The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-01-20
LIFE OF THE sEAB0ARD
Dependent Upon the Suit of Mr.. Thomas F.
Ryan Filed In Kew York.
RYAN is TRYING TO OBTAIN CONTROL
sues the Pooling Committee 70 Com.
pei II TO Turn over to Hin, 0nc-
simndred.and-Fitt shares
OF Stock-H Successful the Road
Ceases TO Ee Hudepcndcnt-

&c"SSs ~ hc hbucpcnucnt
Railway circles OF the South are inter-
ested in the suit brought last week in
New York by Mr. Thomas T.. Ryan, of
that city. against the Seaho1rd and Ro-
anokc Pooling Committee. to compel
them to turn over the scrip for l53
shares OF stock formerly owned by DIR.
Theodore Cook, OF Baltimore, and now
held by him.
DEEP SIGNIFICANCE
The action has a derpc:. and greater
significance than It's surface indicates,
Tor IN the determination OF the question
whether the pool must surrender the pa
per sued for is involved the future CON
troi OF the Seaboard AR Line. If the
courts hold that the scrip in question
must be delivered To Mr.. I,Yan, the pool
is consequently disrupted, and the prob
abilities are that The property will
speedily pass into the control of MIR.
Ryan.
pooling committee that held control OF
the Scaboard Air Line on holdings ag-
SreGatlng ABOUT 1000 shares, out of q
lotal OF ll,0iD. were cx-Judigc Leigh r.
waits, OF Portsmouth. Va. general
counsel Tor the Sea board Air Line: Louis
Acl-ane, OF Baltimore. brothcrin-law
OF president HOFFMAN. and Moncure>
Robinson. OF Philadelphia. who died at
sea in December, while on his way 10
California
THIS committee were the representa-
tivcs of the pool. and when MI RYAN
turned up at the annual meeting in
October, he negotiated with them for
the transfer OF the 1000 shares held in
the pool. IN addition to all the stool; they
could gather in By November 18TH Judge
Watts and Mr.. McLanc signed the con-
tract for The delivery of the stock to
Mr.. Ryan ri 125 a share. but on the
part of AL. Robinson there was much
hesitation. He finally yielded and ailix-
ell HIS name to the coutrac. and this
was followed by The annual meeting
resulting in its peaceful conduct and the
reelection OF President Hoffman and
friendly directors
DENIALS PLENTIFUL.
Deniais OF an official character were
plentiful at the time of the negotiations
Tor the transfer of the property. and al
most simultaneously with the signing of
the contract was Issued a circular letter
TO the stockholders inviting them to tie
up their stock for five years. According
to friends of Mr.. Ryan signs appeared
Immediately after the contract was sign
cu that there was great danger of its
contamination and these were followed
by evidence OF Il determination TO de-
Icat 1t. For several weeks counter forces
were operating. The statement was
freely made that the Ryan deal would
collapse, and .his condition was forcibly
verified when, November 18Th. Mr.. Ryan
appeared in Baltimore with his counsel,
Mr. Elihu Root, to receive and pay for
the pooled stock
A few days later the announcement
was made by President Hoffman that
the deal had collapsed. and that the
s ockholders had contributed S,32l shares
or SOCK to five years pool bclicv-
ing that Ryan control meant the de-
N, i,,
and the present MANAGEMENT would con-
Sequcntly be continued. Mr.. Ryan ac-
knowledgcd the Gcfea: OF his efforts 10
secure the road. but he declined to state
whether he intended 20 enforce the con-
tract by legal proceedings.
RYAN ANXIOUS FOR CONTROL.
The present action of Mr.. Ryan shows
that he has lost no opportunity 10 secure
even stock held by the pool. and in this
connection most interesting lawsuit
that Will be fraught with importan de-
velopmcn:s. is promised. when it is jul
dically heard. MIR. Eyan's lawyers
claim that the pool is Illegal and con-
that the courts of New Jersey. Pennsyl-
van!a. and North Carolina have so held
ana with these decisions in vicn, they
expect victory. Connected with the
pool is another importan; feature 10 be
determined. and that is the right Of cx-
their trusts for a period OF years IN the
face of unusual Inducements. and in this
regard the claim Is made that the act on
o! estates holding Seahoari and Roam
| oke stock will be reviewed
!: is saii i1at there + not absolute
un&nlmtr anon III. sha.cho,dayS IN tn
pool regarding Is continuance. en- some
| o. the holders claim. i is alleged. that
they offered Their stock expecting that
| 1t would bc sa.1 ut $,@5. instead OF being
tied up .oE q p2v.3i q: five years.
On lie question OF the legality of the
pool. IL Is believed. depends the control
OF the road and - determination will
be watched W.th interest.
One result Of the latest legal feature
OF the controversy. however is the re-
| moe likelihood q renewal OF rate dis
turbances IN the Southern situation.
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