New-York tribune., 1908-01-02

a m 10 meet counsel for the SeaDoard All
Line Railway Company with view to hearing
. ,,aririon for a receivership. Judge Pritchard
and the counsel for the Seaboard are now in
conference at the Southern Railway station
here. They decline to give out anything Tor
publication until the entire matter is settled.
IBy Telegraph o The Tribune-l
Baltimore. Jan. IA report received here this
afternoon that a bill for receivers of the Sea-
board will be applied for in Virginia tomorrow
and that s Davies Warield. president of the
Continental Trust Company. representing the
RYAN interests and Randolph Williams, brother
Of John Skelton Williams, would be the receiv-
ers MAS verified here tonight. II was also
stated that there would be default on the
coupons due to-day. but that arrangements had
heen made by which a New York banking firm
would take them UP.
The papers asking for the appointment of re
ceivers will assert. il is stated. that on account
Of drastic anti-railroad legislation in certain
Of the Southern states. inability to make prompt
collections. due 10 The recent financial depres-
sion and heavy expenditures for improvements
the road Inds itself unable TO meet its obliga-
lions.
The interest on several issues of underlying
bonds of the Seaboard is due to-day. Several
Cavs ago il is said. the interest controlling the
property found that difficulty would be encoun-
tered in obtaining sufficient funds FOR the pay
rnent Of the coupons. and a plan was devised
whereby they are TO he bought in
Should there be a receivership for the prop
erty as is expected, a committee viii De
formed to look after the interests Of the hold
ers Of the extended three-year ) per cent bonds
Of the Seaboard This committee will probably
consist OF Messrs. F. s. Eambleton, Fred G.
Boyce. jr. John B. Ramsay, b n Baker, A
H s Post and Douglas H Gordon
-rg,cea y,a,, -arreSpu+ a large iOritV OF the
Seaboard three-year 5s. and it said this
afternoon that II is probable that similar COM
r7ittees will be formed to loo after the inter
ests Of the holders Of the Seaboard ten-year -
and the Seaboard general mortgage per cent
bozds in which local investors are largely in
terested.
s Davies WarfieId returned from New York
tonight but said that il would be ineXpedlent
for him to make any statement relative to the
seaboard situation pending the application for
the appointment Of receivers.
blair &, Co are the bankers for the Seaboard
Air Line The officers are: W A. Garrett pres
fdent: l. Sewer, vice-president: T F. Whittel-
sey general manager; r L. Mutt. treasurer; D.
c Porteous secretary. The directors are Y
Van den Berg II. Clay Pierce, s. Davies War
field James II. Dooley. B. F. Yoakum, Ernst
Thalnann II. Rieman Duval. James a. Blair,
MelGruu Townsend r
Ryan. {. Sidney Shepard, T. Jefferson Coolidge.
" A Garrett, Norman b Ream and George w
Watts
The general Offices of the road in Ports
mouth Va and Norfolk, Va The company
owns line Of railroad from Richmond, Va. to
Atlanta. and Tampa. Fla. and with its pro
prietary lines operates total system of 2.S2f
miles The authorized capital stock is s25,o00.O00
preferred and $50 100000 common, of which. there
was outstanding in July, 1906. s37,Oo90OO COM
mon and s23.S95.00O preferred.
In June. 1900 the Seaboard company was in
c3rporated as holding company to provide for
the liquidation of the floating debt Of the Sea
board Air Line Railway and 10 furnish improve
rnents. extensions. etc. The plan provided for
81 sos 900 in cash to be advanced to the Sea-
board Air Line. the Seaboard company receiv-
ing therefor mortgage bonds Of the railway TO
which the stockholders of the railway had the
right to subscribe in January, 1907, at 30 The
stock of the Seaboard company consists Of $50
100000 common. S1S.0ga0r0 , per cent first pre-
ferred and s1so00000 Is per cent non-cumula-
tive second preferred In July, 1907. over S21a
per cent Of the stock OF the Seaboard Air Line
had been exchanged for stock OF the Seaboard
company Dividends at the rate Of 5 per cent
have been paid since July II, 1906 on the first
preferred stock
The outstanding bond issues Of the Seaboard
Air Line amount TO nearly S70,G00.000 with un-
6erIying issues. In 1890 an issue Of $4,000 600
first mortgage fours authorized, of which
sI2,775,0 900 are at present outstanding. The Sea
board company has bonded Indebtedness
The Seaboard Air Line showed gross earn
ings for the twelve months ending on June 80
last Of slG.427,94l ana net Of S3,47s,"00 with
other income Of Sis.2s6. Charges were s3.954-
sq7 which left deficit Of sass In 1906
1896 there was q surplus of $685.. 120. The bal
aDce for surplus at the end OF 1906 was ST.
i21 @7s
- Ryan made great fight against Balti-
more and other Southern interests for control
Of the Seaboard system before il was organized
He was backed 10y J. p Morgan. The dozen
small roads then called the Seaboard Air Line
System were competitors for business IN the
territory of the Southern and Atlantic Coast