The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-07-05
.SEABOA.RD||.
SITUATION.
Hamblcton & Co. Make State
incnt III Weekly Cir
cttlar.
NEED FOR MORE CAPITAL Y.
Firm Declare That Only Dues
ton Is One Of Financilig :g5
the Property.

Ggpfsie'R & T ND ' 5aiS psnsed
to seaboard aationn, fam5|elon ynd
Recent reports have had " that there mere
was to be an early announcement 0f so o.,
VERY decided ea Y u ,ne n svate e en-
&of a holding company, together with INC
81 a ana te "
o Gus U eoasld;cred It appears q have been
abandoned.
The Situation,
".rhe Scabonrd situation seems to US to
be as Follows. The Blair-Ryat party a.
present dominates the policy the conf ll.
pany and controls tho nanagement
through q voting trust. WHICH ~ a.i az
once of the company with the ilrst loan
hit viii be remembered that later !, .,,,. z !,
loan OF $5,000,0O0 was created, ana WIZ WIZ
sud at par with d stock bonus 81 n NM,
shares OF preferred stock ana sixteen is.l
e arIa re raising Of this $500. 900 was con.
slcred sufficient pt that time .to puy, II, oil
tie loan made BY Blair a Iev e9 q
SO d suiIlcicnt amount cf money to COM
plete the Birmingham division ana ZOE
me other neeessties Of the You'd
seem 10 indicate that the company VIII
require additional capital to perfect !, q ~ :
li'ldertakings and p i;;r,a ana 70 comp1e s
Further Financiering.
ut would appear-for the present at
j ltast--,hat the company liz not III need Of
funds and that II can. get along with tns
capital already supplied, together VIII
NC take It, however, that this Is only q
Temporary condition.. and that sooner OF
later soma further hnanclcring VIII DC
Z necessary. ,8 u K, /, III 4. .
s3i'1.:As stated above. the Ryan Blair party
has the controlling hand so Tar as n. t,e
! present management and policy o. the
company are concerned.
aihfcre is, however. another side t2. this zig
y question, and that is that the Seaboard
stocks arc held by the creditors of hissnrgs.
sndh M l .''S William Mddendorf and
X Company or Baittmore--constltntin y
As supposed, an amount large enongih ~, 20
10 control the property should any one
obtain possession OF this block OF Stock.
suggesiss the pgnssn,llhty O sy y9ns
cate obtaining control OF TIC road. "a.
# ,iI,he scaboard Air Line Railway occu.
b pies a position IN the South when tllnhas
II quite attractive 70 Other ines v, espe I,
81 cially those lines connecting Or seek slb,
connections with the Soutl, and the SEA
board. ,,,a J. Il, ! ~
could secure tho ASSISTANCE and supp 9..l.i
sUf5 the Wabash or the Illinois ,5ent ,l,,il
pcopieor some oterinietfIa5 Wit, vt oI nem
X sions--it might be possible that contest
FOR the property should ersue. ,,a
This, however. ~ only Il surmise, .a,lu
we do not that there IS any HIp ,s ~
agcent-only considering ! possiih 2, =,
lIevins Messrs. Williams sa,d Middetluoti
from their present embarrassment.
Have Been Firmer.
"rhc seaboartl issues this week have
been firmer. with an l1 i',, - 5nr n
theTbonds Of the company are concerned
1 ie condition Of the property would ",
dicate that they would not 30 dis aa,,rsd
in future. The ten-year flyes are sesc aii,.N
Ana the The three.year tves are secured
~ d miscellaneous lot Of securities which
are probably sufficient for thelr pfo la1j-
ton The four per s &c =, 6oi ~ these fig
iires they would seem to Us 70 pe an Z az, az
fractiye purchase. The three-yeear tlve e
also. at about eighty-slx, should 40 l,1,,a 40
buy. AS for the preferred ana ~ cp nrnd,e.
tions regarding their future. There q nre
50 many things that might happen either
to the advantage or the disaava W., &. g, -
the holders Of shes 2; st f6s va ean only
await 5developments, always. OF course.
y remembering that the prices Tor botn PR
fcrred and common are marcy no, Iarnn
ar,v Would seem to Indicate that they
4 ara sell ling below their intrinsic value.
i'..tThe only question Is one OF f1nanc .iii
the property and that We nd donot ms, hos, Tl.
ings OF the road are, very shtis ia Glory.
and the property itself is daily lmpreoV-
no and when the Birmingham division
is Completed It should be IN comnlahd-
Ing position s&5 VIII