The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-27
ATTORNEY RYAN
MAKES A REPLY
Charges Mr.. Williams With Enriching
His Own Syndicates at Cost of
Other Stockholders.

NEW YORK. Dec 26.-Thomas +. Ryan.
one of the principal stockholders OF the
seaboard and Roanoke railroad, has issue
the following teiegraphic reply 10 the
published telegram from John skclton
Williams. president Of the Seaboard and
Roanoke road, in the controversy over
the control Of the Soaboard Air Line sys-
tenn:
New York. Dec. 20. lS9
John Skeuon Williams. President sea-
board and Roanoke Railroad Company.
Richmond, Va.
II have Just received from my attorney
a report Of the court proc ciings mad al
Raleigh on Thursday last, aud observe
that your representative thcrc read n
open court "a copy Of % telegram sent IN
by YOU on December H.. l>99, which have
not heretofore answered.
Il did not reply 90 it when received. he-
cause it's terms forbade further nesutia-
uOns then. 10 declared 90 be sure. lhat
YOU had made 'all the efforts. susi sti0n1
and propositions that ans lairmiuded ma }
cuu.d reasonably desire bUt the PROPOSE
ton was embodied i'm your preiimlni!y
plan of cS0nsO,idation' presented TO me on
october I'D and by which ! was invited 90
Of SlgE,ONoa of bonds on the combined
properties To- he used for the following
purposes:
"You proposed TO take Si5.3il.o0o Of these
bonds 90 rennhurs. your various syndi-
Gates for che securities they had b0usht
10 control the system.
you proposed TO give $2.2S5,ooo of these
bonds in exchange for Georgia ana Ma
hama stocks. on which / believe a olN'-
nd has never been paid
TO PURCHASE SEABOARD STOCk.
with SL0c.001 you proposed 20 pur-
chase or retire certain shares OF sea
board stock and stocks In some other
roads held by minority stock-holders
"You proposed to use l,5oi0N 10 retire
car trust notes and $4,000 to pay Tor
the South Carolina extension, leaving
S1fiOa. which you describe as e balance
for miscellaneous requirements
I'm short YOU proposed 10 place on
these roads an additional mortgage In
debtedness of Si9,523.po burdcnins them
with am additional annual interest charge
Of nearly $4,000. not one dollar Of
the proceeds of the sum OF these bonds
TO be spent on the property. but the en-
tire amount Of Sl25-3.o10 to be used by
YOU 10 reimburse your syndicates for
moneys paid for stocks, which, with the
exception Of those Of the seaboard and
Roanoke. and the Bay Line, have no-
maid a dividend for years.
Having thus paid your syndicates doll
lar for dollar I'm bonds. you further pro-
posed 20 Issue to them a bonus in the
stocks OF the reorganized company OF
more than S230o00Oo
This was your plan as you presented
n 10 me on October ed, but subsequently,
/ learned what you did not at that time
disclose. that your Arm, John l. VIII
Msms ana sons ana Alr. Middend0rfs
firm. were 10 have as commission
100000 OF the new stocks in addition.
NEITHER WISE NOR CONSERVATIVE
you described this plan as wise, con-
servative and eouitab,e.' You call IT an
honest EFFORT to work out a reorganlza-
Ton You say II means much for this
whole section Of the country can ~ad-
ily see what Il means 10 you personally
and ia your syndicates bur 20 flr as r'-
garding Il as wise or conservative, OF
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