Evening star., 1903-11-17
w. b. Moses & Sons, IF St., Cor. 1t1n.
:
SKY NOT YET CLEARED
SEABOARD PEOPLE MAY SMOKE
PIPE OF PEACE TODAY.
Opposition Of Ladenburg, Thalmann &
Co. to Blair-Ryan Plan Not
Eliminated.
The New York Herald today says:

The New York Herald today says:
Whether new interests shall supplant the
Ladenburg, Thalmann & Co. syndicate as
dictators of the Seaboard Air Line railway
is scheduled to be decided at a meeting of
the Seaboard directors to be held in this
city today. ~aL
There are two factions in the board. and
the meeting promises to be a lively session.
No agreement had been reached last even
ing and unless the pipe of peace is passed
around this morning the fight will be car
ried into the board meeting.
The difference of opinion. centers about
the acceptance of the Blair-Ryan loan
which has been offered to help the Seaboard
extricate itself from it's floating debt and
complete the financing of its line from At
lanta over the mountains to birmingham,
Ala.
This line (which will be in operation next
year, it is expected, will give the Seaboard
a large additional tonnage and at the same
time admit the Seaboard to coal fields,
which will aid its independence.
Control Voting Trusts.
On condition that this money Is advanced
the demand is made that the Blair-Ryan
party name eight directors and control the
Seaboard voting trust
Opposition to the Blair-Ryan offer comes
from the syndicate formed last summer and
headed by Ladenburg, Thalmann & Co.
This syndicate, with the cooperation of
Mr.. Williams, now controls the Seaboard.
The syndicate's representatives ON the
board of directors are Ernest Thaimann,
E. S. Guinness, F. B. Van Worst, B. f.
Yoakum H. Clay Pierce and Oakleigh
Thorne president of the North American
Trust Company.
John Shelton Williams, president of the
Seaboard; J. M. Barr. vice president, and
Shanbard baI also acted with
the Ladenburg, Thalmann & Co. syndicate.
Mr.. Williams and his friends, 1t is stated
upon authority, favor the Blair-Ryan plan,
and would in case of fight control the
board. About 20 per cent of the stock wishes
the installation of the new interests, and 1t
is altogether probable, therefore, that the
plan will be adopted by the board of di-
rectors.
Williams Heads Directorate.
The Seaboard is controlled by voting
trust composed of John Shelton Williams,
C. Sidney Shepherd. William A. Marburg,
James H. Dooley, B. F. Yoakum, Oakleigh
Thorne, H. c. Pierce and B. S. Guinness.
This voting trust does not expire until I9lo.
1t would be possible for the Ladenburg,
Thalmann & Co. syndicate by tie vote
among the trustees to prevent the adoption
of any policy disagreeable to them.
Although voting trustees are supposed TO
represent the wishes of the stockholders.
there is little doubt that they are vested
with power until the expiration OF office,
even against the wishes of a majority of
the stockholders. The question has never
been legally tested.
1t was reported yesterday that the sym
dicate which underworld S6.00O,O00 Atlanta
and Birmingham per cent bonds for the
Seaboard had failed to make the first pay
ment when 1t was due to the railroad COM
pany. and that this was the cause of the
Blair-Ryan proposal being made. This re-
port was denied both by Mr.. Williams and
by a member of the syndicate as being
wholly and unqualif1edly false. One MEM
Der of the syndicate stated that these
bonds had all been sold.
Conferences Held Yesterday.
Conferences were held yesterday between
the various factions, involved. 1t was au-
thoritatively stated last evening that the
situation had in nowise changed since last
week. S)7a-~n
No definite amount of money, it was said.
had been pledged by the Blair-Ryan syndi-
cate. but all the funds required to carry
through the expansion plans of Mr.. Will
Jams had been promised.
In addition to 100000 needed to COM
plete the Birmingham extension between
100000 and 10000 are required to care
for the floating debt. Funds are also need
ed for other purposes, which will make the
xaf.r.