The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-18
THE SEABOARD SYNDICATE.
sToRY or THE j. SHELTON WILLIAMS
RdIIWJY Df4IS

NORFotu Va naC 1.-THE adjourned
nual meeting OF tho seaboard and hoanoke
na,roau company wus "eu u. onnna.I y,
..o'oiH.'' heEn ~ $3.50, ' ..,s,,s,, -
'he road. PRESIDING declareu no quorum pres
ent and the meeting was adjourned TO Tues
,ov Co,,..t o.. TLor,oa r Rvap NJ Now YORK.
up, Nouhhei 'o' "oi,ae - ''a V, =,
He'd new protest against the consolidation OF
the eighteen railroads operated by the Sea-
bosrd Til. ,opor rac,,ed that the interests OF
pna. ne pap,i ,tc a.aroa 60 =, ,h. oo,n ron ,,s
stock and IA lltigating for 5000 additional
ebarea and other mtnoritv stockbolders vould
DO injured by consolidation. and that tho
cole by President John SHELTON Williams
a, soo .haros n, R,,s,oh and Go.ton
,'o-o snnIrs a"u -,
stock. heretofore held by the Seaboard.
was In violation OF trust. Ryan's counsel
asked that counsel for the seaboard be in
structed to sue to rescind the sale OF the hnl-
eiQb and CASTOR stock and 10 compel President
yuii.,,. q. .o.,o-o 30 ,ho oo,,n.,- mi. 80
"h'auis 10 rcs'o,e " ''o COMPANY '''le ahu
other securities which were In tho possession
OF the compnny when he assumed the pres-
L.. rs. ,.'.a,,o, - A., :,
iuonvy ihe o'po'"'o.. in'o tno sSs'eh W
inc Florida Central ana Peninsula ana deor-
gia and Alabama roads was especIaly pro-
tes,sd ,,o,ns, con,ssl oI,eg,no tho b.llaf lint
'e''e" aE"'nS'. '"""oo' "'osnN VIZ oe"e' 'n"'
their absorpton vou,d be detrimental 10 the
Interest Of Sea hoar I'd stock holJers and in the
intersst only OF the members OF the Williams
syndlrnte
-
For several weeks past, the newspapers have
Southern cities telling OF the meetings OF the
stock holders III sundry railroad companies for
the purpose Of voting nIon or considering
board AR Line system. These dispatches havo
invariably concluded with the bare statement
subsequent date. but no deilnite reasons have
been assigned for the nbortivo gatherings OF
tho shareholders. AZ the outset these de-
The names OF the various companies we're
known only in a vague way TO local CAPT
the companies had no general distribution
here. OF late, however. aud particularly In the
light Of some recent developments. the adyices
in respect to what was in prcgress among these
companies have been read with more interest.
II has become known that not only was there
ern capitalists but I'm a some what Indefinite
way II began to DO limited that they covered
reason IL seems pertinent to furnish at the
PRESENT. time. what may euccnetly be called
1t is necessary for n clear compreh.nsion OF
the situation In question. that a few familiar
south OF wa-hnetop and east OF IN" AiISehe.
MES be set forth. Prior 10 this year and. In
deed. even now. II Ia the easel there were only
far South. namely, the Atlantis Coast Lin"
which. with It's allied roads, reaches 70 Florida
These companies have heretoiore had no ~.
IRENE dirnculty In handling the through North
and South tound business. but after having
passed through the ordinary vicissitudes OF
American railway enterprises. both com
panies have succeeded in establishIny them
to their stockholders. Apart from these
through, or trunk lines, there are a mum ber OF
heretofore separate. dl.iointed and indepen-
OF the Topography OF the southeastern Ststns
pRrnllelsi to gr-ater or less extent the larger
systems or In some cases furnished extensions
or feeders for them. Tho most impSrtant OF
these lines is the Plant svStem. extending
from Charleston through savannah to various
points in Florida. The remaining com apies
are the Senboard Air Line system, with a mnin
line from Portsmouth, Va to Atlanta, Ga. the
Georgia and Alabama, extending from Mont
the florida Central and renInsular which
reaches rom Tampa. Fla. Ia u serpentine way
IN the porulous city OF Columbia, s. G
!, II is with these Iast three named COMPANIES
best Known OF these is the seaboSrd bir Linz
under ro, which title are operated number o.
noted and with water connse,ons ,n n, G ori
mouth. with Baltimore over the Bay Linz and
with New York over tho Old Dominion Steam
seHboard Contrary has large p m fS inc inc
terost. The Seaboard ComIany, or rather ia
s q, concerns are among the Oldest, Of
solvency. The constituent conpanias have
always enjoyed a profitable local trnf,lc, and,
while their prosperity ha, been somewhat i'm.
paired by eItens Ons IN Iud tciousIy unIertnken
and Mt times by thoroughly bad and eynn cor,
rupt management. they have had little din.
Guilty in keeping their heals above the f,nan-
cinl sea level
The seabnard system in the autumn Of 1870
began TO attract the attention OF NorthsIh cap
itarts This was partly on account OF the
death some time before o. its President and
dominant force. the late John NJ. Robinson.
partly also because OF the successful rrorgnni.
cation OF the old Richmond Terminal Com pany,
now the southern Railway. and. further. be,
cause o. the evidences that the long pcrioi Of
trade depression was eliminating and that
under efficient management the company
could be made TO give "A good account o! itself
with these several points In mind q negotiator
Tor the purchase OF the property finally APP
peared IN the person OF Mr.. Thomas T. Ryan OF
New York
In the summer OF 1899 Mr. Ryan set about
avowsdly TO acquire control OF tho property,
md by October he had succeeded In purchas.
Ing about 2,7N shares OF the stock out OF a
total OF about $4,000 shares, at prices average
lnR about l2J, lie then opened negotiations
with some OF the largest holders OF the stocI
through which formal agreement WAS
reached whereby thew were to turn over TO MIR
Ryan additional stock aggregating $500
shares. Certain ordinary conAIttons includInD
his right to examine the books and ACCOUNTS ~
the company were agreed upon and upnn thc |
signing OF tho contract Mr. RYAN made n bin1
!ng deposit with the vendors ~ the stork ~
100000. or over II per cent From the dnie oi |
he signing OF the contract which wns on Oci
J. 1896. forty days were to DO nllowei for thn |
OF the accounts hefore' thu anal