The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-09
BITTER FIGHT
HAS BEGUN

HAS BEGUN
rontinucd from, First Pase)
who are Interested to make a SAFE pc
cause they themselves were to pc Inc
purchasers, could not be trusted to fix
the price of properties belonging 70
others for whom they were trustees.
WANT NO lNsUMBRANCES.
But while Mr.. Ryan's lawyers pressed
this point with all possible force, they
did not fail to emphasize the contention
that to join spendidly profitable prop
erty, like the Seaboard Air Line, Win
properties that had never paid a divi-
dend, the gross earnings OF "hich per
mile did not compare with the earnings
OF the Seatoard, was against public
policy and injuries, not only to the Sea-
board stockholders, but TO the public.
Reading from one Of Mr.. Williams en-
hibits, they showed, according to Mr.
Williams figures, that the gross income
of the Georgia and Alabama for the year
1899 was only s2.77a per mile, or % per
cent less than that of the Seaboard. and
that the Florida Central and Peninsular
gross income for 1889 was $S3s1 per mile,
or q per cent. less than the Seaboard.
The Sea,oard's income reached the eX-
cellent total Of $3.50 per mile, thus rem
vestment. Mr.. Ryan's lawyers argued
that there was no natural connection
between the Seaboard system and the
Georgia and Alabama, and that whatever
might be said as to the possible natural
relation between the Seaboard and the
Florida Central, yet, insomuch as the
Florida Central for great distance par
allels the Georgia and Alabama, it was
obvious that either of these lines could
improve its earning capacity only at thu
expense of the other.
Much was made Of the admission in Mr..
Williams answer that he would have to
have legislation from the State of Virginia
before - could consolidate the Seaboard
and Roanoke with these far southern
lines. The resolution OF the Sea5oard
stockholders meeting, approving consoll-
dation and directing its officers, directors
and voting committee 10 bring about the
consolidation by all possible means. We're
read and conflict was alleged between
the resolution and the admission of the
defendants answer, and 1t was Claimed
by Mr.. Ryans lawyers that they were
clearly entitled to q restraining order by
reason OF this admission. They said that
the defendants mind was evidently by
The record SO subject 10 change that an
injunction against another change was
plainly the only way in which the
minority stockholders could be protected.
NIX. Ky AN 5 DENIAL.
1t was resolute!y denied that Mr.. Ryan
was acting in any other interest than that
Of his stock as a shareholder in the Sea-
board and Roanoke. The intimation that
his opposition to Mr.. Williams plans was
conceived in a vindictive spirit or for the
benefit of rival corporation was indiG-
nantly rccudiated. Indeed, Mr. Ryans
lawyers went further and with dramatic
earnestness showed ar. Ryan's faith in
!, "a
by meeting Mr.. Williams recent offer to
buy out Mr. Ryan All $500 a share. with
the distinct offer on MIR. Ryans behalf to
buy out Mr. Williams at $500 per share,
provided enough stock were thus obtained
to give Mr.. Ryan control and provided
the treasures of the Seaboard roads were
restored to the condition as to their seclr
ity holdings in which they were i'll July,
1885. before Mr. Williams became the
controlling factor in the seoboard system.
In effect, Mr.. Ryan addressing Mr.. VII
liams, said: you offer me $500 share
for my Seoboard stock l shall not sell.
but will make counter Offer Put
back into the treasures Of these various
Seaboard interpretations the securities that
were there when their annual reports were
made for 1898, and will give $500 share
for stock enough 10 control the system
and to enable me to work out my plan
fo- its proper extension and development
This offer was received in silence.
MIR. BOND MAKES REPLY.
ar. Bond made reply, denying that such
was the case, and made general denial
Of the petitioners charges regarding the
sale and purchase of the stock or that
there was any ATTEMPT on the part OF
the Seaboard syndicate to use their pre-
negatives or powers to their advance
ment and to the detriment of other stock
holders.
In referring to the sale of the treasury
stock of the Seaboard. Mr.. Bond stated
that it was done for the purpose of mak~
ing the improvements and that Mr.. Mar
burg's declaration that the price paid
for the stock was par when the market
value was but IS. showed in Itself that
the purchasers We're taking advantage
OF any power that they possessed. The
fact that a higher price was paid" de-
clured Mr.. Bond, lis one OH which AIR.
Marburg relies to show that the sale was
not proper. The fact that a higher
price was paid was to the advantage of
Mr.. Ryan as well as to the advantage
of other stockholders OF the Seaboard
and Roanoke. as the purchase money
went into the treasury of that company.
The disposition of the property OF q
corporation is one of the rights Of the
stockholders of a corporation, and do
not think court dare interfere with any
part of the internal government or
corporation.
The sale of this stock did not infiict
injury on Mr.. Ryan as he, claims, but was
to his benefit. AR. Rvan cannot be in
juired by any Of the plans.
cit has been tl.e olicys Of s:AIr. Ryan to
publish such action as will cause loss ana
depreciation in these securities and they
would like TO publish that your Honor
had granted an injunction against the
consolidation of the Seaboard and Roanoke