The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-05-17
WAITING To- SEE
WHAT new PLAN IS
Baltimore Committee Represent
ing Seaboard Stockholders
Issues Statement.
DENIES CURRENT STORIES
(Spccial to The Times Dispatch,)

especial to The I1meS-Dispatch.)
o, H'ALTI NOR MD May , 1s-T IT e, =. was "a;
Seaboard Air Line securities to-day This
demand following the announcement Of
the holding company plan. Is taken as
The four per- cent. bonds to-day gained
one-fourth over the price for tho past
few weeks, sales beng made at So IA, as
against IS a few days ago.
The new holding company plan Is an
object OF interest 10 Baltimore hnanciers,
and 1t promises more active trading In
Tho proposition Of the Blair Ryan COM
mittee as a substitute for the plan OPP
posed by the Baltimore committee, Is
stu Opposed by the latter and on this
The Seaboard Air Line committee OF
which l am chairman. and with which
deposited. has not been talking COM
mttee. but It seems necessary now to say
something. It has been stated q number
OF times that the position Of THIS c Sna,,
York financial interests connected with
the Seaboard Air Line Railway. These
statements are not true. Our position
and at least three times orally, to the
principal New York interests.
I'VE are advised that the plan as pros
| posed, was illegal. Since 1T was. In our
opinion, also unjust. we opposed 1t. 1t has
also been stated that this committee Of
fered its stock for sale. This Is wholly
for sale. The committee objects to tho
| following statement, contained in the cir
cular Of local banking house:
| - 1T Is to be presumed that the dis
scnting stockholders has satisfactory
!, reason for declining to either sell at
O. reasonable price or to come into the
plan. but no reasonable excuse Is vis-
\ ible to or appreciated by q very large
/ number OF their tellow-citizens. who
Il hold many times the amount Of stock
as represented by, the holdings OF the |;
4 committee. which succeeded In Break
ing up the deal.
/. I'VE hope some other method will
be found for financing the property
were promised blythe Blair plan:--Ihe
| minority Seaboard stockholders Having
/ prevented the carrying out Of the Blair
ssFtany It to better eoT
q. This statement Is not In accordance
with the facts. In the first place, we did
| not decline to sell at a reasonable price.
also Incorrect that our fellow-ctlzens
| hold many times the amount Of STOCK as
represented by theifoldlngs Of the COM
not $1,000 shares, as stated In the circu-
| lar. We venture the assertion that there
| Is not twice as much stock held In all
Baltimore as that represented by this
| committee. s5-
cit has been stated that our committee
is favorable to the now plan said to have
been proposed by some me-, Of tn she New Yq 9s
do not know what the new plan Is. When
it Is proposed we shall examine It con-
servatlvelY. without any prejudice or per-
sonal feeling Of any kind toward anybody
If the plan meets our approval, we shall
cheerfully go into 1t and recommend our
depositors to 80 into 1t; II It does not
any manner be intimidated or be forced
to go into It. These methods were tried
failed failed II they I are tried again they viii
fail second time
of this committee have been based upon
the theory that q minority OF STOCKHOLM
ers in a corporation must either assent
seems to the minority both illegal and
unjust. or In the absence OF such assent.
the minority must agree to sell their
stock at pfbes e be BY bo 1h9
unsound and untenable from a business
standpoint and from legal standpoint.
We cannot admit they have a right either
10 e ot to pan
an arbitrary valuation upon our stock.
I'm conclusion, wish to say that the
local quotations DO not represent the ac-$
one doubts this, letS him try to get 1000
shares of either the preferred or the COM
mon stock. and his attempt will prove
the e., correctness !, Of this statement.
ing opposed the plan, as first put. We are
our friends in New York have been con-
good feeling shall be- s purpose to
continue the study. and investigation OF
the Seaboard situation In the same spirit.
We hope a result may finally be reached
cerned and satisfactory to all fair peo-
pie connected with the property"