Waterbury evening Democrat., 1908-01-02
CRISIS IN AIR LINE,
Attorneys For Seaboard Railroad
 Ask For Receiyership.
UNABLE TO MEET OBLIGATIONS
Thomas E. Ryan Credited With Pre- pairing to Turn Property Over to Ed ward H. Hartman = Finaneier Paid $2,800,000 For It's Control.

Richmond, Va, Jan 2.-Attorneys for the Seaboard Air Line railroad ap' piled to Federal Judge Waddell for a receiyership for the company The application was based on the claim that the road is unable to pay interest charges now due. The judge declined to take action, referring the attorneys to Federal Judge Pritchard. They left here on special for Danville to lay the application before Judge Pritchard. s. Davies Warfield, president of the Continental Trust company of Balti- more, and k. Lancaster Williams of the same city are mentioned as prob. able receivers.
 It is reported here that Thomas r. Ryan is preparing to turn the Sea. board Air Line over to Edward H Hartman.
 Mir. Warfield represents the Ryan in terests in the road. and Williams is a brother of John Skelton Williams Of Richmond. former president of the sys- tenn and head of the anti-Ryan faction.
 The papers asking for the appoint. ment of receivers assert that on ac- count of drastic antirailroad leglsla- ton in certain of the southern states, inability to make prompt collections because of the recent financial depres- sion and heavy expenditures for i'm provements, the road finds itself un- able to meet its obligations.
 The directors of the road. among whom are s. Davies Warfield and townsend Scott of Baltimore, met in New York. Another conference was held at the New Willard hotel in Wash ington between Samuel Untermeyer. the New York corporation lawyer, who prepared the legal papers in the mat ter, and Jam Skelton Williams.
 The Seaboard Air Line is the one which Thomas Fortune Ryan in 1904 paid S2,S00,0O to control. when he pur- chased the Williams Middendorff hold. ings of the line through John Skelton Williams, its former president and J. William Middendorff X Co. of Balti. more, who owned the stock.
 In March thF Seaboard made an ar rangement with the Continental Trust company of, Baltimore and the New York Trust company to extend its $lS,- 100000 issue of mortgage and collater- al trust 5 per cent bonds. due that month, to May. 1911.
 The company. has outstanding $23,- S95, ,0O0 of preferred stock and 37000.- 900 of common stock. On June 50, 1906. the road had funded debt of S63, 3,O00O00. It owns 2,3s2 miles of road. and the total of owned and oper- ated lines is 2,611 miles. The main line extends from Richmond, Va, and Portsmouth, Va. to Tampa, Fla. and has numerous branches. IL was organ ized under its present corporate title in 1900. Some time later holding con cern. the Seaboard company, was form ed. with ST2,0O0.000 capital. to manage the securities of the system.
 The Seaboard was in the thick or the southern rate war. It at first re- fused to submit to the 2I, cent mile rate fixed by several of the southern states. Last August J. NJ. Barr, for mer president of the road, declared un- der oath at the federal inquiry in this city that the rate was confiscatory. The road finally submitted to the rate. The government recently took steps to prosecute the Seaboard for being in the alleged bituminous combine.