The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-27
py1y 70 SYNDICATE WILLrAMs
c,,,,c,.,ns in Detail the sesboard Air Line
Consolidation Plan.

Thomas Y. Ryan, the complainant In the
litigation now going forward in Virginia and
North Carolina to prevent the consolidation OF
the seabosrd Air Line with two roads owned
nv the williams syndicate, known as the
Georgia and Alabama and the Florida Contra.
and Peninsular. sent the following telegram to
John SHELTON Williams yesterday afternoon.
setting forth the reasons Of his opposition:
John s. waS, ES tsd,n S;a bard r. AVID
Ihaye lust rece, ed from my attorneys a re-
port Of the court proceedings had at Raleigh
on Thursday last. and observe that your repre-
sentative there read In open court copy Of
t Wick have ave- not heretofore answered i''
d srm nS' forssds further ssu them
IL declared. to be sure. that you had made all
the efforts. suggestions and pronositions that
any fair minded man could reasonably desire"
but the proposi.ion vas Ger em6S,died n your
.sus o. 81 soads ON the combined
properties to be used for the following pur-
You proposed to take s13.s43. 900 OF. these
bonds to reimburse your ,verious syndicates
Tor the securities they had bought to control
You proposed to give s.. 2s5. 900, o. these
s SS@Gs on which fSeieves Dividend has never
c sss yss q e gsPh ssi
stocks in some other roads held ty minority
You proposed to use sl,s0o.ooO to retire Car
south Carolina extension. leaving $4,000.
which you describe rs q balance Tor mis-
ceaneous requirements"
In short you proposed to place on those roads
$4,000. burden'ng them with an additional
annual interest charge OF nearly S5OO.OoO, not
one dollar Of tie proceeds OF the sum OF these
s eohqs amount T or s TO be Used BY you
to reipib urse your sypdcates for moneys paid
Of the hes ssa board and Roanoke and the Bay
Line. have no, paid DIVIDEND for years,
dollar in bonds YOU further proposed to issue
TO them bonus in the STOCKS OF the reorgan-
sS YOUR S Man as S Snu il to me
on Oct Oct 20 but subsequently ] learned what
No, a id That tine aissoss cha. y sSS
MI $50; 10 s2ooSooo Of The new ' stocks in al:
dssssse this ESn r. wise SSTsss snrs
means much Tor this WHO'S section OF the
country" Lean readily see what It means to
ysunersonay and 70 your synnira,es but 30
or equitable. il seems to me wholly inconsis-
Ti,h IA p ;Sas Ho pollen
: sh ies%f STSa Sat You saa
.Sas y Go,s ' Nos ss
ri my attorneys and your attorney. that your
purposes were not definitely fixed. | had no
idea that Il would he your final plan until
learned NJ the proceed ngs q, the stockholders
meeting Of the Seahord and Roanoke Company
on Dec. ~. at Portsmouth, Va. regard other
statements IN your telegram as inaccurate. but
Il Is not necessary to answer them In detail at
this time.
I have treated your commun cations rs con-
fdential including this plan Of consolidation
aud your Telegram describing Il, but since yon
have thought proper to read the telegram In
court and publish II broadcast / think II nece.-
sary to say that this analysis ~ the plan shows
plainly that Il Ia neither fair nor equitable and
that IL cannot be pursued without grave danger
70 the interests which II Is your duty TO protect
NEw YORK. Dec III THOMAS Z. RYAN.