Evening star., 1903-11-19
Will Continue Entirely Inde'
pendent System.
DIRECTORATE CHOSEN
ANNUAL MEETING IN NEW YORK
YESTERDAY AFTERNOON.
Community Of Interest in Three Great
Railroads Of the South-Some
Statements.

A special from New York last saysf
Messrs Blair & Co, Mr.. Thomas f. Ryan
| and Mr.. T. jefferson Coolidge 1r. repre-
senting the Old Colony Trust Company Of
Boston, have agreed to loan the Seaboard
Air Line railway the. amount Of money
deemed necessary by the officers of that
company to pay off It's floating debt and to
complete the Birmingham-At Atlanta extern
sion.
In pursuance Of this understanding all
interests represented in the property
agreed upon the following gentlemen di-
rectors. and they were elected at a meet
ing held yesterday afternoon:
John Shelton Williams, Richmond, Va.
Thomas f. Ryan, New York.
John A. Blair, New York
j. William Mddendorf, Baltimore.
S. Davies Warfield. Baltimore.
James II. Dooley. Richmond, Va.
c. Sidney Shepard. New Haven, Conn
j. NJ. Barr, Norfolk, Va.
Ernt Thalman, New York
B. +. Yoakum, New York.
II. Clay Pierce, St Louis, Mo.
Oakleigh Thorne. New York.
Norman B. Ream, Chicago.
7. jefferson Coolidge, jr.. Boston.
Nathaniel Thayer Boston.
President Williams Talks.
President John Skelton Williams of tho
Seaboard, after the meeting said:
THE proposition made by Mr.. s. Davies
Warfield, president Of the Continental
Trust Company of Baltimore. Md, on be-
half of Mr.. Thomas f. Ryan. Messrs. Blair
& Co. and the Old Colony Trust Company
of Boston, and presented by him to our
directors, has been unanimously accepted,
and has received i'm the election Of a board
of directors satisfaction to all the inter-
eStS concerned.
Played an Important Part
The entrance into the management Of tho
company of Mr. Thomas +. Ryan, MessrS
Blair & Co. and the Old Colony Trust Com-
pany of Boston, in conjunction with La
denburg, Thallman Co. and their assO-
ciates, marks new era in Seaboard af-
fairs and will place this company I'm an
enviable position both to financial sup
port and able, vigorous direction.
In connection with the negotiations
leading up to the successful conclusion
reached today Mr.. Warfield has played q
most important part. l think II is due to
him to say that he has rapidly and sue
cessfully accomplished the most important
piece of work of this kind that has been
done in years, so far as my knowledge
goes 1t was Mr.. Wartield who first saw
Mir. Ryan, entirely without my knolwedge,
and who afterwaTd brought MIR. Ryan ana
myself into negotiations with the success
full results which have just been accom-
plished. Mr.. Warfield performed great
service to the city of Baltimore and the
south, and / am glad that he will take his
old place on our board of directors, our eX-
ecutiVe committee and on the voting trust.
1.-The financial arrangements which tie
Seaboard Air Line railway has just per-
fected provide among other things Tor me
amount required by the company to fully
complete it's line from Atlanta to Birming-
ham,
AT the time of the formation of the SYN
dicate of which Messrs Ladenburg. THAI
man g. Co. are managers, the Seaboard OBJ
ligated itself to furnish out of its treasury,
In addition to the proceeds of the sale or
the S6.O00.O 900 bonds on the Atlanta and
Birmingham division. an amount sufhcienc
to complete this extension, and this has
now been done
Mr. Warfield Makes Statement.
Mr. s. Davies Warfield gave out the fol-
lowing statement:
There Is little to add to what has been
announced. l felt that the success Of the
Seaboard Air Line would be immensely in
creased by alliances which would bring the
best and strongest financial support to the
road in connection with broad and conser-
vative management Recognizing that this
would be largely accomplished by enlisting
the active interest of Mr.. Thomas +. Ryan
in the property L saw that gentleman sew.
eral weeks ago and discussed the subject
with him He expressed himself as willing
to take up and discuss the matter, pro-
vided that the plan would have the cordial
support and cooperation of President Will-
Jams.
.He said that he recognized the great
work MIR. Williams had done for the south
in the upbuilding of the Seaboard Air Line
system and in bringing that property to Its
present state of prosperity. He said dis
tinctly that. although the Seaboard was
an interesting subject to him. he should not
care to consider any proposition in con-
nection with it unless II was agreeable to
Mr.. Williams and with view TO co-opera-
ton with him in the property.
Il then saw Mr.. Williams who, realizing
the benefit which would result from II TO
the interests which he represented, his
friends and the Seaboard generally. by
such an alliance, promptly gave his cordial
approval to my suggestions in this connec-
ton and expressed not only q willingness
but a desire to have Mr. Ryan and his
friends largely interested in the Seaboard
Air Line and I'm its management.
Mr. Ryan associated Messrs. Blair q
Co. with him and an agreement was reach
ed In order that all interests should work
in harmony Messrs Ladenburg. Thalman
& Co. and Mr.. l.. Jefferson Coolidge, Jrs
who had made an offer of loan to the
company were conferred with and a re-
suit proposition was agreed to which l
had the pleasure of submitting to the board
of directors of the company and which has
just been unanimously approved.
A Satisfactory Compromise.
The Baltimore Sun today says: ,.
From the composition of the new board Of
directors it is said that a satisfactory CONF
promise has been reached after several days
of conference over the settlement Of the
Seaboard affairs. No one interest can
claim a majority. and on its face II looks
as if each interest had five of the fifteen
members comprising the directorate. That
is Mr.. Williams and his friends maintain a
membership of five; Mr.. Ryan and his
friends given five, while Ladenburg,
Thalman & Co. aid their friends have five.
The new members of the board seem to
assure all the financial backing necessary
for the rounding out OF the Seaboard sys-
tenn. They are capitalists of wealth and
experience not alone in railroad matters.
but in general trade conditions. and with a
concert OF action the Seaboard should de-
yelop into the great factor which Its origf.