Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-04
FINANCES OF THE sEABOARD.
Being Made 10 f'o"'
the Compnny's Securities.
Baltimore Americana

baltimore Americana
Mr.. John SHELTON Williams. OF Rich-
mond. and Mr.. J. w. Middendorf. of Balti-
more president and vice-president, respec-
lively, of the Seaboard Airline system
and other capitalists Interested In the
great southern enterprise. are MAKING
arrangements to finance the entire sys-
TEN, which will consists OF the OLD sea-
board Airline, which was acquired from
Mr.. r. Curzon Hoffman. Louis McLane.
and their associates: the Georgia and
Alabama road, In which Messrs. Williams
and Middendorf were already largely IN
terested and the Florida Central and
Peninsular railroad. Included also In the
financial arrangements will be the new
line now under construction from Ridge
way 10 Richmond, and by which II Is
expected northern and eastern connections
will be made via Richmond
The financial plan as far as developed
provides for an issue of per cent. bonds
To the amount of between SSJ,W0vo ana
$40 100000 The total issue Of bonds. pre-
ferred and common stock. will be in the
neighborhood Of $40 ,0CO.0CO.
1t is intended that the bonded indebted
ness shall not exceed $1,000 per mile
which as compared with other railroad
systems is very small. According 10 the
plan under consideration holders of one
hundred shares of Georgia and Alabama
will be entitled. under the distribution of
the new securities to be issued, to $1,000 in
bonds. s. 600 in preferred stock, and $500
I'm common stock. The Georgia and Ala
bama may be said TO be the company
which has acquired the Seaboard Airline
and the Florida Central and Peninsular
road.
1t is estimated from last years receipts
of the three systems TO be consolidated
that the preferred stock will pay a dyi-
dend the first year.
A brief geographical summary of the
consolidation of the several lines to form
the new system is as follows:
A combination of the Seaboard Airline,
reaching from Richmond to Atlanta, Ga,
and entering the cities Of Durham, Hen
derson, Raleigh. Charlotte. n. c., Column
bia, $. c., Athens and Atlanta. Ga. an>-
having seaports at Wilmington, y. C.,
Norfolk and Portsmouth, Va, and Balt-
more, through the Old Bay Line, its water
connection: the Georgia and Alabama
railroad. extending from Savannah, Ga.
to Montgomery, Ala. closely connecting
at Montgomery with the Mobile and Ohio,
by which il reaches the coal and iron
fields of Alabama; the Florida Central and
Peninsular reaching Columbia, S. c., Sa-
vannah Ga, Jacksonville, Fla, and the
principal winter resorts on the east coast
through a connection of the Flager sys-
tenn of railroads.
The consolidation of the several lines
has been brought about by Mr.. John
Shelton Williams OF Richmond, and Mr..
]. William Middendorf. of this city.
Early i'm February the Williams syndi-
cate. which embraces the capitalists con-
trolling the Seaboard Airline, the
Georgia and Alabama and the Florida
Central and Peninsular railroad, placed
their own directors in the different boards
making up the Seaboard system The
list then chosen indicates the Baltimore
interests. which are identified with this
new combination of southern railroads.
Among them are: William II. Blackford,
president of the Maryland Life Insurance
Company; j. William Middendorf, of Mid
dendorf Oliver & Co.. William \. Mar
burg. vice-president of the Continental
Trust Company; II. Curzon Hoffman,
formerly president Of the Seaboard Air
Line; General John Gill. president of the
Mercantile Trust and Deposit Company;
Solomon Frank, Douglas. II. Thomas,
president of the Merchants National
Bank: II. Irvine Keyser. Henry 4. Parr,
who is one Of the syndicate leaders in
the consolidation of the street railways
and electric-light plants of Baltimore, and
Robert g. Davidson, president of the Bal
timore Trust and Guarantee Company.