The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-08-14


ed announcement that the Seaboard
Air Line had passed. at last. practi-
cally. into new hands was made today
by Ladenburg. Thalmann and Com
pany, who issued a statement show
ing that interests representing the
Rock Island and St. Louis and San
Francisco had secured representation
in the Seaboard directorate and board
OF voting trustees.
The official statement was as follows:
LadenburS, Thalmann and Company
announce that they have completed
negotiations whereby new and impor-
tant interests have become Identified
with the Seaboard Air Line Railroad
Company. 3. +. Yoakum and H. Clay
Pierce and 3. f. Guinness. of Laden
burg, Thalmann and Company, and
Okleigh Thorne, president of the North
American Trust Company have been
elected voting trustees OF the Seaboaru
Air Line RAILWAY. President John
Shelton Williams also announces that
Il. f. Yoakum, II. Clay Pierce. Okleign
Thorne and s. B. Vanvorst have been
elected directors OF the Seaboard Air
Line Railway"
Mr.. Yoafun1 is president OF the St.
Louis and San Francisco Railroad,
d. =
Company lr2 fiscal agents.
The official announcement OF the deal
also said:
THE cha OF personnel Of voting
trustees &C the stoC'- OF the Seaboard
Air Line Company doe not mean the
purchase Cf that COMP ny by Rock
Island or Frisco Interests. although the
Frisco lines extend into Birmingham
and are =. part Of the Southern situa-
ton. 1t does. however. emphasize the
fact that I'll the great railway systems
are earring out the policy of more
closely cemenImg the railway trans
portatiOn interests of the country
which will greatly retard and it is
hoped entirely prevent decentralization
of the rate situation or the unneces-
sary construction and duplication of
property.
Attention is called to the fact that
with the discOntinuance of any further
construction bv the Seaboard Air Line
the value of the properties are greatly
enhanced. And another gratifying fact
at this time and which is further evil
dence of the future disposition of the
railways of the United States is that
this deal does not call for any financ-
ing or supplying of new money"
One of the voting trustees when
asked to state the real significance of
the deal, said that it meant a "better
among interests that
have at various times conf1icted."
The policy of the Seaboard line for
a long time was one of absolute indie
pendence, SO much so as to make it at
times inimical to the interests of op-
posing roads traversing adjacent ter
ritory. Today's developments, it is
thought, will do away with such trou-
BILE in the future.
The new directors take the places of
Of oif d -
Davidson, Baltimore; E. B. Addison.
Richmond. and W. w. Mackall. Savan-
nah.
The most important point In the
agreement between the Seaboard Air
Line and the st. Louis and Frisco in
terests is that it gives the latter road
an outlet to tidewater at six or seven
important points. These include Nor
folk, Wilmington. Savannah, Charles
ton, Brunswick, Fernandina, Jackson
Vile and st. Augustine. Further down
the coast the Frisco road will have an
outlet at Cedar Key.
The differences between the so-called
Morgan interests, represented by the
Southern Railway and the Seaboard
Air Line people. during the last few
years has been a sharp one. The eff
fort of Thomas Ryan and his asso-
cfates TO get a foothold in the Sea-
board, or, as some suggested control of
that company, was accompanied by
rumors at the time that he was acting
in the interest of the Southern. but
this was strongly denied. The laws OF
some of the Southern states expressly
preclude one company from controll-
ing competing road. This rendered
it impossible for Mr.. Morgan to turn
the Louisville and Nashville road over
to the Southern Instead of that it
went to the Atlantic Coast Line
The Seaboard made a strong bid for
the Louisville road and when it was
refused even a part ownership in it
ii was intimated that other alliances
would be made. perhaps with the
Gould people.
In contrast with the old time rate
cutting which the Seaboard indulged
in, it has been significant that in re
cent years it has had a sort of silent
understanding to maintain rates sc
that all of the railroads in southern
territory would be able to get as much
profit out of their traffic.
The Seaboard Air Line Railway Com.