Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-11-20
Wall Street Journal Discusses
Seaboard Air Line.
SOUTHERN AND FRISCO
BROUGHT CLOSER TOGETHER FOR
A COMMON PURPOSE.
Atlantic Coast Line and Southern Will
Not Be 1nterfered With
Any More.

| 0Ay 1AUIC.
The Wall Street. Journal says of the
change in the Seaboard Air Line directory:
1.-The personnel Of this board points I'M
mistakably to the establishment of a COM
plete harmon between the Southern rail-
| way and Frisco interests in the matter.
Messrs. Coolidge and Thayer. who are
joined with Messrs. Ryan and Blair rep
! resent the new syndicate, are repre-
sentatives of the Old Colony Trust Com
pany of Boston, allied in interest with the
| Frisco. There has all along been complete
harmony between the Frisco and the La
denburg, Thalman & Co. interests
/ 1.-THE most important result of the new
consolidation of interests for a common end
io that Southern railway and Frisco inter-
ests are brought closer togethe for the de-
| velopment of the resources of the south.
1t is. perhaps, worth noting that western in
! terests have obtained foothold in New
York, Pier IS being in command of the
Seaboard Air Line, and the Seaboard Air
! Line at least partially being under the con-
| troll of western interests.
| 1.-THE Seaboard Air Line will not here
| after be in position TO interfere with the
| business of the Southern railway or At
| lantic Coast Line either in tra.ic or Ia
| rates
Has Been a Thorn to Southern.
TThe presence of Seaboard as totally
foreign and 7stile factor in the coastwise
situation south has all along been source
of, anxiety and annoyance to the Southern
railway. Hostilities have at times been
Open and It is difficult to say to what ex-
tent the Southern railway has been the ag
gressor. No matter who may have been at
| fault in the matter, the fact remains that
! the final removal of the causes of friction
must result in the benefit of all roads con-
| cerned.
1T is openly admitted that traffic on all
| the coast divisions of all the Southern roads
| is thin, poorly developed and far behind
! the traffic of the remainder of the south.
1t cannot be claimed that the railroads are
altogether to blame The awakening of the
south began when the Mississippi Valley
| followed the Ohio river eastward, and has
| as yet barely reached the southeast. This
| statement sums up the opinion of railroad
/ men in position to know. The conse-
quence is that the Sea board, Atlantic Coast
Line, Central of Georgia and the eastern
division of the Southern railway are but
| beginning to feel the impetus that has
made rich the western section of the south.
Boom Began West Of Montana.
Nowhere in the eastern section of the
south has there been such a growth as has
marked the southern section Of the terri
tory served Dy the llllnOlS CeHtTdi tHe
western section of the country served by
| the Louisville and Nashville, Southern rail-
| way and Frisco. Little roads like the
| Queen and Crescent, Gulf and Ship Island,
Mobile and Ohio and Yazoo and Mississippi
! Valley have enjoyed for several years an
era of prosperity that has yet barely reach
7 ed the roads that the counterpart of
! these companies in eastern coast states
! The Central of Georgia, the Plant system,
| the Florida East Coast and even the Sea-
board and the Atlantic Coast Line. though
| presumably they have done all in their
power to help the development OF the coun-
! try, are yet to enjoy the fruits of a real
| healthy boom In their territory.
ITO illustrate this point 1t is but neces-
| sary to state that the Seaboard, although
| it reaches all the chief coast cities, has
freight density less than half the density
on the Louisville and Nashville. and gross
earnings also less than 80 per cent Of the
| earnings Of the Louisville and Nashville.
Development to Follow Harmony.
1.-The establishment Of complete harmony
among the railroads of this eastern section
| of the south should materially assist in the
! development of that territory. That 1t will
| have that result is the firm belief of all the
various interests now identified with the
Seaboard Air Line, and also Of the South
ern railway and Frisco people. If the value
of harmony factor in national or state
development is doubled 1T is only necessary
| or Missouri six years ago, to remove the
doubt.
1.-THE southeastern traffic situation will
henceforth be in the hands of the Southern
railway, Seaboard, Atlantic Coast Line and
Frisco, acting In complete harmony, and
| all bent, for their own sakes, on the devel-
| opment of the backward resources of those
| states. There is no territory in the Union
with better possibilities with more need
/ of railroad cooperation in the develop
| ment of those possibilities"
OF the new men in the board of directors
of the Seaboard Air Line, the Baltimore
Sun today says:
"An are prominent in finance and busi-
ness Mr.. Ryan is we'll known through the
south as an able and successful business
man; Mr. Blair is of the New York banking
house of Blair & Co.; Mr.. Ream of Chicago
was prominently identified with the Pull
man interests, is a close associate of Mar
shall Field of Chicago and James j. Hill,
and is director in the Baltimore and Ohio
railroad and other large corporations; Mr.
Coolidge is president of the Old Colony
Trust Company of Boston and Mr.. Thayer
has furnished most of the money used in
constructing the Kansas City, Memphis and
Birmingham system.
"There is a report that the Ryan-Blair in
terests have bought about 100000 shares of
stock in the open market and have arranged
to purchase the stock owned by the bank
ing houses Of John L. Williams & Sons and
| J. William Middendorf & Co., which is in
the collateral placed to secure loans of the
two firms and is in charge of the committee
that arranged to extend their credit until
May / next Their holdings are said to be
about 10000 shares. or over % per cent of
the whole issue.
ct Is expected that the new interests in
the Seaboard will soon arrange for the list
ing of its stocks on the New York stock
exchange and that the new financial plan
will include the sale of a sufficient amount
Of the consolidated per cent first mort
gage bonds to take up and retire the S10,-
COO 900 of ten-year collateral per cent
bonds, which are now secured by deposit
of $2000O0O0 of the consolidated per
cent bonds.