The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-23
THE SEAB0ARD AGREEMENT.
Managing Committee Given Absolute
Powers some OF it, Provisions.
Baltimore SUM-


Mr.. Isaac Lobe Strauss. who as coun-
sci for a Baltimore merchant recently
filed an injunction suit in a Baltimore
court to prevent plans which are in
progress for consolidating the Seaboard
Air Line, the Florida Central and Pc
ninsula and other railroads into the
proposed Greater Seaboard Air Line
system. sale to a reporter OF The sun
yesterday that since instituting the
suit he has had an opportunity TO ex-
anime the Greater Seaboard Air Line
consolidation agreement OF January
5, 1900, under which the new CONSOLE
dation plan was a few days ago declar-
ed operative.
The new agreement" said MT.
Strauss, creates a new managing COM
mittee. composed OF seven gentlemen.
and confers upon this committee pow
ers which are without Limitation. The
committee is authorized by the new
agreement to do anything in regard TO
the properties n trusts committed To
II that IL may conceive of. The old
syndicate agreements-naTnely, the Sea-
board and the Florida Central and Pc
ninsula agreements-were specific in
their purposes and explicitly limited
the power Of the syndicate committees
created by them. They provided that
the particular work of consolidation
hould be accomplished in three years.
The new agreement gives the seven
managers ten years in which they may
do virtually anything they please in
any way they please.
The following. for example. are
some of the powers delegated TO the
new managing committee under the
new agreement. 1t is empowered To
carry into practical operation the
agreement, including the plan OF organ
ization in it's entirety or in part to
such extent and in such manner and
with such additions, exceptions and
notifications as the COM
mittee shall deem to be for the best in
terest of the subscribers. or OF the prop
critics finally embraced in the plan OF
organization; and also to exclude any
inc or system OF lines from the new
organization.
THE committee is given all power
and authority over the money. stocks
bonds, securities and obligations Of
the syndicate, with full power TO trans
fer the same to their own names AZ a
committee or to the name OF any mem
Der thereof. or other person or persons
whom the managing m may
select; to vote thereon at any meeting
of the stockholders. or ~bondholders or
creditors; to use every such stock.
bond, security or obligation and all
such money as fully and to the same
extent as the owner or holde thereof:
to give all bonds Of indemnity or other
bonds, and to charge Herewith h
money and securities held by the de-
positary: and to do whatever in the
judgment of h managing committee
may be necessary to promote the pnr-
poses of the agreement and the inter
ests Of the subscribers.
1.-The agreement also provides that
the enumeration of specific powers con-
ferred b. 1t shall not be construed to
; limit the general powers intended TO
be conferred, and 1t is distinctly de-
clared that il is intended to confer on
the managing committee in respect OF
all money and securities at any time
deposited with the depositary. or ac-
quired hereunder. and in all other re-
spects, any and all power which the
| committee may deem necessary or
! expedient in or toward promoting the
rpo Of the agreement in n re-
spect, even though any such power be
apparently of a character not now
contemplated: and that the methods to
be adopted shall be entirely discretion
airy with the committee
THE committee is also authorized TO
issue stocks, bonds and other eertih-
Gates on the properties OF the railway
companies embraced under the agree
! ment. They can run the railroads
; which were originally intended to be
consolidated either separately or unit
eddy, or in minor consultations: they
can divorce any OF them at will from
the general system: they can retain
them or sell them or abandon them"