The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-07-10
AT AIRS / OF
S!EAB0A.R.D| RI
Interesting Review Prepared for.
The Timcs-D Dispatch by
anExpert.
OPERATING EXPEN sEs LAR RGE
These Shown By Comp arison
With the Coast Line TO be
II Heav The Stock.

80
n In view o ( the interest felt IN the fight
between Williams and I'D dendo orr and the
Blalr-C Coolidge Ryan syndicate for tho
control OF the seaboard Air Line system
The Times Dispa tch has had the follow
Ing article. prepared By an expert from
sources available to the public:
hiessrs.1 Ryan, Blair and Coolidge first
mad 8 1 a. temporary loan to- the seaboard
Air. Line Railway q, Il December so3,,
sof 81. 500, ,ooo. i 81 hIsh fell ue Juno
and was pa i'd be fore ma aturit r. from the
proceeds OF 8 ooo. 900 three year five
Der cent, IN tgage and collateral trust
gold bonds issued March i, 1901.
These bonds were offered at na ITO the
holders Of voting trust ertifcates. with
a bonus OF nine e, shares OF preferred
and sixteen Q6) shares OF common
stock Of the Sea board Air Line Railway
fn each $1,000 bond, making 4 81 ,500.00
preferred and IS, 900, 900 Of common stock
Issued to the subscribers to this loan,
which was secured not only by a mort :
gage on the property OF the compa ny, bht
also by the following colateral to pc de-.
posted with the Continental Trust Com
Air Line Railway first mortgage four per
cent. bonds, s2.o0oo00 Atlanta & Bir-
Snlinghan Air Line Railway second mort
gage five per cent. bonds, $685., 900 Florida
Vest Shore Railway first mortgage bonds.
(principal, and Interest guaranteed by
sSeaboard Air Line Railway ", q s25. 900 Ok
ford g: Coast Line Railway first m ortgage
| five per cent bonds, s4lsy0oO Atlantic. Su-
vance River g. Gulf Railroad first mort
gage five per cent. bonds, being entire Is
sue principal and interest guaranteed by
Seaboard Air Line taiway) J. $3.50. .Q00 At
lantic Suwanee River Railroad stock (en-
|St1re isane) s y 1,525, 600 Atlanta & Bir-
mingham Air. Line Railway stock Centre
issue). about $500 per mile 5of main line
( Company stock, s2l0.Ooo Old Dominion
Steam Packet Company stock, $4,000
Jacksonville j ella. " Terminal Company
stock. $4,000 Fernandina Terminal frs t
mortgage five per cent. bonds 5 5
III Offering these bonds to tho holders
OF voting trust rtitlcates n President
Barr. in his circular Of January .. 904.
made the following statement
IA contract has been entered into with
Blair & Co., members OF which firm are
directors and voting trustees. Thomas II.
+ Ryan and T. Jefferson Coolidge. Jr.. dis
rectors and voting trustees. therein re-
ferred to as bankers, whereby they agree
to organize a syndicate to agree to take
all5of$said 5000 900 Of bonds. when8au
thorzed, that shall not be subscribed for
by the certificate holders. receiving In
consideration therefor Will, such bonds
voting trust certifca tes at titl3e same rate
at which the subscribing Voting trust
certificate holders are to receive tllem,
viz, with each one thousand dollar bond. !.
a voting trust rtihcate for nine shares
of preferred and sixteen shares 5tof com !
mon stock The contract provides that a
commission OF five per cent, In cash on
said s5, ,O0O.00O4o bonds shall Ebe paid to
the syndicate for entering into the syn-
dicat to agreement the bankers agreeing
to mako no charge against the railway