Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-01-05
SYSTEM IN STRONG HANDS.

SYSTEM IN STRONG HANDS.
The Baltimore Sun, of yesterday.
speaking of the deal, said:
Those who are in the confidence of
the syndicate, Stated yesterday that
neither the Southern Railway COMPANY
nor the Atlantic Coast Line were in
any way identified with the move to get
control of the Seaboard Air Line. and
that when the deal was closed the sys-
tenn would be in strong hands, which
would continue to operate it as an in
dependent railroad. Nearly the entire
capital comes from Richmond and Bal
tlmore. and the syndicate Is under
stood to be headed by the banking
honse of John l.. Williams & Sons. of
richmond. This firm. with it's asso-
GATES, constitute the dominating in
iluence In the management of the Geor-
GA and Alabama railway, and in NOV
ing 10 get control of the Seaboard II is
expected that n combination of these
properties will be effected. This would
call for the construction of new lines to
unite the two systems, and if is he.
lieVed that when its plans develop the
syndicate will have organized mother
DIG railroad system in the South"
JOHN SHELTON WILLIAMS.
Mr.. John Shelton Williams. who Is
one OF the prime movers in the deal
Is one OF the youngest and most prom
inent railroad executives in the South.
and the fact that he is connected with
the movement carries with it unnuali-
lieu assurance of the genuineness of the
Undertaking, and that the Seaboard
Will be maintained as an independent
system and its usefulness greatly ex-
tended.
Mr.. Williams is president of the Geor
gia and Alabama Railroad Company.
which Is the reorganized Savannah.
Amer'icuS and Montgomery railroad
Since lis h.
been steadily developing under the wise
and able direction of it's president who
is recognized as a far-seeing manager.
OF such property. The recent deal. by
which his railroad secured large and
independent terminals in Savannah,
was accomplished with notable ability.
and his association With the syndicate
: that wants the Seaboard speaks only
too plainly the high estimation capital
places upon his worth as an able di-
rector and is clearly Indicative that an
ambitious project is back of the move
of the syndicate.
THE COMMON STOCK.
The Sun says:
There are about $500 shares Of the
common stock of the Seaboard and
Roanoke Railroad Company in the pool
for which the syndicate made its offer.
In all there are about 900 shares of
common stock issued and the pool.
therefore. holds a large majority of the
stock. This pooling agreement was for
five years. and delegated the voting of
the stock to Messrs. Louis McLane,
Leigh II. Watts and Moncure Robin
son, who We're named as IL pooling COM
mittee. Signers of this agreement
bound themselves not to sell or other
wise dispose OF their stock, or delegate
any part of the voting power of such
stock to any one other than the pooling
committee without the written consent
of three fourths of the aggregate
amount of shares held by the parties
signing the document, Mr.. Robinson
has since died. and the object of the
pool to prevent the syndicate. headed
by Thomas f.. Ryan. of New York.
from getting n control Of the property,
was rendered further secure by the as
signment Of the certificates of stock in
the pool to Mr.. Louis McLane. chair
man. 1t will be necessary in order to
effect a sale of the pooled stock to the
new syndicate to secure the requisite
assent of three fourths of the whole
amount. This, it is understood. Is al
ready assured"
CONTEMPLATED PROPERTY.
A special TO the Baltimore American
from Richmond says:
Mr.. John Shelton Williams, of the
firm OF John l. Williams 81 Sons. finan-