Show AIRLINE ROAD IN A DAD BAD WAY I Receivers Demanded by Par Parties ties Interested Inter sted in South Southern Southern ern em Railway COMES UP IN I COURT TODAY CAUSE OF THE FINANCIAL TROU TROUBLES TROUBLES BLES IN BRIEF I Richmond Va Jan 1 Counsel for forthe forthe forthe the Seaboard Air Line Railroad ompa compa company ny fly and creditors of the company ap applied applied applied plied this afternoon to United States District Judge Waddell for the tb appoint appointment ment of ot receivers and subsequently agreed to make application a to Judge Pritchard of the United States circuit court and thereby obviate the necessity ty of securing an ancillary decree In each of the court districts through which the lines of the company ope operate operate I I rate With this end In Jn view Judge Leigh K U Watts general counsel of ot the Seaboard with other attorneys left for I Danville at on a special train to meet me t Judge Pritchard at that point It having been learned that he was on his way to Richmond to con consider consider sider eider the matter tomorrow Judge Waddell announced that he would ap appoint appoint appoint point the receivers on certain condi conditions conditions but it was thought best to go to toa toa toa a court with larger jurisdiction Mortgage of In March the Seaboard made an ar arrangement arrangement arrangement with the Continental Trust company of Baltimore and the New Now NewYork NewYork York Trust company of pf this city to extend its Issue of mortgage and collateral 5 per cent bonds all due that morth to May 1908 The corn pony pany ny has outstanding of pre preferred preferred preferred stock and of common stock On June 30 1906 1006 the road had hada a funded debt of It owns 2382 miles of road and a total of owned and operated lines of 2 2611 11 miles The main line extends from Riemon Va and Portsmouth Va V to Tampa Fla in the numerous branches It was under Its present cor corporate title In 1900 Some time later latera a holding concern the Seaboard com corn company compan pany pan was formed with cap eap capital capItal ital to manage the securities of the system In Southern Rate War WarThe WarThe WarThe The Seaboard was in the t c thick of the southern rate war It at first refused refu ed to submit to the mile rate fixed by several of the southern gouth rn states last August J M 11 Barr former president of the road toad d declared lar under d i oath ath at no nJ federal inquiry In this city that the tile tte t was The road roa finally 11 submitted to the rate The government recently took steps to prosecute the Seaboard for being In the alleged d bi U bituminous combine It was stated tonight that there w be no default In interest in a the 5 per cent bond coupons which fell foil due on New Nen Years arrangements hay hav having haying ing been made with the New PW Y York bankers to advance the funds |