The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-09-29
NO CONSOLIDATION YET.
Rock Island Believed to Still Domi-
nate the Seaboard Air Line.

New York, Sept 29.-There have been
persistent reports that control of the
Seaboard air line was offered at one
time and another to various interests,
including George Gould. but the status
of the road is now definitely settled by
the announcement that it will be op-
Grated independently. 1t was intimated
today that when the money market is
in better shape the Rock Island may
again take up the Seaboard question.
This explanation was made today by a
man interested in the SeabOard: The
controlling voice in SeabOard air line
affairs was offered to the Rock Island
with the idea that there might be es-
tablished an important New York out
let for the big western system. The
matter was carefully gone over, but it
was thought unwiSe to take it up at
present, at least. AS result the syn
dictate has decided to operate the Sea
board an independent system with
friendly relations toward all roads.
President John Shelton williams will
still manage the property and the posi-
ton of the syndicate has been mater
tally strengthened by the addition of in
fiuential foreign banking houses
Wall street has been deeply interest
ed in the Seaboard purchase and its
disposition. 1t has been generally IN
derstood that the syndicate secured it's
holdings from pool which was formed
to support the stock. This pool, accord
ing to report. accumulated about 1885,
5000 shares of both issues which weee
carried by various establishments as
collateral With the continued decline
in securities, the pool was ready to ac-
cept an opportunity to transfer its
holdings to the syndicate. The total
cash involved in the original transac-
ton is said to have been about $500. 900
with which notes of the pool were taken
up.
President B. F. Yoakum of the Frisco
will remain in the voting trust of the
Seaboard Arrangements which the
Frisco Rock Island properties have
made for gulf outlets and terminals in
New Orleans will supply all the re-
quirements for the system. and it has
been decided that the benefits to be de-
rived from the purchase of the Seaboard
by the Rock Island would scarcely
balance the obligations which would
necessarily be assumed by the acquisi-
ton of the Seaboard.
Ex-Judge w. H. Moore. the head of
the Rock Island syndicate, spent the
greater part of two days in New York
the middle of this week and conferred
with his associates. d. g.. Reid and
President W. 3. Leeds of the Rock Is
land system 1t was after Judge Moore
had left town that Wall street heard
that the Rock Island would not. for the
present. take over the Seaboard air line
Both Mr. Reid and President Leeds
have declined to make any statement
on this subject. Wall street now re-
CARDS the Seaboard as practically DOM
mated by the Rock Island. but it may
be some time before financial condi-
lions will be considered favorable to
the merging of this semi-independent
Southern system into a Rock Island
corporation It is certain that the Rock
Island plans for the development of
comprehensive railway system in the
west and south include the Seaboard
line. and various projects made for the
Nw-ser ut on TfT1
ave largely dependent upon future af-
citations with the Seaboard system