The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-01-20

Consroversyxn Favor Of the Ho9mau
Syndicate
Baltimore, Jan. 1s.-Judges wyckes
and Stockridge IN the circuit . to-
day decided against MIR. Thomas r.
Ryan in his suit TO enforce an alleged
contract for the sale 10 him of between
5000 and 4,00e shares OF Seaboard and
Roanoke stock at SIPS a share. The
court ordered that the demurrer to the
bill OF complaint be sustained, the in
junction heretofore granted be dissolv-
ed and the complaint be dismissed,
with costs to the plaintiff
Following is the full text of the opin-
ion Of the court:
The court is OF opinion that the de-
murrer TO the bill of complaint filed in
this case should be sustained and the
bill dismissed.
1. Bec~1es the alleged con ract is so
uncertain and indefinite in its terms as
to be open to various constitutions,
anu, therefore, cannot be enforced on
account Of equity. A doubtful contract
can never be SO enforced; no doubt is
to resolve against it.
2 Because 1t is Obvious from the bill
and exhibits in this case that the de-
PENDANTS. McLane and others, commit
tee were acting in that capacity by vir-
tue of pooling arrangement set out in
exhibit B., and referred to in the bill
that their power was limited by its
terms, which must have been known
to the plaintiff at the time of the al
legged contract was signed. That, know
ing as he did, that the pooling agree
m Mt bound the parties to it not t sell
unless with the consent of three-fourths
OF the entire number of shares Of stocks
so pooled and it being averred in the
bill that the said stock was not rede-
posted under the provisions of the con-
ract o. October 6, 1896, it would be in
equitable and unjust to compel the de-
PENDANT, McLane and those associated
with him, even if the court has juris-
diction of his said associates to trans
fer II of said stock or deliver any of
the certificates representing the same to
the plaintiff.
Entertaining these views, the court
deems It unnecessary to decide the re-
naming questions to Jurisdiction ,laches
IN IllO lCSdlIIy, vel uOA, " AZ Jill
tract, presented in the argument for it's
consideration.
Mr.. Bernard Carter as counsel for Me-.
Ryan Announced that IN appeal would
>be taken
The syndicate headed by Mr.. JOHN
Shelton Williams, OF Richmond, Va,
president Of the Georgia and Alabama
Company, offered $500 a share for the
6, 300 shares pooled with Messrs. Lopis
McLane of Baltimore and Leigh r.
Watts, of Portsmouth,, Va. The prop
osition was made TO President Hon-
man, of the Seaboard Air Line, who
recommended it's acceptance and the
owners of practically all the shares
pooled accepted the offer. 1t is under
stood that the lead will be closed i'm
mediatefy. Nj. Williams was Seen af-
ter the decision was handed down, but
asked to be excused from making a
statement.
Mr.. Williams, said. with reference to
the right of the Seaboard to use the
tracks of the Richmond, Fredericks-
burg and Potomac. that it was. without
foundation as far as he anew and no
negotia ons with reference to the use
of ths latter s tracks, beyond Richmond
had ever been undertaken. He added,
the Seaboard is a complete system as
it sands at present, from Norfolk and
Portsmouth to Atlanta, and if it should
ever get an extension from Ridgeway to
Petersburg, it should add value to the
system. I'VE have no plans on foo&
Cor the extension of the line to WASH
mgton, he said, where reports say
connections are to be made with the
Baltimore and Ohio. The Seaboard
system does not make a physical con
nection with the Florida Central and
Penins lar railroad. and no negotia-
lions for a traffic arrangement are in
progress"
THE SOUTHERN NOT INTERESTED
New York, January 16.-President
Samuel Spencer, of the Southern Rail-
way Company said today that there is
absolutely no truth in the recent ru-
mors that the syndicate which had pur-
chased the Seaboard Air Line would
turn over the property to the South
ern Railway Company.