The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-01-17
LEADS ALL M0RTH CAROLINA DAllES M NEWS AMID GRGUAT<ds
RYAN LOSES HIS 81 5
HIS COUNSEL SAYS ne WILL TAKE Al
APPEAL.
It is Understood tSat the Seaboard Will be Sold
to the Syndicate Uoder John Shelton
Williams at Once.

Baltimore. Md, Jan. 16.-Judges
Wickes and Stockbridge, in the Circuit
court to-day, decided against Mr..
Thomas f. Ryan in his suit to enforce
an alleged contract for the sale 70 him
of between 5000 and 4,OOG shares of
Seaboard and Roanoke railroad stock
at 1926 share
The court ordered that the demurrer to
the bill of complaint be sustained, the
injunction heretofore granted be dis
solved 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 the opinion that the
demurrer to the bill of complaint flel
in this case should be sustained and the
hill dismissed
First. Because the alleged contract
is so uncertain and indefinite in it's
terms as to be open to various construc-
tions. and therefore cannot be enforced
on account of equity. A doubtful! con-
tract can never be so enforced; to doubt
is to resolve against it.
Second. Because it is obvious from
the bill and exhibits in this case thar
the defendants, McLane and others,
committee, were acting in that capacity
by virtue of pooling arrangement set out
in Exhibit Il, and referred to in the bill,
and that their powers We're limited by
its terms, which must have been known
to the plaintiff at the time the al
legged contract was signed. That, know
ing as he did. that the pooling agree
ment bound the parties to it not to SCH
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 said stock was not re-deposited
under the provisions of the contract of
October 9th, 1896, it would be inequit-
able and unjust to compel the defendant,
McLane and those associated with him.
even if the court has jurisdiction of his
said associates to transfer any of said
stock or delivery of any of the certifi-
Gates representing the same to the plain
tiff.
Entertaining these views the court
deems it unnecessary TO decide the re-
manning questions, relating to jurisdic-
ton, laches and the legality, vel non,
of the contract, presented in the argu-
ment for its consideration"
Mr.. Bernard Garter as counsef for
Mr.. Ryan. announced that an appeal
would be taken.
The syndicate, headed by Mr. John
Shelton Williams, of Richmond Va,
President of the Georgia and Alabama
Railroad Company, offered 5000 a share
for the $500 shares pooled with Messrs
Louis McLane, of Baltimore, and Leigh
L. Watts, of Portsmouth, Va. The
proposition was made to President Hoff-
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 deal will be closed imme-
diately. Mr.. Williams was seen after
the decision was handed down. hut ask
ed to be excused from making a state
ment.
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 knew, and no
negotiations with reference to the use
of the latter's tracks beyond Richmond
had ever been undertaken. He added
that the Seaboard is a complete system
Ia
and Portsmouth to Atlanta, and if it'll
should ever be that the extension from
Ridgeway to Petersburg is completed.
it should add value to the system.
1--WE have no plans on foot for the
extension of the line to Washington.
he said, where reports say connections
are to be made with the Baltimore and
Ohio. The Seaboard System does not
make a physical connection with the
Florida Central and Peninsular Rail |
road, and no negotiations for traffic |
arrangement are in progress"
IT IS NOT FOR THE SOUTHERN. |
New York, Jan. 16.-President
Samuel Spencer, of the Southern Rail (
way Company, said to-day that there is
absolutely no truth in recent rumors that
the syndicate which had purchased the
Seaboard Air Line would turn over the
property to the Southern Railway Com
pany.