Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-01-06
RYAN PUTS IN A PLEA,
Asks an Injunction Restraining
Transfer Of SeaboaId Stock
PRESSES HIS OFFER TO BUY.
Claims Contract Under Which He De-
mandS Delivery Of Stock.
WILL ONLY CAUSE DELAY, IF THAT.
Mr.. Williams Expresses the Utmost
Confidence that He VIII he Able to
Secure Control without Having to
Wait for the Decision i'm This Suit.
WILL ONLY CAUSE DELAY, IF THAT.

The purchase OF the Seaboard Airline |
system of southern railroads and the old |
Bay Line Of steamers by the syr rdlcate |
headed by Mr. John Shelton Williams, of |
this city. will. beyond a reasonable doubt. |
be effected, but not without good deal of |
litigation.
Mr.. Thomas F. Ryan. of New York, |
who represents the holders Of large In |
terests in the Seaboard, has been fight |
ing the controlling faction with great Bit
terness for several years with a view to |
ousting the present management and put
ting in officers Of his own choosing and |
sentiments. and it was not to be expected |
that he would submit, without protest, |
to the proposed sale of the entire system. |
He has shown his hand by applying to |
the Baltimore courts for an injunction 20 !
restrain the transfer Of the pooled stock |
Those who are interested in the negotia- |
tions do not attach any serious i'm |
portance to this, and assert in confidence
that its only possible effect can be to
cause some little delay.
ASKS FOR AN INJUNCTION.
A special received by the Dispatch last
night from Baltimore gives the details
of the step taken by Mr.. Ryan. 1t says:
Thomas f. Ryan stepped into the pro-
posed Seaboard Airline deal to-day by
filing i'm the Baltimore City Circuit Court
an application for an injunction to re-
strain Louis McLane as a member of the
Pooling Committee from transferring
some 5000 shares Of stock of the SeabOard
and Roanoke Railroad Company to any
other person than Mr.. Ryan. The court
is also asked TO compel Mr.. McLane to
deliver the said stock to Mr. Ryan at Sl25
per share. in accordance with an agree
ment made October g. 1895
Judge Wlekes did not act on the petit
ton 1t is claimed by Mr.. Ryan that a
controlling interest i'm the system cannot
be obtained without this block of securi-
ties. on the other hand, ii is cOntended
By the present management of the Sea-
board. and by the Williams syndicate.
that control can be obtained without this
stock, and even IL the required majority
cannot be secured. IT is said that the pc
titioners will only delay matters for
short time as the suit is certain to be
decided adversely to Mr.. Ryan. The pc
ttion was filed by w. L. Marbury, counsel
for Mr.. Ryan.
'"The syndicate is to pay 5000 a share
for outlying Bay-Line stock, the par value
being $1,000.
"AIr. j. Skelton Williams, OF Richmond
who heads the syndicate, says he fears
no trouble IN gaining control Of the stock
| Mr.. williams also says that h0 can secure
control without the stock Mr.. Ryan is
after. He says he can get 400 shares out
OF the 1850 Ryan's play he says, will
not defeat him, though 1t may delay mat
ters.
NOT FOR THE SOUTHERN.
The proceeding instituted by Mr.. Ryan
would seem to disprove the theory ad-
yanced in Baltimore on Wednesday that
the stock pooled and controlled by Ryan
&c included in the offer OF 800 per share,
and that the Seaboard will eventually be
| operated or controlled by the Southern
| railway which. it is claimed has en-
| couraged Mr. Ryan i'm his efforts to secure
| control of the Seaboard. on this point the
Baltimore American, after saying the
impression exists that the deal is in the
interest of the Southern, adds:
',rhe prediction was made yesterday
| that the Richmond Petersburg and caro-
| lima road. now under CONSTRUCTION from
| Petersburg to the South, and by when
| the Seaboard system will reach Richmond
| will be abandoned. The construction OF
| this road and the building up of system
! Of lines I'm the South il is argued will
| prove a serious menace TO the SoutneIh
| railway. IL was argued that il would be
! much cheaper for the Southern road TO
| buv the SeabOard lines pow than lai er
| and that the two would be eventually
| obliged TO unite Is pointed out as ne
cessity If the statement Is True, as ran ran
road men claim. that the territory sup
| piled bv the Southern and Seaboard sys-
| TENS will not support two roads
THE r. p. AND c. SCHEME.
While those who are best informed as TO
| the plans of the Richmond. Petersburg
| and Carolina are very retlcent, the I'M
preston prevails here that the road VIII
i he built through TO Richmond and without
great delay. As shown by the Petersburg
| special I'm yesterdays Dispatch, the mat
] ter of floating the company's bonds, ABOUT
| which there has been some trouble mas
been arranged and the necessary none
tary arrangements made.
| The real estate situation as regards
| tbIs scheme has been somewhat strained,
and some persons who have given options
ON east Main-street property have threat
ened TO bring suit against those identlned
| with those negotiations. The services OF
! an attorney have been retained by two
| complainants. and other suits are said to
be threatened. 1t has been stated, TOO
| that the necessary money had not
been forthcoming to pay for the work
| already done on the road. ana the en-
nloyees became dissatisfied. a telegram
was sent within the last few days to the
! syndicate in Baltimore, making an urgent
| reouest for funds 10 relieve tue real
estate situation, but reply came that no
r,orev would be advanced at that time,
and II was suggested that If affairs were
az had as stated the gentleman who made
! 81 o,,iicatton might meet the obligation
himself but he declined TO do this. Now.
bowover that the financial arrangements
are said TO have been perfected, the trou-
HE anticlpatei along these lines may all
be adjusted.
HIS PLAN THE BEST.
The Baltimore American OF yesterday
| referring 20 the Seaboard Zeal says
| "Nfr John SHELTON Williams, who Is said
| 90 he engineering the deal. is young
| man not over So years OF age. He has
| deveioped remarkable business capacity
| and executive ability only three or four
| wears ago he became interested In tne
| Georgia. and Alabama railroad. then call
| ed the Americas and Montgomery. This
| ,yas a wear or so before IL went into the
hands OF receivers. When the time came
for reorganization. Mr.. Williams took a
strong stand In the matter. He had q
nian Of his own for reorganization. and
smhsecuent events proved that IL was by
80 ,ha host proposed. But there was
hitter struggle against II. ana some peo-
nie laughed at the young mans pre-
p',,,,,,on He had pitted against him
H,,,e ~ the Oldest heads and strongest
ananciers I'm Baltimore. but he beat them.
lis man was adopted. II provided for
| new capital 10 be acquired from bond
| holders equal 20 the amount or tnet
| holdings. For this they were 70 ,ecelNs
] OF course. first mortGage bond edua