Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-10
DETAILS OF PLAN LEFT
TO FINANCE COMMITTEE !

The directors have left tho details
u tho finance committee. OF which Mr..
warfcld is also chairman. The Con-
tlnental Trust Company. Baltimore was
appointed as agent OF the railway TO
carry out the details Of the consolida-
ton, etc The new issue of bonds has
been sold to n banking syndicate headed
by the Guaranty Trust Company. Ma
tional City Bank. Chase National Bank.
Bankers Trust Company, New York
the Continental Trust Company. Balti-
more, and other financial institutions
In New York. Baltimore, Chicago. Bos-
ton, Philadelphia. Pittsburgh, st. Louis,
Cleveland, Cincinnati San Francisco,
Milwaukee. Detroit. Atlanta. Savannah,
Louisville. Columbus o.: Seattle. Dem
yer. New Orleans, Buffalo. Syracuse,
Rochester. Wilmington, Newark and
Albany.
Rober, F. Maddox the well-known
ba mixer of Atlanta. Ga. one Of the di-
rectors. after the meeting. said: Mr..
Warficld to-day was congratulated by
his fellow directors in having work ID
out comprehensive plans for the Sea-
board. which will be recognized as a
decided financial achievement AS an
evidence OF the thorouChncss and
skillfuincss OF his work he has ne
gotiated III these times the sale Of
many millions OF the new bonds TO
make effective the results of his efforts
and foresight. He has thus helped our
entire Southern country in devising
means for the greater development OF
the Seaboard Air Line and the South.
and he has placed the railroad in a
firm position financially"
Franklin Q. Brown. of the firm of
Redmond & Co. bankers, New York.
another director OF the Seahoard, said:
Mr. Warfe!d has accomplished a fine
piece OF constructive work for the Sea-
board and the South as we'll as for the
security holders of the railroad"
SUCCESS WELL. RECEIVED
IN FINANCIAL. CIRCLES
The success of such large under
taking in these times was very we'll
received in financial circles. 1t was
pointed out that Mr. Warfield's plans
had their inception three years ago.
when he acquired for himself and as
sociates the large block of Seaboard
preferred ana common stock. then
owned by the Cumberland corporation,
controlled by the then so-called Ryan
blair interests. and IL is said he is now
the largest single owner of Seaboard
stocks. BY this purchase he brought
the South into n commanding position
in the Seaboard, and not only was the
entire executive management located in
the South. but among others entering
the board OF directors were such we'll
known Southern men as Robert f.
Maddox. Atlanta. Ga: Mills r. Lane,
Savannah, Ga; y. II. Woodward, Bir-
mingham. Ala: j. T. Taliaferro, Jack
sonville, Fla; George w. Watts, Dur
ham, n. c.; Fergus Reid. Norfolk, Va;
w. j. Harahan and Charles r. Capps.
Norfolk, Va. president and vlce-presi-
dent, respectively: j. William hidden
dorf and Townsend Scott, Baltimore
and Mr.. Warneld. who became chair
man Of the board and of the executive
and finance committees. The directors
believe this program will he recognized
not only as one of the most important
rieces of constructive railroad inanc-
ing accomplished for some time, but
as significant of a policy OF far each
ing benefit to the various States ira
versed by the Seaboard SYSTEM.