Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-05
STATEMENT FROM
MIR. WILLIAMS
Continued from Page I.

that 40 per cent. of the business Of the
FLORIDA Central and Peninsular railroad
camo from the Southern railway.
TOLD you that statement was wholly in
correct. The relationship previously
existing between the Southern railway,
and the Florida Central and Peninsular
railroad was severed on the 10th of De-
ccmber last. The earnings of the Flor
ida Central and PeninSular for the week
ending December 18th. and also for the
week ending December 23d, show Il very
handsome Increase over the correspond
ing weeks last year, when the Florida
Central and Peninsular was being
operated i'll close accord With the
Southern railway This is calculated
to show the individual strength of the
Florida Central and Pcninsular alone,
and when the new line which is being
rapidly finished, which will connect the
Florida Central and Peninsular and the
Seaboard, is open for business, still
greater results will follow.
You comment upon the amount of
new stock of the consolidated company,
which it is proposed shall be paid to the
Richmond bankers for services rem
deled by them in connection with this
consolidation. The allowance made to
the Richmond bankers engaged in the
consolidation OF the greater Scaboard
System. was approved by each and
CFSlS ihCllUGt III inc SynQlCaCc. Dy
whom the compensation was fixed, and
IS much less than the compensation
heretofore given in transactions Of
Similar magnitude.
The propositions which you brazenly
made to me in our last conferences in
my rooms at the Waldorf, and at my
Office In New York, I regarded as pre-
Z posterous; such, for example, as your
statement that you would not be will
Ing to agree to any consolidation Of the
roads comprising the Ssabaard System
unless a controlling interest in the
stock of the new consolidated company
should be placed in voting trust, and
that you should be one Of the two trus-
tees, and proposing that be the other
Your other suggestion was equally ri
diculous-that should induce my asso-
ciates to sell out to you at cost, and
that you and should then together re-
organize the system, and issue twenty
millions of new stock on the Seaboard
System alone, without the c. & A. and
II. G. Sc p. and divide up the profits 1
Indignantly and promptly rejected your
overtures of this nature, and told you
then and there, that I did not believe
that our views could be reconciled, as
our habits and methods OF thought, and
our ideas OF principle were radically
tliiu dOSOlQtCly QtlleIcul
In my telegram of the 18th I remind
ed you of your statement to me in Oc-
tober that II you should not find that
you could join in our plan OF CONSOLE
dalton, that you would name price on
your stock. SO as to get out.
Instead OF doing this, you made
desperate and malicious effort to sneak
q bill through the Legislature OF Geor-
i Gia which was drafted for the purpose
of preventing and defeating the consol-
idation of the Greater Seaboard Sys-
tenn; but when its object was discovered
it was promptly KILLED This attempt
was a. deliberate and outrageous viola
ton of the promise which you made to
me in October.
You claim TO own about twenty-five
hundred shares Of the stock of the Sea-
board and Roanoke railroad. Your at
torney. Mr. Groner. informed me
short time ago that this stock cost you
between ninety and one hundred dol
lars per share. and that he had in his
possession n statement which showed it,
Less than fourteen months ago this
stock WAS selling at SIPS per share Ow-
ing. principally. to what has been done
by the Seaboard Syndicate and my as
sociates. this stock Is now worth 5000
pct share. and If you are unwilling TO
Join us we are willing to take the stock
held by yourself and your friends, some
IF which. you have informed me your
BeIf. cost you as low as thirty, at 500
per share. eliminating you from the
situation with large profit to YOU
In conclusion. will tell you that I
am aware OF the methods which you
hnd your associates and hackers have
adopted for the purpose OF delaying
and II possible Of thwarting the exc
cution Of the plans approved by IL
Barge majority In interest. do not
doubt that the reckless attacks which
have been made upon those institutions
In New York and elsewhere who arc
supposed to have holdings in these Sc
curities will react upon those who in
spire them for their own evil pur-
poses.
The statements which submitted TO
you. upon which our plan of consolida-
tlon was based, showed very large
surplus earnings over and above all
possible fixed charges. We told you
that X you cared 10 cooperate in this
consolidation that we were willing TO
let you appoint your own experts TO
make thorough examination Of the
books and accounts OF each and every
road concerned I'm the consolidation,
with the understanding that if our re-
ports should not be confirmed and YER
sfied you would not be under any obi
cations TO come into the consolidation,
but that II these statements Of ours
should be found to be correct, then you
shonld Join IN with us. receiving terms
as favorable as those allowed to any
otter stoclSholder. This you refused TO
agree TO. also proposed to you, on
November 9th, that We should lay our
plans OF consolidation before the best
railroads minds In tiln co1lntr,r 70 ,,.i