The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-22
APPROVE THE
CONSOLIDATION.
The Raleigh and Castor
Stockholders Favor 1t
BY A LARGE VOTE.
They Empower the President and Di-
rectors to Close the Deal.
A TEMPORARY INJUNCTION
BY A LARGE VOTE.
A TEMPORARY INJUNCTION
Was Granted, But Subsequently Re
yokea by Judge Purncll TO Prevent
ANY Action Toward Consoiiua-
ton with Scaboard-Not
Over Capitalized.

| RALEIGH. y. c.. Dec 21.-Upon appi-
cation this morning of attorneys Tor
| Thomas +. Ryan. Of New York. tenn
porarv restraining order was issued by
United States District Judge Thomas Il.
/ PurncH to prevent any action Of the Ea-
! leigh and Castor railroad stockholders
looking toward the consolidation here to-
day of the various lines Of the scaboard
AIRLINE System.
A few hours later Judge Purneh granted
tho parties a hearing and revoked the
temporary restraining order in written
judgment. as follows:
The order inadverenuy signed this
morning is revoked. and the service there
Of held 90 be invalid. In the exercise of
a sound judicial discretion, the restraining
| oraer is refused.
Upon the charge of Mr. Ryan's counsel
that the interests Of his client would De
irreparably ieopardized by the consolida-
tion plaus of the Williams syndicate,
Judge Watts. general counsel of the Sea-
board AIRLINE. read the following dis
patch from President John Shelton VIII
liams 10 Thomas +. Ryan, under date OF
December 18th:
MANY OFFERS SUBMITTED
We, have already submitted all
the offers. suggestions and propo-
sitions that any fair-minded man
could reasonably desire, including
.VI.i
court or disinterested persons Of the
differences between us. and we have Moth
ing further 20 propose. our efforts TO Sc
| cure a peaceable solution Of the question
have been I'm no way recprOcated by you.
but YOU have appeared 10 be determined
TO place in the way of this great enter
| prise. which means so much for TINS
| whole section of country. every obstacle
| within your power, directly ana 1ndl-
rectly At the solicitation Of yOurself or
| your attorneys. meetings were postponed,
hoping that an adjustment might pos
! sibly be reached, and your attorney $ nave
endeavored to make capital out cf these
| adiOurnments by securing the sending out
Of newspaper reports int.matng tnat these
| Appointments were forced upon us by
! your opposition. Your attorney visited
| a newspaper office I'm Norfolk saturda.
| night and succeeded i'm having sent out
| over the wires "A false statement to the
| effect that you had held up the meet
| ing which was held IN Raleigh on sat
! urday by your unexpected opposition'
| whereas our programme for Saturday 3
| meeting was carried out precisely as we
| had MANNED We have told you frankly that
| we intended 10 respect all of your rights
| as a stOckhOlder in this system, ana 10
| accord TO YOU terms as favorable 40 those
| accorded 10 any other stOcknolder III
vou will ioin with US I'm an honest effort
| 10 work out this proposition on wise,
| conservative and equitable plan. you have
| the opportunity of doing So but If your
aim is to obstruct delay and injure you
can 60 ahead on your own responsibility.
| We are prepared TO protect to the fullest
and TO promote the interests which we
| represent, and you will find out this VIII
| be done In conclusion, ! will again re-
! mind YOU OF the statement which you
| made 10 me at our first interviews, 20
wit: that it was not your intention, 10
use vour own language. to "sandbaG
the situation and that if you did not feel
warranted in joining us in our plan Of
| reorganization. that you would name
a price on your stock. which your attor-
ney GrOner, informed me in the presence
of your attorney Page, had averaged you
| between ninety and one hundred ! wOgld
! also remind you of your request. which
YOU urged upon me in our last interview,
| that ! should advise my fellow members
| in the Seaboard Syndicate 10 sell out
their holdings at two hundred dollars per
share for Seaboard stock. which you said
you thought was a full price for that
stock. aud one which they ought to be
only too glad 10 realize
MEETING HELD.
The meeting of the stockholders of the
| Raleigh and CASTOR railroad was accord
ingly held at +. NJ pursuant 10 an ad-
! jOurnment at noon.
The purchase Of the preferred and COM
| mon stock of subordinate companies of the
! system was report by Vice President +.
St John with the prices paid. and a reso-
luton approving and confirming the same,
was adopted by vote of ,s67 shares TO
l6.
The following resolution was also ADOPT
| ed BY the same vote:
| Whereas, IL is proposed 10 unite the
railways and properties Of the Seaboard
| Air Line system with those OF the South
| Bound Railroad Company, the Georgia
| and Alabama Railway Company and the
| Florida Central and Peninsular Railroad
| Company, thus creating a system op-
Grating railroads from Richmond. Va.
! and Portsmouth. Va. through the States
OF Virginia. North Carolina. South Caro-
lima. Alabama, Georgia ard Florida:
| therefore.
Resolved. by the stockholders of the
! Raleigh and Castor Railroad COM
pany, that they approve OF the corporate
| union OF the railways and properties
comprising the SeabOard Air Line system
| with those OF the South Bound Railroad
| Company. the Georgia and Alabama Rail-
way Company and the Florida Central
and Peninsuar Railroad Company upon
such fair and Just terms to the stock
holders OF such properties. and which may
| be agreed upon by them. and they
| hereby authorize and empower the presi-
| dent and directors Of this company TO
| join in such agreements. contracts. mer-
gers or consolidation or other measure
as may be legally necessary or proper
to bring about the closest physical con-
! nection and corporate union or merger
| OF such properties for the accomplish
ment OF the erection Of the system 30
proposed.
The meeting was then adjourned till jan