The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-04
HOPEFUL Views OF
SEABOARD FUTURE,

SEABOAkD Il " i nj,
Almost without exception. the public,
the hnanciers and tho newspapers hero
and elsewhere regard tho appointment
Of receivers for the Seapoard AIR Line
as the best step that could possibly
have been taken under the clrcum..
stances to advance the interest Of
shareholders and place the entire prop
erty in position where the best re.
suits are to be had.
In this respect, at least. the condi-
ton Is unusual, ii not remarkable. Or
dinarily, when receivers are named by
the court to manage great corpora.
ton the chief offset is to wind up
its affairs with an equitable treatment
end. But that is by no means the case
with the aeaboald. Under the new
regime 1t Will be freed eventually OF
the dissension which has retarded Its
progress and threatened its welfare,
and will be devoted strictly and pri-
marily to the object for which 1t was
organized. Stockholders seem to feal
that there Will be no more strife hero
after: they believe securities are
stronger to-day than before, and they
look hopefully to the future.
Three Causes of Trouble.
Influential newspapers see in this
new turn the mos; optimistic signs,
though they refer to various reasons
as the real cause OF the trouble. The
New York Herald says that three ele-
ments combined to bring on the re-
ceivership. namely, the effects of anti
railroad Legislation In the Southern
States, the heavy expense incurred in
the construction Of the Atlanta ami
Birmingham extension, and the con-
tinued attacks made on the manage
ment by the minority interests, which
affected the company's credit in the
South, where most of the roads &C.
curities are owned. The New York
American, always outspoken In Its
hatred OF Thomas Fortune Ryan. en-.
pressed the opinion editorially yester-
day that the ultimate solution of the
present difficulties would be the cleo
ton Of John Shelton Williams as prest-
dent, which. 1t thought, would assure
success of the road and would be well
coined by the people throughout the
.Seahoard's territory. The same paper
looks upon the rcceivership as a bless
Ing, and not an evil.
Locally. there were no developments
yesterday In the court proceedings. The
question of third receiver will ne
formally considered by Judge Pritchard
on January 14th.
Gustavus ODER, of Baltimore, an uncle
by marriage of r. Lancaster Williams,
was urged for appointment by stock
holders. The opinion of Judge Pritch.
ard, however, seemed to be that the
court should have a free hand in Sc
lccting third man IL the conditions
demanded 1t.
Off For New York.
AS already noted in The Tlmes-Dls-
patch, President w. "A. Garrett has been
designated as chief executive officer
OF the Seaboard by Mr.. Warf1eld and
Mr.. Williams. There will be no changes
lin the Notwithstanding for the
present-although the actual authority
over every branch OF the company's
business ls vested In the receivers.
Mr.. John Shelton Williams left yes.
terday for New York on business con.
nected with the transfer Of the prop.
| erty. His clear-cut statement, given
out Thursday night, was reassuring tc
stockholders. and was accepted to NEAR
| that Mr.. Williams would devote his
best efforts and energies to the re-
|hubilitatlon of the system and TO its
ultimate greatness.
Order Of Court.
The court on Thursday issued the
following order to the receivers:
'1t being represented to the cour,
that there arc number OF outstand.
ling checks given by the complainant
| the Seaboard Air Line Railway, prior
to this day in the payment OF sums
due other roads arising from the in,
terchange of business and for track
services of other railroads used In til,
operation Of the lines of the complain,
4 ant railway system, traffic and cal
/ mileage balances due to other raj ways
i and carriers. or for amounts due tt
operatives or employees for supplies O,
material purchased and used or for ur,
paid pay-rolls, or supply accounts In
Cured in operation Of said railwa,
4 system since January. 80. 1907. whic,
A claims the said receivers by the decree
herein appointing them tlley are al;
I thorIzed to pay and cause TO be dis
charged, which checks have not beer
paid, and but for the recelvcrshiI
herein would have been paid out 81
funds OF the company In the hands 81
\ various banks OF complainant conpan,
4 lat the opening OF business on thu
\ 1905; Id
4 ".And II being further represented t.
\ the court that the Indebtedness 70,
4 which each OF the said checks wa,
!. given Is indicated by the voucher at
i tached to the check; n
4 SIT Is therefore ordered that the re
ceivers, or either of them, do forthwith
4 authorize and instruct the ynrlou
banks having on deposit at the open
i Ing 81 business on this day moneys t,
,|the credit OF the seahoard Air Lin,
railway 10 pay out Of said moneys an,
4 and ali Of said checks or drafts glvei
prior to this day by said railway o
any claims hcre'n,h,efore specified, un'
I which but for said re ee1yershlp woult
n nave hon payable out OF said funds
but this order shall not8apply To an.
funds Of the company deposited in an!
Thank since yesterday January !, MS