The Washington herald., 1909-10-09
AGAIN IN SEABOARD
Williams and MiddendOrf
Are Elected Directors.
MAY CONTROL THE RAILWAY
John SHELTON williams, Richmond
Banker, who Conceived s. A. l..
system and Was It's First PresI-
dent, but Was Ousted by Thomas +.
Ryan, May Again Head Company.

New York, Oct. S--lnterests Whlch mao
previously controlled the Seaboard Line
were again admitted into participation
in the management OF the reorganized
property to-day. when at a special meet
ing OF the Seaboard Air Line board John
Shelton Williams, former president and
]. William Middendorf. a Baltimore
banker, who has been closely associated
with Mr.. Williams. were elected directors
4. F. Isoree. president OF the Delaware
and Hudson: John b. Ramsay. Of Balu-
more: Hennen Jennings, OF Washington.
and F. Q. Brown. a partner in the firm
OF Redmond & Co, in this city. were also
elected TO the board.
The entrance OF these men into the
Seaboard Air Line directorate follows the
retirement last June OF Thomas r.
Ryan. T. Jefferson Coolidge. Of Boston,
and James H. Dooley, OF Richmond. w-o
were among the interests which came
TO the rescue OF the Seaboard Air Line
IN 1909 and at that time saved II from
bankruptcy At to-day's meeting Il was
announced that W. A Garrett, until re
Gently president. had also resigned from
the board.
w b. Durham had already been elected
70 take Mr.. Coolidges place. so that the
board as now constituted consists OF nine
teen members. OF whom twelve are hold
overs from tho board as Il was composed
before the reorganization. Up to which
time It consisted OF but sixteen mem
bers.
Constructed the seabonrd.
Mr.. Williams got out OF the presidency
I'm 1904, and subsequently resigned his 20
sition as director. While Mr.. Williams
was president Of the road Il was a part
OF his policy 20 make the seaboarad Air
Line the greatest railroad property in
tho South. and 10 this end he set about
smaller lines with his and
new construction with such
rapidity that the money stringency OF
1903 found his system without funds 10
meet its most pressing needs.
The banking firm OF James A. Blair
& Co.. OF this city. together with Thomas
+. Ryan. took over the williams Nlidden-
dorf stock and put up the cash which
saved the road from bankruptcy. and a
voting trust was formed 10 last until
1910
The Seaboard Air Line at this time was
IN such straits that il was found aeces-
sary 10 make an Offering Of 5000 600 Of
. per cent bonds to the stockholders. 70
which each $1,000 subscription carried
with it a bonus in stock equivalent 10
$500.
After the Ryan-BlaIr syndicate was
formed. It associated with It T. Jerer-
son Coolidge, Of Boston, and the Sea
board company was organized with a
capital OF S72.O000OO 70 raise the money
necessary 10 keep the railroad going Ad-
vances amounting TO $780, 900 were made
TO the road. and about s. per cent or the
railroads stock was exchanged FOR the
securities Of the Seaboard company.
Tried to Regain Control.
II was not long after the new inter
ests took hold that serious disagreements
developed between them and from that
time Mr.. williams has conducted a cease
less campaign designed TO put him back
in control once more.
IN the panic OF 1907 the seaboard Com
pany Itself found that It could no longer
market its securities except az ruinous
rates, ard accordingly the railroad was
put into the hands OF receivers IN the
early part OF January. 1908
The reorganization plan has Just been
declared operative and IN the meantime
the Williams Middendorf interests have
acquired sufficient stock interest IN the
enterprise to warrant their re-entry into
the affairs OF the road
When the election Of officers IS held on
it is considered not unlikely that
Mr.. Williams will regain his office as
president Of the road