The age-herald., 1899-01-20
SEABOARD SOLD
 TO A SYNDICATE

T run the Baltimore Sun.
 Control of the Seaboard Air Line Is now in the possession of the syndicate headed by John skelton Williams, which made the offer of S2o0 share for the pooled stock of the Seaboard and Ronaoke Railroad company, the parent corporation of the sys- tenn.
 MT. John Skelton Williams, who heads the syndicate, was in Baltimore yesterday com- pleting the details of the transfer and left last night for New York, in which city re- side some of the parties who are members of the syndicate. MT. 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 dissolving the preliminary injunction granted on the com- plaint of MT. Thomas F. Ryan, of New York; restraining the transfer. Mr. Louis McLane, chairman of the pooling commit tee, to whom, as trustee, the individual stockholders in the pool had transferred their stock, had a consultation with ex- Judge William A. Fisher, counsel for the committee. and was advised that the dis- missal of MT. Ryan's suit left obstacle in the way of the transfer of the stock. This transfer was made yesterday and the $500 shares of stock held by the pool were placed in the possession of the. syndicate and the purchase price paid.
 It is expected that the syndicate will call a special meeting of the stockholders of the Seaboard and Ronaoke Railroad company and formally take charge of the property by electing it's 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 MT. Williams.
 The passing of the pooled stock into tho possession of the syndicate and the dis solving of the pool attracts interest in the next move of MT. Ryan, who has been en- deavoring to secure control of the Seaboard system for nearly three years, and whose movements were opposed by the Hoffman interests in the property. MT. Ryan made a number of legal moves, and the last was the bill of complaint which was dismissed on Monday, in which he sought to enforce an alleged contract for the sale, at $125 d share, of between 5000 and 1000 shares of stock of the Seaboard and Roanoke This contract was made on October 6, 1896, and the suit for its enforcement was instituted soon after the syndicate offer of $2O0 share was announced
 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. MT Ryans offer was rejected owing to the failure to secure this required three fourths assent. MT. William L. Murphy at torney for Mir Ryan, said on Monday, after the suit was dismissed, that MT. Ryan would take his case to the court of appeals.
 The proposition of the syndicate was made in the latter part of December, and a formal understanding was reached on Christmas Eve, when President Hoffman agreed to recommend the acceptance of the offer of $200 a share. Prior to this agree ment the syndicate was called upon to put up sum of money as a guarantee that it would carry out it's offer. In answer to this call the syndicate put in bank money to cover the purchase price of the stock The syndicate was formed by John L. Will Hams & Sons, of Richmond, Va.,; Midden- dorf, Oliver & Co.,, of Baltimore the Mer- cantile Trust and Deposit company and the Baltimore Trust and Guarantee company, of Baltimore, and the Produce Exchange Trust company, of New York. The domi- mating interest in the syndicate is in Bal timore and Richmond, and the New York interest is not as large as the Richmond in- terest.
 It is the announced policy of the syndicate to develop the Seaboard Air Line as an in- dependent system. The fact that members of the syndicate are in control of the Geor- gia and Alabama Railway has 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 prividing for a railroad from Richmond to Ridgeway, N. C., where it meets the Seaboard Air Line, is to become a part of the system and will give it a long desired entrance into Richmond. Financial arrangements have been made for the building of this road and contract exists for it's operations as part of the Sea- board system.
 Beyond this the syndicate has not formu- lated any plans although it is credited that the intention of reaching Washington after getting into Richmond by some arrange nent yet to be made with the Richmond, Fredericksburg and Potomac. As has been stated in the Sun in interview with Mr. Williams, no negotiations for the use of these tracks north from Richmond have been undertaken.