The Washington herald., 1908-01-03
LITTLE STOCK HERE
Attachment Issued Against
S. A. L. in Washington.
FOR DINING CAR SUPPLIES
ReceiVeFship Looked Upon with
Favor in This City, as 1t Is Believed
ings of InvestOrs-GIad Receivers
Are Authorized 10 Pay Debts.

The receivership Of the Seaboard Air
Line was one of the chief topics Of con-
versation yesterday in local financial
and railroad circles. Washington is not
much interested in the Seaboard system
financially as most Of the stock and
bond holdings are IN Baltimore and New
York, with some large holdings In Rich
mond and other points in the South. The
interest Of Washington ftnanciers. ac-
cordingly. was that of outsiders. not in
tmately associated with the ownership
or management of the system.
While the Seaboard Air Line enters
Washington as its Northern terminal, so
to speak. it is over the tracks Of the
Richmond, Fredericksburg and Potomac
Railroad, and through trains run from
here on 10 Baltimore, Philadelphia and
Jersey City over the tracks of the Penn
sylvania Railroad. The Seaboard main
tains a passenger agency here and re-
ceives freight for the system at the
Pennsylvania yards.
Few Securities fkere.
As 10 the securities of - system. a
prominent broker said last night it would
be necessary to use "a fine-oothed comb
10 find in Washington much Of the stock
or bonds of the operating company OF OF
the securities of the underlying roads
which make uf the system.
The general impression among brokers
and bankers here yesterday was that the
receivership would prove to be good
thing i'm the end for investors in the Sc
curltcs of the system. it was shown that
the receivers are authorized by the court
to borrow money 10 pay outstanding and
overdue Indebtedness, 70 make eXpendl-
tues from earnings or from borrowed
funds for the proper maintenance ana
development Of the system and 90 clear
it of debt Better than all. in tae opIn-
ion of Washington financiers, opportunity
viii be given 10 Teorganize the company
and put 10 on q solid foundation 10 invite
and control its share OF the traffic or
the South The opinion was freely eN-
pressed that it was time for the long
and extensive warfare between rival IN
forests in the management of the system
to be called of, and It is expected that
tie rcCeivership is the final step 10 one
of the bitterest railroad fights in This
country.
Looked Upon with Favor.
It was stated yesterday by an observant
broker that investors had nothing 10 DO
with the wrangles of the Ryan and VIII
Jams interests. however sorry they might
feel that the property had been practically
wresled away from its original owners,
who had at one time every moral right 70
the system, its good viii and promises for
the future, but 10 was pointed out that
railway ownership and management like
a republic. must DE controlled 10y the
majority Interest, and that sentiment
must be ignored when the other fellow,
by fair means OF otherwise, has legal
right TO. and possession OF, the property.
With this idea in view WasEiugtoniaus
look upon the receiVeTship with favor. be-
HevinC that 1t viii result 70 the best in-
terests Of the system as a common car
rier and to the rehabilitation Of the hold
ings of the investors. which have been
clouded for many years by the struggles
Of. financial giants for control OF the
property.
Attachment Issued Here,
an interesting Sidcltght OF the receiver
snip yesterday was the filing in the local
courts Of a claim by tradespen here for
supplies furnished TO tie company,
amounting 10 S455L63.
Just as the doors of the clerks office
were being closed yesterday at 4 o'clock,
Attorney Woodard, OF Birney & Wood
ard, entered and placed on file a suit
against the road for SL55763. on behalf
of s. Lemon Hoover and Harry 3. Den
ham. butchers and pTovisioners. This
represents an account for meat and
groceries furnished the dining-car serv-
ice of the company out of Washington.
When the suit was doeketed, Messrs.
Hoover and Denham. who accompanied
Mr. Woodland, signed the necessary
papers. and Clerk BuTman issued a writ
Of attachment against any property be
longing TO the company in Washington.
AS the Seaboard is a nonresident cor
porauon, a writ Of attachment can be
served and property attached before