The Birmingham age-herald., 1903-08-17
RAILROAD WORLD.


 It seems to be a settled fact that the official organization of the Seaboard Air Line will not be affected by the passing of the roads control to the Rock Island Frisco interests. This will give great sat isfaction to all along the line. President John Skelton Williams is not only per- sonally popular, but he is recognized as a real benefactor of the south in that he took hold of a poorly equipped local line and built upon 1t an extensive and finely equipped southern system. And MT. Will Hams has surrounded himself with able and highly esteemed officials. Vice. President and General Manager J. M Barr, who has charge of the operations of the Seaboard, ranks as one of the fore most railroad men in the United States, while the officials under him are recog- ni7ed as the right men in the right places
 The Wall Street Journal of Saturday says: The change in the personnel of the voting trust that dominates Seaboard Air Line is still matter of considerable com ment on Wall street. It is understood, and rightly so. that the transaction whereby practical control passed 10 Frisco interests was quite unique and without precedent on Wall street.
 The cardinal points of the transaction are as follows
 It was based upon the fact that two prominent interests in Seaboard had over taxed their credit in the market.
 Actual control was not bought from the Williams interest. An option on a large block of stock was so obtained.
 The actual cash payment by Messrs YOa <llm and Pierce Iaee tbap conn 0n0
 The fact that H. Clay Pierce and Laden burg. Thalmann & Co. are prominent in Mexican Central does not predicate any connection of Mexican Central with this transaction, as reported.
 Both Rock Island and Frisco people, in fact faty deny that there is any in- tention of purchasing, leasing or other wise controlling Mexican Central.
 Seaboard will continue to be operated just as before and traffic arrangements for through service will develop as the traffic departments of the two systems can manage 1t.
 The voting trust of Seaboard Air Line will ultimately consist of seven members, of whom four will represent the controIl- ing pool.
 It is true that the entire matter was brought to President Yoakum and finally closed by him within twenty-four hours It is true also, however that he had re- ceived last year very exhaustive infor- nation and invoices covering Seaboard and all subsidiary property so that he knew exactly what the system repre- scented.
 Only about one half of the controlling stock will ultimately be held by. Messrs Yoakum and Pierce. The rest is in the hands of Ladenburg, Thalmann & Go. and the North American Trust company and elects two out of the four new trus- tees.
 Messrs. Yoakum and Pierce, while not actually owning or controlling or holding by option as much as 25 per cent of the voting securities will be the dominant railroad power in Seaboard Air Line and will dictate it's railroad policy
 From these facts the nature of the "con- troll becomes fairly apparent. There is no other "controp' very similar to it in the United States unless 1t be the posi- ton of Hooking Valley at the moment
 The real control lies in the hands of pool consisting of B. F. Yoakum, Fl. Clay Pierce, Ladenburg. Thalmann & Co. and North American Trust. Frisco and capital has imparted stability to prices and rates, but it has not been able to control them