named, which have. at least in
names OF the subscription signers as collateral
Tor their advances.
Williams Syndicate In connection with these
several extensive undertnk ings2 Assursdiy
md beyond question. II was the creation, issue
hhu SAFE OF enough new securities upon the
roads TO take up the old and un.
deriving securities, and TO reimburse tho sym
them for their pains and en,er.
prise Trustworthy Information regarding the
issue Of the new securities ia &c
ne eject thnt IL was the purpose TO issue upon
he 1900 miles OF road comprised in these
'hree comran'es new securities. as follows:
First mortgage bonds ss2, 90 600
Four per cent preferred stock, ......,, 26.oOoOoo
Som"h NocG '.'.rr'''''' ''''''''..'... 8I,0oo 900
io'ai' 20, OOOOO
OF this issue OF bonds. the Florida Contra,
md PENNSYLVANIA syndicate we're TO receiye
Si,55o.0OO for tho valuable stock OF this road
held by thom. From ST. 900 900 to ~ 900 600 OF
he bonds were 10 go to the syndicate fnnncinu
.hc Sehhoard mud Roanoke and Georgia and
Alabama purchases. In addition. the syndi-
'ates were to receive handsome bonuses In the
new common and preferred stock II may he
noted Tint In this process somc Sl2 900 900 TO
OF the new bonds were TO be OK
hanged for the syndicate holdings OF stocks
IN three railroad companies, two Of which have
never paid md have hardly ever earned any
iiydcnds whatsoever.
Pending the settlement Of the Ryan litigation
m! III" final decision upon the Injunction sued
Int by him. II Is plain. however, that this
iprndlu cent -por-conI. project IL still far from
ruliion. There arc. indeed. already eyldences
hat tho original plnn has been modified and
nat the syndicateS are willing to take less
'ince they cannot get moro. The Indications
% his effect ar" OF particular and technicnI
.athcr, than ot general interest 80 they
scarcely need to be dwelt upon in detail II In
enough TO say that the cent per cent nrorct on
the syndicate II virtually dead: that inyrstors
are most unlikely to regard with favor srrnr-
ties. when the title to the only actual security
behind them H. in litigation and opep 10 ou.s,
ION: and. further, that tho stopk jugRlory now
u progress, notably in the instance OF the dis.
POSITION OF thc treasury stock OF the RnInip and