The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-05-27
PICK STUART AS
SEABOARO HEAD
New York Hears That Vice
President OF Erie Is to Succeed
President Meldrum.
THINK GOULD HAS CONTROL
Wall Street Journal Claims That
Report as to Transfer Is
Confirmed.

Along with the report that new
syndicate had about secured control
of the Seaboard Air Line Railway
Company, the statement was tele-
Sraphed from New York last night
that the presidency OF the road had
been offered to J. c. stuart. now vice.
president and general manager of the
Erie Railroad. at a salary of $50. 900
u year. n. 5. MeIdrum, OF New York.
who has been president OF the Sea-
board for several years, is "A financial
rather than an operating expert. 1T
was never believed that he would
remain at the head. Seaboard people
Eot that idea long ago from the fact
that lie never naue careful inspcc-
lion of the property. leaving all
operating matters in other hands. 1t
is saiE. however, that he has made !.
/ wonderful success IN handling the
finances of the company, which Is
now in fine shape and making money.
Had Figured on Williams.
The general belief along the Sea-
board system has been that John
Shelton Williams would eventually
assume control. The work that Mr..
Williams did for the company was
recognized. and his election would
meet with popular favor throughout
=
tain reports, however, Mr.. Williams is
TO become the president of the board
in the event that pending negotiations
arc closed
Mr.. stuart, who has made fine
record with the Erie. has been en-
gagged in railroadinS since 1850, and
his experience has been gained by
service in all grades. Up TO 1900, he
was connected with the Chicago and
Northwestern system, and he was
general superintendent of the Omaha,
when in that year he went to the
Baltimore and Ohio as high oper-
ating official. He has been with the
Erie for the last few years, and is
one of tho best known operating men
In Eastern territory.
Settle Wage Question.
In the negotiations with the loco
motive engineers few weeks ago
over the question of higher wages
Mr.. stuart acted as chairman OF the
railroad managers committee
The offer of Mr.. Stuart Is reported
to he connected with the negotiations
which. according TO Wall street rumor,
are in progress between the controlling
interests III the Seaboard and Frank
j. Gould and Is. NJ. Baruch. looking to
the transfer of the control TO the two
men named, an operation which would
be facilitated by the coming sale of
the Cumberland Corporations Sea
board stock to Il syndicate associated
with The present management OF the
road.
Says Ii Is Confirmed.
Saturday evenings issue of the Wall
Street Journal says: Confirmation WAS
obtained to-day OF the report that me-
Sotiations with b. NJ. Baruch and Frank
!. Gould for a working capital. or the
Cumberland block of stock. OF Scaboard
Air Line, accompanied by an assurance
o; free hand in the management of
the road. are going on. If Messrs.
Baruch and Gould and their associates
have their way the road will be given
more distinctly Southern manage
lncnt than il has.
Both the present management and
prospective purchasers are credited
in responsible quarters with intention
Of putting the S23.S9i,l00 preferred
stock upon a per cent dividend basis
within year. possibly at the end of
six months. Last year the road earn
I'D a little more than ! per cent. on this
stock not including 100000 to S2U0.-
COO annual netSlfronts. OF the water
lines. II is worth nothing That Sea-
hoard and Rock lslaird preferred stocks
arc selling At almost exactly the same
price. though Rock Island preferred
Will earn practically nothing this fiscal
year.
"Seaboard has been giving good
ton in November 1910. This months
gross earnings have pccn Indifferent.
lut between July / last and May Il
I the gain was sl,olo.300. Or Il little bet
ter than per cent