The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-01-08
'T0#lMPR
EQUIP M.EN7''
THE Sea1,oard Planting to Spend
Thereon Another Two and
y a Half Million Dollars.
WHAT I MAJOR DooLEYN SAYS.
Board Of Directors. Meeting II
New York, Have Sevcral, Pro Pro
positions Under G Consideration.

4 New York, Have Several Pro
4 positions Under G Consideration.
! rho fact that tho Seaboard Air Line
directors arc trying to secure more tunds
Tor improvements and extension OF lines
has driven the roads securities down to
tn, alow-wntcr mark.
preferred was quoted yesterday, Mt 1871
and common at nH. These low figures
are, In the face or the circumstances that
the effort OF tho directorate is really
TO Increase tho value Of tho property and
M, put i, on a better paying basis than
ever before 2
The reason is not difficult to SEQ The
more money borrowed the moro remote
becomes tho period when the road WIN
Ray dividends. Persons who put their
+ money III stocks as an Investment are not
encouraged to lica, Seaboard talk "hen
loan follows loan in such quick success
$kion. t-f5s
I But u few days ago the Bhir- Ryan
girfluence secured for the seaboard IN
outright loan OF so.ooO,0 900 for tho equip
n.ent OF the Birmingham division ana the
Improvement OF the road throughout It's
entire length. Since then experts have
Il beer over, the road 5inspecting&l 1T closely.
Their report Is said to have been very
encouraging IN somc respects. ana not
40 much In others. The road-bcd was
no. as good as 1t ought to b. New
equipment Of many kinds was found to
4 t,s needed and must be had before the
system reaches the high standard Mr..
Williams hopes for It, It liz believed TO
h, upon tho statements of these ex-
perts that the directors are now moving
for an additional two million and half
dollars
BAD EFFECT ON MARKET.
Mr.. John Skc;ton Williams, chairman Of
the board, ID In New York, where on
Wednesday he presided over meeting
of the directors. 1t leaked out in the
market that tho board was trying to e't
more money, and the stocks felt tho
effect Of the report at once. Common,
stock sold at 9la and preferred but ten
points ahead OF this low figure.
The meeting was not only executive.
but SO far as the New York papers
STOW, no authorized report was given
cut. Several of them printed the rumor.
end stated that no plan for raising the
mcr ey was agreed upon, and that o.
adjourned session would be held to-day.
MIR. Doo,ey the only Richmond direc-
ter. besiiss AR. Williams. was scenGlast
might sis lid not so 10 Now York to
attend The meeting Of the board. not
Icing aba TO get away from the city at
this time.
WIIATYHE SAID.
What Is the ran by which the Sea-
heard will get the money necdedH' Major
Dccisy was asked
mo plan has yet been adopted. replied
he 'but there are 6ieral propositions
before them" BE-
Zone OF the Northern papers says that
1t IS likely the Blalr-Ryan interests will
RI mt the new loan. or rather double the
han recently made. Is that correct?'
Waa the next question. "
TO this the director replied that this
Was one OF the propositions.
1.-THE board met yesterday" he said.
land will hold another meeting to-mor-
row.
PLAN OUTLINED
discussing the report that another two
and half million would be advanced by
Msssrs. Blair, Ryan and others. the
Baltimore Sun of yesterday says:
The plan decided upon is not to in
crease the amount OF indebtedness OF
the road by s5OfOoo2. as many supposed,
hut the loan recently negotiated by the
Of s2,5tD.CVO will be doubled. TO secure
this amount the company will Issue So
10000 Of collateral trust mortgage bonds.
secured by The treasury asses Of the
road and the unssued 1 per cent. bonds.
A pcnus in both preferred and common
stock will be given purchasers Of the
new bonds It was said that q meeting
was held In New. York Yesterday to fix
the rate for the bonus.
1t was stated that the new bonds would
3 be offered 10 the present holders Of stock
y but that IN case OF their refusal the
entire amount was already underwrtten
by the same parties who hold the last
loal, made 10 the company.
The old per cent. Improvement mort
gage allowed of an issue of 81 5000 900 in
bonds for imp ovements on the road eacl,
year. and the amount Cor 1903 has NOT
been issued On July ], 1901, like
amount can BIZ issued, making S3,oo0.eN
the new coila.era trust bonds as Well
as the Treasury assets Of tho roads:
81 T. synae sl e Ha the f
NAMING IS.,1N.00O will constitute the new
cash trough. Into the company"
The nistnse, the Sun made. 80 ordins
illed Inns .noI been decided, onlysproposed
vi! THIS s;l; souNps LIKELY.
(, tho seapoar1 has under contemplation
y in agreement for the extension OF tile
queen Annes Railroad down tho Mary
land md Virginia peninsula. Il such U
project Is carried out. connecti0ntebe-
tween the Cape Charles and the Nrfolk
terIn!nuls could easily be effcctel,riby
means Of barges and stenmcrS-an; ar
rangement which at once strikes one
agrec,tbly. 10
Two very interesting details are UNDER
stuod as vet remaining IL be decided
upoh-7the Willingness OF the Seaboard;
tne Willingness or the Queen fAnne's ROAD.
It. -3.t g4l.. .ti
NO DANGER OF
ICE GORGE IN RIVER