The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-10-09

stockholders themselves ordered, or from
any other which may be made fairly.
/ The summons was served on Judge
/ Watts by Deputy United States Marshul
| West at Norfolk. 1t was issued by Clerl;
| Peasants Of the United States Court, al
Richmond.
Mr. William Marbury, counsel for Mr..
Thomas e. Ryan, said to a reporter of
the Baltimore Sun:
"In explanation Of Mr.. Ryan's position
as developed at the annual meeting Of
the stockholders of the Seaboard and
Roanoke Railroad Company, it is proper
to say that he did not by any means
acquiesce in the reelection of Mr.. X. q.
Hoffman as president of the company.
On the contrary, his representatives at
the melting offered resolution asking
that the election be postponed until
January 4, 1899 so that the charges
made could be disposed OF. This resolu
ton the meeting refused to entertain and
proceeded to the reelection of Mr..
Hoffman. A very large proportion of Thu
votes east in his favor were. in our
Judgment. votes which they had no right
to east at all under the company's char
ter, being votes upon old proxies obtained
from persons who long ago sold their
stock. but permitted ii to remain standing
in> their names upon the books Of the
company.
"A resolution was then offered on be
half Of Mr.. Ryan, instructing the Off
GERS Of the company to afford him as
q stakeholder all proper facilities for
making an ispection of the company
books, for the purpose of aseertaining
whether or not the statements which
had been made to him by the former
officers of the company rs 10 the nj
legged Illegal profits were true, as wen
MS in connection with other charges
which he made upon the strength of
outside evidence. This resolution was
voted down in the same manner. Mr.
Hoffman's friends taking the position
that Mr.. Ryan, although, perhaps, the
largest stakeholder in the company, hal
no right to inspect the sooxs for the
purpose of finding out how mis- interests
we're being dealt with unless the other
stockholders consented.
"Mr. Ryan's friends then offered a
resolution that Mr. Ryan should forego
the right to have the books examined
by experts of his own selection, and
that the examination should be made
by experts to be selected by the Supreme
Court Of Appeals Of Virginia. This
resolution was voted down, and by the
same vote.
.sMr. Hoffman's friends then adopted
a resolution to have committee appoints
ed by the chairman of the melting to IN
vestigate the charges against Mr.. Hoif-
man. This, they, of course, had perfect
right to do, but it is not perceived how
that in any way affects the right of Mr..
Ryan or any other stakeholder to exam
inc the books for himself.
aThese books are not the private books
of the company. They are public so far
as the stockholders are concerned; that
is the proposition which think we will
make good in court, and the action taken
at the meeting on Tuesday furnishes
precisely what Mr. Ryan needed as the
basis for the illegal proceedings for the
enforcement of his rights, which will
now be instituted.
1T is matter of regret to Mr.. Ryan
Of course, that his Observation-Disclosures
should not have seen fit to accord him
the plain, ordinary rights of stock
holder, but failing that, they could not
have rendered him greater service than
by taking the action they did,"
As has been stated in this paper. the
meeting adopted resolution of conf
dence in President Hoffman's manage
ment. and his friends state that the pro.
posed investigation to be made by a
committee Of stockholders will result in
his complete vindication. The charges
Of Mr.. Ryan are said by friends Of MIR.
Hoffman to be part Of the program Of
Mr. Ryan to gain control of the Sea
board system.