A elderly friend recently showed me some stock certificates for the SAL dated 1933. I have a feeling these may be worth something today. Can anyone tell me what 150 shares of SAL purchased in 1933 would be worth today and how he could cash out? I am not a train history enthusiast and am having trouble tracing the history of the railroad lines over this long period.

-- Wayne Cannon (wmcannon@erols.com), March 15, 2001

Answers

Wayne: I have no idea as to the value of the certificates your friend has, but can give a little insight as to the 'decendents' of the SAL RR. The SAL and Atlantic Coast Line RR merged on 7/1/67 to create the Seaboard Coast Line RR Co. A holding company called Seaboard Coast Line Industries, Inc. was formed. On 11/1/80, Seaboard Coastline Industries, Inc. merged with the Chessie System, Inc. to form the CSX Corp. (But the two comprising rail systems kept their operations seperate for the most part.) Then on 12/29/82, Seaboard Coast Line consolidated with several other Southeastern railroads to form the Seaboard System Railroad. Finally, on 12/1/86, the Seaboard System, the B&O Railroad, the C&O Railroad, and the Western Maryland Railroad were offically designated as CSX Transportation, the operating arm of CSX Corporation. Officials at CSX Corporation (Richmond, VA.) should be able to give insight as to the value of the certificates. Possible problem areas: Like a number of railroads, the SAL fell on hard times during the depression and went into receivership in Dec of 1930. This period of control by the courts ended on 8/1/46. On this date, the old Seaboard Air Line Railway was aquired by a new company, The Seaboard Air Line Railroad Company. Good luck to your friend.(He may want to have a stock or bond expert look at the certificates as well. I assume, of course, that they are uncancelled.) Greg Hodges

-- Greg Hodges (ghodges@smpsfa.com), March 15, 2001.