New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-07
WARF|ELD SYNDICATE
. GETS SEABOARD AIR LINE
South's Position in Distinctly
Southern Railroad Now To-
BE Emphasized.
LOCAL BANKERS IN GROUP
Big Block of Stock Bought from
Cumberland Corporation, 1t
Is Said, Will Be Trusted
for Five Years.
LOCAL BANKERS IN GROUP

acquired a majority of the stock OF the
Seaboard Air Line. according to an an
rouncemert made last night by John B.
Dennis. of the banking firm Of Blair
&, Co.
The change of control over this i'm
portant railroad system. which has al
WAYS been regarded as a great factor in
the development Of the South, will mean
a preponderance Of Southern business
men and financers in its directorate and
the active management of its affairs.
The acquisition of control was made
Seaboard Air Line stock held by the
Cumberland Corporation. which owned
10000 shares Of the preferred and 10000
Of the common stock of the railway. For
some time rumorS of sale of those
holdings have been afloat. and the an
nouncement of their purchase by the
Warfield syndicate was not altogether
a surprise in the financial district, as II
was known that during the last year Mr..
Warfied had acquired in the market
Associated with Mr.. Warfield' in the
purchase OF the Cumberland Corpora
tion's holdings are leading financial IN
terests in Southern states traversed by
the Seaboard system Among the New
York members of the syndicate are the
following: Frank a. Nanderlip president
of the National City Bank; Albert H.
Wiggn, president Of the Chase National
Bank: Blair G. Co.. Benjamin Strong
IT, vice president Of the Bankers Trust
Company: Charles II. Sabin. rice-presi-
dent of the Guaranty Trust Company;
Samuel L. Fuller. Of the banking hrm OF
Kissel, Kinnicutt & Co, and Roberts
Walker, formerly chairman OF the Doaru
of the Rock Island Company
Stock To Be Trusted.
The syndicate will represent major
ity Of the stock Of the Seaboard Air Line
and It is understood that the block OF
stock bought from the Cumberland Cor
poration will be trusteed for five years
with Mr. Warheld as chairman OF the
The Ryan and Coolidge interests
which formerly dominated the AFFAIRS OF
the Sea aboard Air Line Railway, have re-
tired, according to the announcement
Mr.. Ryan having abandoned all actiVe
in Seaboard affairs when
he gave UP active business soce time
ago.
Mr.. Warfield made the following state
ment last night ut the Hotel Plaza:
It is true that the Cumberland Corpora
tion's holdings OF Seaboard stock nave
been ACQUIRED by me for myself ana asso-
Gates The Seaboard Air Line Railway is
distinctly Southern property ana th1
position IN Seaboaru aaars a.nns w WI,
southern line should be preserved Inc
road should be operated as such anu l.oIh ..
and I'm the South. The board OF directors
should include represehtatiVe s,a'aa ia
financial men from Southern STATES
through which IL operates and as the rep
Of Southern Interests. ne
financial connections Of the railroad are en-
Ia rged insuring the procuring Oh MONEY
for ito deyelopmcnt on the best terms, Win
res,Iltant benefits to both the territory II
serves and TO It's security holders, ~ % %.no
offices at Baltimore the mtethss "i ,Lo
directors will be held after october J, Bal
timore being an important terminal OF the
Seaboard system and the natural gateway
to the South.
& Davies Warfield, who. through THIS
transaction. win become an important
factor in the railroad development oil the
South. was born I'm Maryland OF family
we'll known In the affairs of the state
since Colonial days. oo
He was the organizer and, since 1898,
the president of the Continental trust
Company. of Baltimore. one OF the iars
est institutions Of this kind south OF
PHILADELPHIA. He was also director OF
the Mercantile Trust Company, or Ne"
York, until its consolidation WIN INC
Bankers Trust Company
In railroad business Mr.. Warfeld be-
came first identified with the Seaboard
Air Line Railway at the time the sys-
TEN was formed, being member OF the
organization committee. The receiver
shin into which the system was thrown
gave Mr.. Warlield an opportunity to at
tract attention in railroad circles through
the successful rehabilitation of the Sea-
hoard Air Line, which was largely due
to his efforts as chairman of the re-
ceivers. ON reorganization of the prop
erty he became CIdliii VI 'ic 'A''u
tive committee.
The Seaboard Air Line Railway Com
pany operates system 30i6 miles In
total length of which II owns 1880 miles.
The system extends from Baltimore and
Norfolk. through Savannah and Jackson
willie. to Tampa, In Southern Florida, and
IN Tallahassee, Fla, and westward to Bir-
mingham and Montgomery, Ala The COM
many. which was incorporated In Virginia
I'm April. 1900, as successor to the Rich
mond. Petersburg & Carolina Railroad
Company, has developed into the present
extensive system through many additions
and absorptions.
The Georgia & Alabama Railway was
acquired by purchase In February. 1892,
smaller roads having been absorbed
I'm the preceding November. and In June.
,.oa the Florida Central & Peninsuar
Railroad was taken over. In August 1903,
a traffic contract was made by which the
Go. hoard road became the preferred con-
,ection OF the Savannah & Statesboro Rail-
way. agreeing to guarantee the bonds of
maj company. In 1907 the Seaboard ac-
,,uired an interest In the Macon, Dublin &
savannah Railroad. In 1909 there were
merged with 1t the Atlanta & Birmingham
Air line Railway. the Florida West Shore
Railway and several minor lines. and In
,s,0 the Seaboard acquired the properties
q, the Seaboard & Roanoke Railroad and
IN. Roanoke & Tar River Railroad. the
al stock of which n GUNS