The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-10-09
Among the Railroads.

Dr. Thomas D. Hogg, OF Raleigh, &C
companied by General Superintendent Col
Inns of the Southern Railway, has just
made the annual inspection of the North
Carolina Railway between Goldsboro and
Charlotte.
There is a strong suspicion in the minds
of local railroad people that j. p. Morgan
and Company are at the bottom of the
troubles of the Seaboard Air Line. They
suspect Morgan of knocking the stock OF
the Seaboard for the purpose of forcing
it down to a point where he ana his asso-
ciateS can get entire control of the road.
This has always been the method by
which the railroad magnates secure con
troll of the lines they deem desirable, and
recent developments indicate that some
one is at work in this manner on the
Seaboard securities. 1t would not surprise
many here ii, in spite OF all denlals that
may come from Baltimore and New York.
John Shelton Williams should be forced
out of his present position OF control in
the road. 1t is quite probable that such
| a step would be disguised in the custom
airy manner by allowing him to remain
as the nominal head of the road with a
chairman of the board of directors exer-
cising all the real authority. Whatever
the result of the present furry, local
people will watch developments closely
Atlanta Constitution.
| Dow Jones and Company, OF the Wall
Street Journal, have issued the following
| bulletin, which will be of interest to many
readers:
Mr.. j. William Middendorf says:
"In an article in New York news
paper the statement was made that Mr.
B. f. Yoakum had been elected chairman
of the board of directors of the Seaboard
Air Line Railway and a representative
of the new interests was also quoted rs
saying: We ware fully aware of the
fact that the Williams and Middendorf
firms were in trouble when we took over
the property. Also that The drop in
Virginia Carolina Chemical stock is sup
posed to have fastened the embarrass
ment of at least one OF the firms An
alleged representative of the Seaboard Air
Line in this same article is quoted as
saying that the suspension of these firms
was in many respects similar to the failure
of Talbot J. Taylor and Company, w. l..
Stow and Company and Sarp and Bryan,
and also the further statement was made
that w. X Vanderbilt, Jr., recently be
came associated with the Seaboard Air
Line and that he has been preparing
the removal of the company's transfer Of
fees to New York. 1t is also said that
he is slated for very responsible office
with the road and that preparations are
being made to list the securities of the
Seaboard Air Line on the New York
Stock Exchange
"Mr Middendorf said the foregoing
statements were simply fabrcations that
Mr.. Yaokum has not seen elected chair
man of the board, and that Mr.. Williams
is now and always has been chairman OF
the board of the Seaboard Air Line sys-
tenn THE allegation that the Frisco
interests took over the property" said
Mr.. Middendorf, is an untruth. The
Seaboard Air Line Is now and always has
been independent; the property has not
been taken over by. anybody. A ma
iority of the stock is slll owned in Bal
timorc and the South. Furthermore, the
decline in Virginia Carolina Chemical
Company securities had nothing to do
with the situation, and the difficulties of
the two firms are not at al similar TO the
New York houses who made assignments
few weeks ago. Messrs. Williams and
Sons and Middendorf and Company have
made no assignment, and confidently eX-
pect to paw all creditors in full and have
a handsome surplus lett over
The gossip about Mr.. Vanderbilt Is idle
Il IL 4
for a place with the Seaboard Air Line,
and no preparations are being made to
list Seaboard stocks in New York. Sea
board bonds have been listed in New
York for a long time, and are regularly
quoted on the exchange"
+. Lewis w Spies, mail clerk, who was
injured in the awful Southern wreck at