The Birmingham age-herald., 1903-08-13
Long Expected Announcement Is Given Out by LadenbeTg,
 ThaIman & Co.
DEAL DOES NOT GALL FOR
 SUPPLY OF NEW MONEY
It Is Pointed Out That the DIseonsinu- anee of Further Construction Will Greatly Enhance Property
 Values of the Road.

New York, Aug 12-The long expected announcement that the Seaboard Air Line had passed at least practically, in- to new hands, was made today by Laden- berg. Thalman & Co.,. who issued state- ment showing that interests representing the Rock Island and St Louis and San Francisco. popularly known as the Frisco. had secured representation in the Sea- board directorate and board of voting trustees The official statement was as follows:
 ''Ladenberg, Thalman & Go. announce that they have completed negotiations whereby new and important interests have become identified with the seaboard Air Line Railroad Company. B. F. Yoakum and H. Clay Pierce and B. F. Guinness of Ladenberg. Thalman & Co.,, and Okleigh Thorne, president of the North American Trust company, have been elected voting trustees of the Seaboard.
 President John Skelton Williams also announced that B. F. Yoakum H. Clay Pierce, Okleigh Thorne and s. B. Yanvorst have been elected directors of the Sea- board Air Line railway.
 Does Not Mean furCndSSs
 The change of personnel of voting trus- tees of the stock of the Seaboard Air Line company does not mean the purchase of the company by Rock Island or Frisco interests, although the Frisco lines ex- tend into Birmingham and are now part of their Southern system. It does how ever, emphasize the fact that all the great railway systems are carrying out the policy of more closely cementtng the rall- way transportation interests Of the coun- try, which will greatly retard and it Is hoped. entirely prevent demoralization of the whole situation. or the unnecessary construction and duplication of property.
 Attention is called to the fact that with the discontinuance of any further con struetion by the Seaboard Air Line, the value of the properties are greatly en- haneed. Another gratifying fact at this time, and which is further evidence of the future disposition of the railway interests of the United States, is that this deal does not call for any financing or any supplying of new money.
 One of the voting trustees, when asked to state the real significance of the deal,s said that it meant "better understand ing among interests that have at various times conf1icted."
 VIII Change Policy.
 The policy of the Seaboard Air Line for long time was one of absolute in- dependence, so much so as to make it at times ininical to the interests of oppos- ing roads traversing adjacent territory. Todays developments, 1t is thought will do away with such trouble in the fu- ture.
 The new directors take the places of F. R. Pemberton of this city, R. c. Davidson of Baltimore, E. B. Addison Of Richmond and w. W. Mackall of Savan- nah.
 B. Y Yoakum, one of the new direc- tors. Is president of the St. Louis and San Francisco railroad, for which Nor gan and company are fiscal agents. The difference between the so-oalled Morgan interests represented by the Southern Railway and the Seaboard Air Line dur ing the last few years has been a sharp one The efforts of Thomas F. Ryan and his associates to get foothold on the Seaboard or as some suggested, control of that company, were accompanied by rumors at the time that he was acting fin the interests of the Southern, but this was denied. The laws of some of the southern states expressly preclude one company from controlling a competing road. This rendered it impossible for MT. Morgan to turn the Louisville and Nash vile road over to the Southern. In- stead of that it went to the Atlantic Coast Line
 Bid for Louisville Road.
 The Seaboard made a strong bid for the Louisville road and when it was re- fused even a part ownership 1t was inti- mated that other alliances would be made perhaps the Gould people. It is significant that in recent years the Sea- board had a sort of silent understanding to maintain rates that all of the rail- roads in southern territory would be able to get as much profit out of their traffic as possible.
 The Seaboard Air Line company, oper- ating 2611 miles of road. was formed un- der the laws of Virginia. in 1900, to suc- ceed the old Richmond, Petersburg and Carolina railroad The system now ex- tends from Richmond. Va, to Tampa. Fla. with connections extending west to Montgomery and to Birmingham, by way of Atlanta, and east to Charleston and Norfolk Under a traffic agreement with the Pennsylvania railroad a through passenger and freight service is amain- tained between Washington and New York
 The seaboard Air Line also owns the Bay Line Steamship company, operating from Baltimore to Norfolk.