Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1909-10-14
s, A. |. ELECTS
DIRECTORS
JOHN SHELTON WILLIAMS LIKELY
TO MADE PRESIDENT AGAIN.
RYAN, GARRETT. DOOLtY OUT
Williams MiddendOrf Interests IN Nam
agement OF ReorganiEeG Property,
Having Acquired Large Hold
ingS Of StOek-New Plan
New Operative

RICHMOND VA - Special. -
Interests which had previously con-
trolled the Seaboard Air Line were
sgain admitted into participation in
the management OF the reorganized
property Friday when az a special
meeting OF the board in New York.
John SHELTON Williams. ex-president OF
the system. and J. William hidden
dorf. a Baltimore banker. who has
been closely associated with Mr.. VIII
liarns. were elected directors. In ad-
dition. L. +. Loree. president OF the
Delaware and Hudson. John b. Ram
sey. of Baltimore. Hennen Jennings.
OF Washington. and r. G. Brown. a
partner in the firm OF Redmond and
Company. Of New York. we're also
elected 20 the board
Follows other Changes.
The entrance OF these men into the
Seaboard Air Line directorate follows
the voluntary retirement last June OF
f Thomas r. Ryan. T. Jefferson COOL
idce OF Boston. and James II. Dooley,
H of Richmond. who We're among the in
. -erests which came 20 the rescue OF
f rhe Stabcard Air Line in 1903. and at
that time saved 30 from bankruptcy
4 AZ yesterday s meeting also IL was an
ucunce6 that 49, A. Garrett. until re-
.
also res Euea from the board.
49, B Durham had already been
.te. tri to take Nr. Coolidge S place. SO
.t.a- rIe board CAS- uCw constituted. con-
S.Sfs A. nineteen members. 90 whom
twelve hold over from the board as it
twas composed before the reorganiza-
tcn. u0 90 which time 30 consisted OF
h-r sixteen members
Nr Williams sou out of the presi-
e. as.
. signed his position as director also
While De- vas pre- siieut it vas a part
OF his policy GO make the Seaboard Air
line tle greatest railroad property in
the south and Co this end De set about
f consolidating smaller lines with his.
and undertaking new construction with
such rlp.dity that the money stringen-
cF of 1908 found his system without
funds 90 meet It's most pressing needs.
A., The banking hrm 90 James A Blair
and Company. OF New York. together
. with Thomas r. Ryan. took over the
Wnliams-N iddeufort stock and put up
the cash which saved the road from
, bankruptcy. and voting trust vas
4 formed go last until 1910.
Hurt by Panic Of 1903
The Seaboa-d Air Line az that time
was iu such straits that it was found
necessary 20 make az c1ering 81 So
+ 100000 90 per cent. bonds 20 ths
4 stockholders. 90 which each $1,000 sub
/ scription carried with IL q bonus ir
stock equivalent 20 S2.5Co. After The
II Ryau-Blair syndicate vas formed. d
J.. associated with lt O.. Jefferson Cool
idce. of Boston. and the Seaboard com
Z, pany was organized with a capital o
So 600 600 90 raise the money neces
sary to keep fhe railroad going.
Advances amounting 20 $500 o
Rrre made 90 the road. AID about S
per cent 90 the railroad stock va
exchanged for the securities Of N
:. Seaboard Company. In the panic q
= 1907. the Seaboard Company irsel
7. found thai d; could no longer marke
Y. JOS securities except AZ ruinous rate:
p and accordingly the railroad was pu
into the hands Cf receivers ~ the earl
Z. pa-t ~ January. 1905
II Property ReorganiKed.
The reorganization plan has lu:
been declared operative. and IN IN
meantime the Williams MidceudOrf u
p terests have acquired sufficient stoc
~ interest IN the enterprise 20 warraI
~ their re-entry into the affairs OF q
- road once more.
When the election o. officers is he
il IS considered not unlikely THAI N
- Williams viii likewise regain his Q
fee as president OF the road.