The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-07
Control of Road Passes
to New Group of
Interests.
.WARFIELD NOW
LEADING FACTOR
Ryan Apparently Relinquishes
Holdings-Owners Believe Line
Should Be Differed by Rep
! Tesentative Southern Men.
/ Williams Interests Not
+, Party to Deal.

Control of the seaboard Air Line
Railway has passed into the
hands Of group OF financial interests
headed by 8. Davies Warfeld. OF Bal
timore. as result OF the purchase of
large blocks of Seaboard stock. The
Impression in New York. where the
Gcs! was announced last night is that
Thomas Fortune Ryan has disposed or
his interests. and this is given color
by tho fact that most of the stock
vas purchased from the Cumberland
Corporation. OF Wytheville. Va. WHICH
Tor some years has been the holding
company OF all OF Air. Ryans activi-
nies IN this section-the Sea boa I'd, the
Carolina, Clinchfcld and Ohio and tho
goal holdings OF the Clinchfeld Com
Rany.
According to the report. a voting
trust Will be established. ia which the
voting trustees Will be Frank A Van
derlip. president of the National city
Bank OF New York: Albert H. WiEgin,
president OF the Chase National Bank
OF the same city. and S. Davies War
field. president OF the Continental
Trust Company. OF Baltimore. Mr. Van
herlip Is also a power in the chese-
peake and Ohio organization. being a
nirector and a member OF the execu-
tive committee.
Mny Pay Dividends.
The proposition is to begin dividend
payments OF the preferred stock before
Tong at tho rate of per cent quar-
tcrly. There is a total outstan d!nr of
S-@'ssi'coo preferred and s37.ci9. 900
common stock
In Statement regarding the pur-
chase. Mr.. Warield said las, night
that the Scaboard should 7,e operated
as southern road. He believes that
IT'S directorate should include repre.
sentative business and financial men
ION thls section OF the country. Flu
,ure meet nss, II is stated. will be
held In Baltimore instead OF in New
York we"
Since rumors have been In circuIa-
non concerning activity in Seaboard
stock there has been talk of the DOS.
sioiiity that John SHELTON Williams. OF
hihmond. who was largely instrument
Ia! in the consolidat on Of the roads
which now form the system in 1900
might again be officially connected
with It's management
IT seems. however, that this is in
correct The sale OF stock was news
last night 10 l. NJ. Williams. of the
firm OF John l. williams &. SONS. who
was inclined to regard the propos,tton
ms transfer OF stockholdings from
one corporation to another by men
VINO already owned the Cumberland
Corporation. John Shelton Williams
could not be Reached last night. and
was understood TO be out of the CIV
:
regarded as indicative that Richmond
interests are not part OF the new
arrangement
Details of Transfer.
The following was sent out last
night By the Associated Press for
New York:
Announcement was made tonight of
the purchase b. s. Davies Warheld.
president OF the Continental Trust
Company OF Baltimore, Of larc,
block OF stock in the Seaboard Air
Line Railway. whereby control OF the
railroad Will pass TO Mr.. Warheld
and group OF financial interests as
ISOLATED with him. The transfer. il
IS stated. marks the practical retire
ment OF Thomas F. Ryan from the
scaboard.
The sale announced includes 10000
shares OF the preferred and 10000
shares of common stock of the Sea
board Air Line end was made by the
cumberland Corporation. During the
dast year. Mr. Warfield has acquired
large holdings of Seaboard stock which.
with the latest purchase. passes con-
ftiol to the group with which he is as
scciated. In all practically S31. 200. 900
| OF common and $4,000 600 of the pre-
terred stock are outstanding.
According TO the announcement made
ltc-night. leading financial interests in
Pthe States traversed BY the Seaboard
system are closely identified with Mr.
Warfield. Among his New York asso-
xiates are +. y. Nandoflip. Albert II
iWtggin, Blair & Co. Benjamin strong
Jr.. Charles RI. Sabinc. samuel [. Fut-
iler and Robert Walker. former chair
man OF the board OF ROCK Island Com
pany.
1t is understood that the block of
stock taken over viii We trusteed for
five years. Mr.. Wartield acting as
chairman of the managers
Announcement of the sale was made
by John b. Dennis. of Blair & Co. who
are fiscal agents for the Cumberland
Corporation. This company owns the
Carolina. Clinchfield and Ohio Railway
and the Clinch6eld coal fields in south
west Virginia.
Is Southern Property.
In statement regarding the pur-
chase Mr. Warfield explained the pur-
pose of the ncw owners. He said:
The Seaboard Air Line Railway is
distinctly Southern property. and the
Souths position in Seaboard affairs
cncc as a Southern line should DC pre-
served. The road should be operated
as such. and from ana in the South.
The board Of directors should include
representative business and financial
mon from Southern States through
which it operates. and as thr repre-
sentatives of Southern interests. The,
financial connections 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 it serves and to its
security holders
nounced. the meetings of the directors
T Will he held I'm Raj moro IvS,.,d or