The news & observer., 1897-01-23
FoR 15s SHARES or STOCK.
Suit in Equity Against Seaboard and
Roanoke Pooling Committee
baltimore SUM

baltimore SUM
A suit in equity win be filed against
The Senboard and Roanoke pooling com
mittee To compel the assignment and de
Eycrnnce OF the 1913 shares Of stock
bought 10y Mr.. Thomas y. Ryan of New
York from DR. Theodore Cooke, who
was n Higner of the pooling agreement.
This notion will be taken. AS the re-
plevin suit instituted last Friday, de-
yelol,ed the fact that the certificate of
this stock had been cancelled and q new
certificate issued in the name Of the
pooling committee. Mr.. William j.. Mar
bury. Of council for Mr. Ryan, said that
The rrpleyin suit established basis for
The action In equity and the result was
satisfactory.
referring to the statement that
Mcasrs. Leigh r. Watts and Moncurc
Robinson had voted against the sale Of
the pooled stock to Mr.. Ryan, Mr.. Louis
McIane, chairman of the pooling com
mittee. of which they were the other
members, said:
Both of these gentlemen signed Their
assent to sale of their stock TO Mr.
Ryan, and the papers are in any pos
session as chairman of the committee"
AS already stated in the Sun, the sale
was prevented by the failure to secure
the assent Of three-fourths Of the stock
in the pool. Mr. ,McIIane also said:
$50 far as | am informed, and | be-
lieve correctly, Mr.. Ryan's holdings Of
Seaboard and Roanoke Railroad Com
pany's stock does not to-day exceed p
25S shares, nor do / believe that he has
Mt present options on any Of the pooled
stock"
An interesting feature OF the c0ntro-
versy is the character of the agreement
signed by those who placed their stocks
with the pooling committee. Much inn
portance is attached to this, as the va
lidity of the pool is brought into ques-
ton through the legal steps taken by
Mr. Ryan. Following is a copy of the
agreement:
THAT we, the undersigned, owners
and holders of stock of the Seaboard and
Roanoke Railroad Company, to the a
mounts set opposite our respective names,
for our mutual protection, hereby GOV
enant and agree each with the other, for
the period of FIVE years from the date of
this agreement, or until thirty days af-
ter its abrogation by the written assent
Of the parties hereto owning and holding
at least three-fourths OF the aggregate
amount of said stock, will not, without
the written consent of the owners or hold
ers of shares held by the parties hereto,
sell or otherwise dispose of our holdings
of said stock or any part thereof, or dele
gate to any person or persons not a
party hereto any of the voting power
thereof, it being the true meaning ard
intent of the parties hereto to pool dur
ing the continuance of this agreement
their respective interests in the shares
of stock, and to make no sale or other
disposition of such stock or delegate their
respective voting powers except such
delegation as that hereinafter provided
and except such sale shall be agreed to
by the parties hereto owning and holding
at least three-fourths of the aggregate
amount of said shares; and for the pur-
pose aforesaid and to facilitate the car
rying out of the intent and meaning of
this agreement it is further coyenanted
and agreed that Louis McIAne, of Bal
timore, Moncure Robinson, of Philadel-
phia, and Leigh K. Watts, of Portsmouth,
Va, are hereby created and formed to
manage and control the said shares of
stock and voting power thereof to the
extent that said committee or any mem
Der or members thereof who may be pre-
sent at any meeting of stockholders of
the Seaboard and Roanoke Railroad Com
pany shall have the right to vote at such
meeting the shares of stock held by the