The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-10-04
DOLLAR FOR DOLLAR
ne PAID BY MIDDENDoRF
VIII AND BY WILLIAMS
ABILITIES ABOUT S7,o00,ooo
o,,pr RECOVERY OF ALL IN
INV" rEREsTs LOOKED FOR

-, Capitalists WIN
..oI of system to Pass into
o,her Hands Williams De"ies
s.rv That system Is no Longer
endert - His Firm Largest
s,ockhoIder-NOrthe ana west"
Interests welcomed But Not
Ee Allowed Control.
,,.i+i,,ore oct. 3.-Baltimore imam
-, .trcIes had almost completely re-
,oyered to-day from the shock that
W. coca stoned by the big drive against
a..1oord Air Line securities of the two
Ave nrevious, and the announcement
No. the we'll known banking firms OF
william Middendorf & Co.. and Of
1ohr l.. Williams & Sons had asked
,bsir creditors for an extension of time
IN which to meet obligations.
The most hopeful feeling existed
here. brought about largely by the
cheering news that the two firms with
N granting of the extension, about
which there seems to be little doubt.
will be able not only to meet all
creditors in fun. but be firmly estab-
Iished for q renewal of business. The
liabilities are, it is stated, $1,000, 900.
This belief combined with the recov-
erv of Seaboard issues. both on the 10
cal stock market and on the New
York curb, placed a desired silver lin
ing to the cloud that has been hanging
over financial interests. and with any
thing like a fair New York market on
standard issues the most influential
interests here express the belief that
a prompt recovery will be made by all
elements affected.
Closing of Margin Accounts.
The sentiment seemed to be that the
break OF several points in Seaboard on
Friday was largely caused by the en-
forced closing out of some margin ac-
counts, and that these being over, the
reason had set there seems to be the
strongest kind of sentiment that Sea-
board will prove in future good invest
ments, and that Baltimore and South
ern interests have determined wherever
possible to hold on and thus prevent
any possibility of the control of the
road being secured in the open market
and taken from the South.
While officials of the Seaboard prop
erly state that the Introduction of the
entirely welcome, they point out that
the control by large figures still lies in
the South, and that if Baltimore, Rich
mond and other Southern holders with
hold their securities that there is no
chance for a transfer of the control.
:. A. l.. still Independent.
The many stories being published In
New York and other places concern
ing alleged control of the Seaboard by
The Rock Island and other interests
mas given rise to the impression in
many quarters that the Seaboard is no
longer an independent property. Mr..
'ohn SHELTON Williams, president of
'ne Seaboard when asked concerning
the status of the control of the road,
Yesterday answered very emphatically
mat the stories were without founda-
ton
Inc firm of John L. Williams &
sons IS the largest individual stock
nolder in the Seaboard Air Line" he
sdio' without associates we have held
control in the system and that state
VI dHdrs remains unchanged. We
nedr'iiy welcomed the Northern and
western interests into the manage
meht but this did not change the mat
er Oh the control. The Seaboard Air
.""e IS an Independent system and will
We operated as such"
Mf. Williams was asked if the pros
pecIs We're not for change of this
'O"ul'ion, and replied: "Of course, 1
Valllot answer in years to come, but
'"e present outlook is for the Sea-
10 remain an Independent sys-
'e"l' The Baltimore and Southern in
'eieSlS are by far the heaviest, and,
Vi course, any one might be able to
Tecure large holdings in open market.
t''''i'iloreans, however, appear to be
-e"Ny buyers at present, and there
no indication that they intend to
's'eaSe their holdings.
Williams Not to Sell.
MI Williams said that there was no
Uu.H IN the rumor that he intended
dispose OF the larger portion OF his
''isS by reason of the temporary
W., rrassment of his banking house.
"hen asked if the closing of the On
o,' Oh 10000 shares given by himself
'u MI Middendorf and friends to a
S' "alcate would not, If fully consurl-
,eu' afect the control of the Seaboard.
tive. ~ '"e mega"
''i' Williams repeated that the syndi-
80 could, of course, buy additional
."''es IN the open market. if they so
1ssiIed' and if the Southern interests
sie willing to let go, but that any one
e'Se was in the same position.
A"hkum Not Chairman NJ Roard.
VII Williams asked that attention
osa'n be called to the fact that an
~ 'ot was made in the dispatch stat
Us mat Mr.. r. F. yoakun, president
~ me Frisco system, had been made
~ .'''Inan of the board of directors.
or. " Hlams reiterated his statement
ws r, ne was chairman Of the board, as
~ 81 as president of the road, ana that
" foakum was chairman of the
-%ecntive Committee.
t.r, n conclusion, Mr.. Williams charac-
NJ" the following publication in
d.r,.,. orA as all rot:" ''w. K. Van
''' Jr.. recently became associated