The Birmingham age-herald., 1912-06-07
SEABOARD GOES
 ID s. ). WAKEFIELD Baltimore Magnate Buys
 Controlling Interest ANNOUNCES PLANS
ANNOUNCES
''The Seaboard," He Says, "Is Road of the South and It Should Be Operated as Such'-To Meet
 in Baltimore

New York, June 6.-Announcement was made here tonight of the pur- chase by S. Davies Warfeld president of the Continental Trust company of Baltimore, of large block of stock in the Seaboard Air Line railway, where by control of the railroad will pass to MT. Warfeld and q group of finan- cial interests associated with him. The transfer, 1t is stated. marks the prac- teal retirement of Thomas F. Ryan from the Seaboard
 The sale announced included 90.00o shares of the preferred and 120,000 shares of common stock of the Sea- board Air Line and was made by the Cumberland corporation. During the last year Mir. Warheld has acquired large holdings of seahoard stock which. with the latest purchases. passes con trol 10 the group with which he Is as- sociated In all. practically SS7,0oo.o0o of common and $21,ooo,00o of the pre- ferred stock are outstanding.
 Others Interested
 According to the announcement made tonight leading financial interests in the states traversed by the Seaboard system are closely identified with Mir. Warfleld Among his New York as- sociates are r. A. Yanderlp. Albert II. Wiggins. Blair & Co. Benjamin Strong, Jr, Charles II. Sabin, Samuel L. Full Ter and Robert Walker, former chair man of the board of the Rock Island company. It Is understood that the block of stock taken over will be trus- teed for Ave years, Mir. Warheld act ing as chairman of the managers. An | htF Tfb. B. Dennis of Blair X Co, fiscal agents for the Cumberland corporation.
 This company owns the Carolfnas Clinchfeld and Ohio railway and tho Clinehfield coal fields In southwest Vir- ginia.
 In a statement regarding the pur- chase MT. Warfeld explained the pur- chase of the new owners.
 He said;
 Warfields Statement
 "The Seaboard Air Line railway Is distinctly q southern property and the south's position in Seaboard affairs will now be emphasized It's independence as q southern line should be preserved. The road should be operated as such and from and In the south The board of directors should include represen- tative business and financial men from southern states through which 1t oper- ates and as the representatives Of southern interests. The financial con- nections of the railroad are enlarged, insuring the procuring of money for it's development on the best terms with resultant benefits to both the territory 1t serves and to it's security holders"
 Beginning Ocober l, 1t was an- nounced, the meetings of the directors | will be held in Baltimore instead of New York. Regarding possible changes in management it was stated tonight that the improvement of the road, rather than the personnel of its oper- ating staff has only been considered so far
 Mir Warfeld's connection with tho Seaboard Air Line dates from its in- ception, as he was n member of the organizing committee As chairman of the receivers of the road he took an important part in the rehabilitation of the Seaboard and upon the reorganiza- tion he became chairman of the exec- utive committee.