The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-06-12
WAKEFIELD CONTROLS S. A. |.
CHANGE IN OWNERSUI,IP RE,\-
DkRS INTEREST MORE IOCNI..
announces That lie and Iii, Hacj>cr.
ran To Maintain and Increase In
dependence OF the Road.

New York june acknowledgements
Was made here tonight II the NM
chase hy 5. Davies Warheld. presi-
dent OF the Continental Trust 80.
"f Baltimore, IF large book of
STOCK IN the Seaboard Air Line rail
way whereby control OF the railway
VIII pass to Mr.. Warfield and , grouu
of financial interests associated with
him. The transfer. it j. stated. m ,rks
the practical retirement of Thomas F..
Ryan from the Seaboard.
1he sale announced includes 80. 600
shares of the preferred and 120. 900
shares of common stock Of the Sea :
board Air Line and was made by the
cumberland corporation. During the
last Year Mr.. Warfeld has acquired
large holdings Of Seaboard stock
which, with the latest purchase. pass
ed control to the group with which
he is associated. In ALL practically
S5''oV",OOO of common and 24,O0O.-
600 OF the preferred stock are out
standing
According to the announcement
made tonight, leading financial inter-
ests in the States traversed by the
seaboard system are CLOSELY identi.
fed with Mr.. Warfeld Among his
associates are +. a. Vanderlip, AL
fred II. Wiggin, Blair & Co.. Benz.
strong. Jr., Chas. II. Sabin, Samuel
l.. Fuller and Robert Walker. for
merly chairman of the board of the
Rock Island company.
1T is understood that the block of
the stock taken over will be trusteed
for five years, Mr.. Wartield acting as
chairman Of the managers.
Announcement of the sale was
made by John b. Dennis, of Blair G.
Co., fiscal agents for the Cumberland
corporation. This company owns the
Carolina. Clinchfield & Ohio railway
and the Clinchfeld coal fields in south
west Virginia.
In statement regarding the pur-
chase, Mr.. Warfield explained the pur-
pose of the new ownership. He said:
THE Seaboard Air Line is distinct
ly Southern property and the South's
position in SeabOard affairs will now
be emphasized. It's independence as
Southern line should be preserved.
The road should be operated as such,
and from and in the South. The
board Of directors should include re-
/ preventative business and financial
, men from Southern States through
which it operates and the representa-
tives of Southern interests. The
financial connections of the railroad
are enlarged insuring the procuring
of money for its development on the
best terms with resultant benefit to
both the territory it serves and its
security holders.
Beginning October /. it WIS an
nounced. the meetings OF the directors
will be held in Baltimore instead of
New York. Regarding possible
changes in management, ii was stated
tonight that their improvement Of
the railroad other than the person
mel Of its operating staff has only been
considered so far.
=. Davis Wariield'S connection
with the SeabOard Air Line dates
back to its inception, as he was a
member Of the organizing company
AS chairman of the receivers of The
road, he took an Independent part
in the rehabilitation of the Seaboard
and upon the reorganization he be-
came chairman of the executive com
mittee.