Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-16
RYAN OPPOSES
CONSOLIDATION
Says John Skelton Williams Plans
Will Not be Consummatsd.
WHY PROTEST wAsF FILED
Hr. Rynn's A,tornry- Protested
Against conso,idm,ion ut Meeting
or Rntcign aud iGnston Give Ihctr
Re"sous for Opposing Plan OF Mr..
wiiiam. Contend That Ryan ~
Largest 0wncrorS. -. l.. stock.
(The Raleigh Fost.)

Raleigh and Castor and of the Raleigh
and Augusta Air Line Railroads were
held here yesterday, though adjourn
.nent was taken until December 10Th
for wants of 1uorums. a special meet
ing of the stockholders OF the Raleigh
and CASTOR road will be held here next
Thursday, the 21st
Mir. john NJ. Sherwood, the auditor
of accounts, was the only Seaboard
officer present. Mai. ]. Il. Bachelor
presided at the meeting Of Raleigh and
CASTOR stockholders. and Mr. II. Il.
Gray presided Mt the meeting of stock
holders of the Raleigh and Augusta.
Mr. Thomas +. Ryan, Of New York,
who is fighting the scheme of CONSOLE
dation of the seventeen various roads.
which will compose the Greater Sea-
board Railway Company, was repre-
scented by counsel at both meetings
The attorneys present in behalf Of MIR.
Ryan and holding his stock were w.
II. Page. Jr.. of New York: W. l.. Mar
burg, of Baltimore, and y. l.. Cironer
OF Norfolk, Va. In behalf of Mr. Ryan,
his attorneys presented formal and
written protest against the consolida-
ton. IL WAS impossible to obtain a
copy of this protest.
- ~ al IN.
When seen ut the Marlboro Mr.. Ryan's
attorneys consented to give their
grounds for objection TO the D!an of
consolidation of the various divisions.
OF the Scaboard. The following is the
statement OF Mr.. Ryans position die
tated by his representatives here yes
ierday, Messrs. Page, Marburg and
Groner:
l''inasmuch as MIR. Williams. the pres
ldent of the SeabuGrd. has seen III to
make Il public Statement; declaring that
Mir. Ryan's objection to the scheme Of
consolidation is insignificant and tina.
there is nothing in his plans. which are
Illegal, we have consented 10 make this
sta lemcnt.
I'm his Interview Mr.. Williams laid
stress on the statement that Mr.. Ryan
has Only twcnty-one shares of stock
in the Raleigh and Castor railroad
Mr.. Ryan's interests in the raleigh and
CASTOR railroad is the equivalent of his
interests in the Seaboard ana Roanoke
Company, because the last named COM
pany is the parent corporation and con
trolls the former. The share in the
child is the same as the share in the
parent.
The total authorized issue OF capital
stock of the Raleigh ana Castor rail-
road is $4,000 shares. Of which 1S2O
by the Rneigh and CASTOR Company.
The difference gives the total issued
and outstanding capital stock of the
Raleigh and Castor. of which the Sea-
board and Roanoke Company owns 7i2N
shares. being about ffty-onc per cent
or the total outstanding stock OF the
Raleigh and CASTOR railroad Since the
assumption of the control Of the Raj
ciSh and CASTOR by Mr. Williams and
i'm hn MI ,tna
which he has organized to carry out
his plan for consolidation with the
Georgia and Alabama and Florida Cen
trail and Peninsular. they have caused
this treasury stock, which amounts to
l.S20 shares, TO be issued To themselves,
though for what price has not yet been
IN ascertainc1 AT the
meeting in Raleigh last Saturday, about
which we have heretofore said nothing.
The result of this transaction has been
to change the holdings OF the Seaboard
and Roanoke In the Raleigh and Castor
from majority To a minority interest.
IN other words, these gentlemen have
taken advantage of the power repused
in them as officers in the ScAboard and
Roanoke Company 10 vote the stock
held by that company in the Raleigh
and Castor tn strip the Seaboard ana
Roanoke Company OF the control of the
system. which ii has always operated
without going into any question az
tn whether the transaction was bona
tide. Mr.. Ryan will contend that Ii was
an Illegal one. and that no scheme OF
consolidation based upon il can be sus-
tanned.
IT is an utterly vain thing To at
tempt Ia make i, appear. a las been
attempted in published articles within
the rast few days. that Mr.. Ryan s
rights in this matter are measured by
his ownership Of twenty-one shares Of
stock. The big central fact of the who e
fight is that as the undisputea owner Of
$500 shares out Of n total of thirteen
thousand and odd shares of Seaboard
and Roanoke stock, in addition to some
three tnOuSnn1 moro which ,rara Gaia