Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-21
Ut is noT !: +. N
TRUE INwARDNEss OF opPos1,
TON TO RSBABOARD} CONsOLT-
80 l.l..N DAYTON r EVE Al I'D 81 So. 81 ~

TRUE INWARDNEss or opPosI,
TON TO &SDABOARD5C ONSOLI-
DAFIoN REVEALED.
The New York Herald OF Tuesday,
the 18th, contains an article (repro-
duced below which would imply that
the Southern Railway is using every
agency to deter the Williams syndi-
cate in their plans for the consolidation
of the Seaboard System necessary to
the Inauguration of their Florida Line.
Vice President st. John yesterday
gave out the following for publications:
This article Indicates that the real
opposition to the Seaboard consollda-
ton is not Thomas f. Ryan, in his in
dividual capacity, but that lie is acting
as agent for those in control Of the
Southern Railway. 1t does not surprise
nor in any way discomfort The Seaboard
All Line syndicate that such violent
measures are resorted to, and the
friends Of the Seaboard Air Line may
feel assured that we have never doubt
ed With whom we have to deal. The
plans and purposes Of President Will
liams and his associates Will be in no
way adversely affected by this last evil
dence of their desperation. Past efforts
should cause them to realize that boy
colts have proven unavailing; that in
functions have heretofore not resulted
as they could have wished; that such
nernicious measures as the recent Bond
Bill are offensive to sense of justice of
the people of Georgia as well as its Leg
islators; and that those presumably
representing it, who have purchased a
few stray shares of stock for the pur-
pose of obstruction, are unable to de-
feat the wishes OF the real owners OF
the property. Having met defeat at
the hands of all. courts, legislators and
people. 1t is hardly strange they should
attempt more desperate measures.
As our president has just announced,
the meeting of the stockholders OF the
Seaboard and Roanoke Company held
yesterday was most satisfactory, and
although each resolution met the usual
protest, they have as a rule been adopt
ed by votes representing 90 per cent. or
more of the total stock issued by the
company holding the meeting. The re-
suits were gratifying, and 1t Is now only
n question of n few weeks when all OF
the meetings will be held and the roads
consolidated according to program"
The following from the New York
Herald of the 10Th. in view of reported
Senboard opposition. is interesting
reading at this juncture:
Behind the suspension of the New
York Produce Exchange Trust Com
pany and. in the opinion Of some, one
VI VIE lcttulu5 CouScS III tie ClUSlUR OIL
this institution. there was a pending
rail Dad deal of huge proportions, which
certain directors of the trust company
wished to put through. but which an
tagonized some of the biggest financisrs
in Wall street.
This railroad deal was in It's incep-
ton based upon the acquisition of the
control of the Seaboard Air Line and
the building UP of rival to the South
a,.r T9yo iI,x,o,, 1f
pont Morgan is the leading factor.
Many persons in the South and some
in Wall street have credited Mr.. Nor
gan with wanting to get control of the
Seaboard Air Line for the Southern, in
order to make its monopoly more COM
plcte.
These persons credit Thomas r.
Ryan with working in the interest of
Mr.. Morgan, and limitations were
dropped yesterday that the weakening
of the Produce Exchange Trust Com
pany and the thwartng of John Skel-
ton Williams plan for merging the Sea-
beard, Florida Central and Peninsular
and Georgia and Alabama, will result
in control Of the Seaboard stock fall
Ing into Mr.. Morgan's hands.
John Shelton Williams. of Richmond,
for the purpose of putting through his
big deal, which originally, 1t is said,
proposed the formation OF a. new COM
pany with about s125,000.000 capital,
had interested numerous financial in
situations and individuals. Mr.. Will
l!ams became a director in the Produce
Exchange Trust Company
The annual meeting Of the Seaboard
and Roanoke railroad, which was one
of the most important roads involved,
had been postponed from time to time
pending the completion of the arrange
ments. The underwriting was believed
to be nearly complete. The magnitude
OF the task rendered 1t necessary, 1t is
said. to make some changes in the de-
tails. The revised scheme provided for
acquiring merely MS much of the Sea-
board and Roanoke stock as they were
able to. This change was made nee
essary, apparently, because Of Thomas
+. Ryan's suit to compel the turning
over to him of a large block of stock
of this company.
Nlr. Ryan made contract with GER
tain directors of the company to sell
him large block Of stock and he saws
he afterward found out that some of
these same directors made second ar
rangement, as members of the so-called
Hoffman pool, not to sell out cXcept
with the consent of three-fourths Of the
pooled shares. The pool thereupon re-
fused to deliver to Mr.. Ryan, and he
sued to compel a. deliverance Of the
stock. obtaining an injunction to pre-
vent Its sale to anybody else.
Soon afterward John Shelton VIII
liams and some of his friends conceived
the idea OF making a big rival system
to the Southern, and he struck a bar
gain with the Hoffman pool for 1000
shares of Seaboard stock, at 5000
share
MIR. Ryan's Injunction was dissolved
by the lower court, and a majority of
the stock was paid for by the Williams