The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-14
total, sa,e41 $685. decrease, s9,aa6.5o; sur
plus. 1882. $50 so; decrease, si222i 49,
,r1JE NEGOTIATIONS.

American, for instance thus traces u
negotiations leading to the acquisition
The Seaboard control by the great wester
roads. =,
The transactiai took place late In II
afternoen at the Offices 81 isaoS MorEa
& Co. the First National Bank ana Bia,
& Co. took part in the negotiationsss Ca
Is understood that big s.9sk OF oi Se1
$4,000 passed into the eontroi oi IS q
Louis and San Francisco Railroad as
part OF the transaction. ,,r,
About week ago i was Discovers ere.
that a prominent bondhouse was cary \;
Ing a heavy load of Seaboard AR IN u
bonds for which there was no marx
nan;ai esd saw In this an opportnn
ity long sought to gain voice IN T., tls
management of the seaboard Ar ;i Iiir ,
Ha and his associates oeE tLa o zen mar.
Re tD and very quietly enough was pie picked
up 10 make the plan ps ,,eS s,Id 1sas'oe'
VIXEN snitieient quantity of stock had
been Ia ACQUIRED Mr. Reed and his friends lend 5;
through J p. Morgan & Co and niair
3 Co. took over the G9 snt n neeou
We're begun through Ladcnburg. Thalman
& Co, FOR the acquisition Of a block s, OF
Shelton 1N W!Ijspss 3 FIFE ns M {fsRdESr:
The New York Commerclal, speaking
of the seaboard says; t a has neen }} haae
a aSsi. James n II Booley, Of Richmond, and
J. VIM Middendorf, of Baltimore, VINO
have made a remarkable record OF deVel-
opment in the few years since they as
eimed control"
The same paper speaking Of the effects
OF the transaction. says:
The Seaboard transaction became one
Of several favorable market influences.
Under. which prices experienced one OF me
strongest recoveries the Street has seen
for weeks. The cause generally advanced
t,,b rol tho volume OF Investment
buying which. they said surpassed any.
thing in the. way Of support the marker
had had since the beginning OF the years
The recovery continued with only slight
Interruptions, throughout the day and at
the close net gains OF and points were re
the industrials which have recently passed
through severe slumps recovered as
much as . M e p91Estso; r 1911.
The sale Of the Seaboard brings the
total mileage controlled by, or at least
operated in close harmony With y; the e,o Rock
Island management up to 1911 mics as
Rock Island and controlled llnes...... 1872
Rock Island. under construction. VA
Frisco and controlled l1ncs........... ocs5
Seaboard. ...... ........ $1,000 I,oAA
Total mileage .....;....:...... .;...lb;Ll
The prominent par, taken Ii, by banging tHn
revive the r,fnors current from time TO
time that the Rock Island party was ne
gotiating for control Of the Mexican Gem
trail. These reports again met With the
same denial which has always been made
on both sides.
Rock Island system Is the enormous mile
age the road now controls through rela-
tive small amount Of capital. The prefer,
to elect a majority OF the Board Of Di-
rcctors and as there Is .s5..00O,0o0 of it.
27,0oocoo. par value, of the preferred
ROCK ROCK island i' and the Frisco and the nu-
merous roads the two have recently ABB
sorbed AT current market values. about
S VIII 1900 miles, isss Of road and upward Of
s'V'0y THE V GoULDs in CONTROL
AS to the real ownership and control or
the great system of railways thus form
ed. the New York Central is of opinion
that the Goulds are in control and thus
argues its reason for this belief:
In some quarters 1t is suspected the
Goulds are represented in the new voting
trust, because the Trust Co. of America.
which has arranged to absorb the North
Thorne. one Of the voting trustees. IS
president. has both Frank and Edwin
Gould among its directors.
Should ii prove that the Gould roads
have shared in the division of the Sea-
board the fact would Indicate a new and
very important community or railroad In
tercStS, or1Dfa ClnS inc GOCk lSHinu, llle
Frisco, the Seaboard and all of the Gould
roads. Dispatches from Batimore, where
much of the stock of the Seaboard is held.
say the belief prevails there that the
FINANCIAL DETAILS
The New York correspondent Of the
Baltimore Sun thus states the financial
Louisville and Nashville stock was
bought extensively around 100 before the
control of the road passed to the Atlantis
decline entaile4 a loss on bankers In Bal
timorc and Richmond. The decline in
Southern Railway. Seaboard Air Line,
baltimore and Ohio and virtually every
down In a tide of destruction fortunes that
had been accumulated and used as a ba-
sis of credit in the uprlsh Of security
mems panic"
The seaboard was tho safety valve of
this situation. Large interests stood
road would sell, Tentative propositions
q, year ago had been made for the, pur-
eRss Of HeperE TERMS BY ne St te e
isfactory to 3. II. Yoakum, president
of the Frisco, and the negotiations end
1t was again to Mr.. Yoakum that bank
ers turned Tuesday night when they
We're looking for a purchaser for the
seaboard the eontr1 Of which they s1d
dinner when the first proposition was
made to the president OF the Frisco An
hour later he was called into a con-
ference Of about dozen mon. among
them Oakleigh Thorn. president of the
North American Trust Company: Henry
Clay Pierce, president of the Mexican
Central: 3. S, GlApnnss. Of Ladenburg,
Thallnan & Co; John Shelton Williams
president of the Seahoard Air Line. and
representatives of interests in tho South
who, when, acting in unison. could con-
troll the Seaboard.
CONFERRED UNTIL. 3 A. NJ.
THIS conference lasted until O'Clock
this morning. When the men separated
1t had been decided that the control of
the Seaboard should pass to a syndicate
represented by Mr. Yoakum, Mr.. Pierce,
Ladenburg, Thahnan & Co. and the North
American Trust Company. Some stock
including that held by Sharp & Bryan,
who made an assignment last week, had
been already ACQUIRED by Ladenburg;
rhaman 6. Co TO this We're added ex-
tensiVe holdings Of Southern interests
represented at the conference
The price agreed upon for the voting
trust certificates, representing the pre-
forred and common stock OF the Sea-
board, is understood to have been about
pnm nr 4!