The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-11-22
COMMITTEE
OF the Saahoard and Roanoke Stock Talks
Concerning Negotiation With Ryan.
HISTORY OF THE WHOLE MATTER GIVEN


The Committee CIaisns Ryan Knew
There Could Not Uuder the Agree.
ment 10 n Sale with Three .Fourths
of tho Stockholders Represented
Favored such Offer Being ssade.
The following statement I'm the matter
OF negotiations between the pooling
committee of the Seaboard and Roam
oke railroad stock and Thomas f. Ryan,
was given to The Virginian by the com
mittee, consisting OF Messrs Louis Nc
Lane. of Baltimore; Moncure Robin
son. of Philadelphia. and Judge Leigh
r. Watts yesterday:
Early in October it was asserted that
General John Gill president of the
Mercantile Trust and Deposit Company,
or Baltimore. the financial agent of the
Seaboard Air Line. General Gill being
Il director In the Carolina Central rail-
road, one or the roads comprising that
system and also Il member of the Sea-
board Air Line committee, was endcav-
orinS to obtain options on stock of the
Seaboard and Roanoke Railroad Com
pany. which company controls the Sea-
board system.
stockholders knowing General Gill's re-
iation TO the president and the position
neid by him. might suppose that he
was buying the stock at their sugEes-
tion or ut least with their knowledge
and approval; Mr.. r. c. Hoffman, pres
ident, after consultation, issued II cir
cular letter addressed to the stoci<hol-
ders. advising them of the real facts
ana dlsclaimlng any connection with
Mr.. Glll's efforts. This was followed by
Il letter from General Gill attacking Mr..
Honman's management and charging
OF hpI a
was being impaired in value by what
was called the rate war. 1t was then
for the first time realized that General
Gill was hostile to the management, of
Wnieh he hau been prominent sup
porter, and II was determined to form
Il pool Tor the mutual protection of the
stockholders who should become par
ties thereto.
POOLING AGREEMENT.
pooling agreement was prepared
October ID and parties owning stool,
10 the aggregate amount of $40 shares
signed the same before the annual meet
ing of the Seaboard and Roanoke Rail-
road Company. held at Portsmouth,.
Va. October 9Th. The committee named
IN the pooling agreement of October
"a, to-wit: Louis McLane chairman:
Leigh Z. Watts and Moncure Robinson,
held a conference October 9Th on the
BAY Line steamer with Colonel Harvey
OF New York. who stated that he re-
presented number OF gentlemen who
desired to purchase II controlling in
terest in the Seaboard and Roanoke
railroad. This conference ut which. in
Harvey, there were present II. c. Hoff-
man. president, and c. u. Fisher. OF
Baltimore. was without result.
CONFERENCE WITH RYAN.
On the morning OF October 9th. be-
fore the annual meeting of the stock
holders. called for that day. convened
the pooling committee had Il confer
ence with Thomas i. Ryan and Colo
hel Harvey, the result of which was
colllracl between said pooling COM
mittee and the said Thomas T.. RYAN.
Typewriter copies OF the pooling CON
tract were in the possession OF the mem
hers of the committee. but tn facilitate
matters 1t was agreed to have said
agreement printed ana Il copy mailed
on the afternoon of that day To every
stockholder Of the Seaboard and Roam
oke Railroad Company, accomDanied
ny Il circular letter, request ing them if
they approved of the arrangement and
We're willing to become parties to the
agreement. 10 sign the same and Pc
turn II To Louis McLane, chairman.
prior Ia October 18th
me terms of this agreement were
Wen known to Mr. Ryan ana his
friends when they treated with the com
iiittee anu ne tiily understood that The
three gentlemen were treating with him
as committee. and OH the afternoon of
the ON. after the conference had al-
lnuihrd. h" tclegraphed Il member of
me committee. requesting that Il copy
OF the agreement he mailed To him
that night at his office. 40. - Liberty
street. New York. in compliance with
ms request copy was mailed to him
ana on the Sth of October lie acknowl-
edged its receipt.
The pooling agreement expressly pro-
N!d'd that no sale could he made of the
lo"isi stock. unless at, least three
inurihs OF the aggregate number of
snares signed agreed To such sale. and
MI. Ryan understood at the time The
agreement with him was made that the
committee had no authority over tho
pooled stock except that conferred bv
the pooling agreement. and he knew
or certainly should have known that
unless three-fourths OF the stock pooled
Voted ior sale. no sale could he made. |
The committee positively declined tn |
sell n single share of The stock unless
every stockhOlder had the privilege of
selling his or her hoid,n:, nj the same
price Mr.. Ryan insisted that the com |
miitee should take no active stems In
induce stockholders to sign the poolinr
agreement and requested that the price
ne agreed to pay he regarded as conf |
DENTAL. !; was his avowed object 10
nave General Gill purchase as much of
me stock as he could secure at one hun
dred dollars per share
HOW RYAN WAS DEFEATED
On the 18th of October he was pron,ni |