The Washington herald., 1909-11-14
OWNERS TAKE ROAD
SeabOard Receivers Return
Line Free of Debt.
PROPERTY IN FINE CONDITION
Committee of Directors VIII Name
Officers OF System and Probably
Submit Report on November II.
Western Men After the Presidency.
Opposed in baltimore.

Baltimore Nd, Nov. BIN the presence
Of less than two dozen persons, the
formalities connected with the return Of
the Seaboard Air Line Railway to its
owners were carried out Thursday. No
vember 4, in the office Of the receivers. in
the Continental Building. Receiver s. D.
Warfield was not present having been
detained in New York in attendance
upon a meeting Of the executive com
mittee Of the Seaboard, OF which he Is
chairman, but his colleagues, r. Ian
caster Williams and +. c. Duncan, We're
there
The signing Of the papers acknowledge
ing receipt Of the physical properties and
assets was tho work of only a few min
utes, and, this done, General Manager
c. II. Xix. Secretary d. c. Porteous. and
Treasurer r. L. Mutt formally took pos
session Of the road, cash. and other as
sets in the name OF the board OF d.
rectors.
The legal formaiiues were complied
with about 9 O'Clock. but the receivers
remained technically in charge until
midnight, when officials Of the company
! assumed fun charge and the seaboard
Air Line Railway began its new career.
free Of debt and with comfortable cash
balance on hand. In less than two
years-to be exact, twenty-five months
the Seaboard has undergone reorganiza-
ton. and energes from the receivership
| I'm better physical condition than ever be-
fore. and at a time when both gross and
net earnings are growing at a rapid rate
and the roads future is most promising.
Founded in Baltimore.
II was in Baltimore the greater Sea-
board system was founded and guided
through the stormy times prior 20 the
transfer Of control to Eastern capital
| lists. and II IS with much rejoicing that
Baltimoreans welcome the return to a
voice IN the management OF the prop
erty Of the men who created it.
| A special committee OF nine directors OF
the Seaboard Company. appointed by the
/ board 20 nominate officers for president,
/ vice presidents. chairman OF the board
and chairman OF the executive committee.
| will submit its recommendation 10 the
directors at the meeting 10 be held at
future date. The committee IS com
posed Of L. F. Loree, president OF the
! Delaware and Hudson Railroad; y. Van
denburg, and Ernst Thalmann. OF the
/ banking house of Ladenburg. Thalmann
| Company: D. F. YoaSum. chairman OF
| the board OF the s.. Louis and San Fran
cisco Railroad; s. Davies WarfeId, presi-
dent Continental Trust. is OF Baltimore;
John s. Williams, president OF the
Georgia and Florida Railway; n. s. Mel
/ drum, Of the banking house OF Blair &
! Co; Wallace B. Donham. vice president
OF the Old Colony Trust Company. Of Bos-
ton, and Franklin Q. Brown, vice presl-
dent Of tho Georgia and Florida Railway.
and member OF the banking house OF
Redmond & Co., New York.
! The duties OF the committee, IN addi-
ton TO recommending men for the va
| rlous Offices, also embrace revising the
bylaws and defining the authority OF
the officers.
Opposed to Western Men.
The names Of several Western rail.
road officials have been suggested 10,
the presidency OF the seaboard. but there
is strong opposition among stockhold
ers TO an appointee from that section
They point out that the Seaboard ha!
suffered IN the past from Western men
the section whence they came. but ig
norant OF conditions IN the South, anC
that as a result the Seaboard WIS at
decided disadvantage in competing witt
the Atlantic Coast Line and the South
ern Railway. both OF which are man
aged by men who thoroughly understand
the railroad problems Of the South.
The return OF the road to the boarC
Of directors has been well received &
New York, and dispatches from Rich
mond Norfolk. Atlanta, Columbia, Sa
vannah. Jacksonville. Tampa. and othe
cities along the line say that holders
OF the company's stocks and bonds ant
shippers generally in the South are wei
pleased with the termination OF the re
Ownership.
i The work OF the receivers IS praised
} on all sides. and to them largely IS du
the credit for the successful reorganiza
ton without assessing the stockholders
, What they accomplished in increasing
business and reducing expenses IS bes
told by the figures for the fiscal yea
ended June 80, 1909. These showed Al
: increase in gross earning Of STEPS,
} decrease in expenses Of S524.311, and AZ
/ ! Increase in net earnings Of 1896, $50. Il
the same period the operating ratio wa
cut SIS per cent
These results were obtained not at III
expense of the physical condition OF Tn
system, but by sinking the knife deeI
into expenditures which the receiver
considered unnecessary and a waste o
} money. More money was spent on up
} keep OF the road during the receivershil
than in any corresponding period IN TIT
history OF the company. approximate,
s., 10000 having been used for that pur
pose. with the result that to-day tn
Seaboard compares physically with an,
railroad IN the South.