Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-10-05
is HOT AFTER RYAN.
President Williams Intimatss
That He May Have Trans.
crossed the Law.
Says Ho Hopes Ryan Has srisca1cniAted isisj
Protection From Accommodating 1lsss|
Rersistently to Ipiuro seahoard sesasi.
ties Arouses Ire of ROADS rrssisi

President John Shelton xvtJ1fa :, !, 49,
the Seaboard Air Line RaiIway- w. ~ i
teroay afternoon gave out the follow
ing statement: "a a Il - 7, ~ r.
The article on ssSealioard y,f,, = ]. w.
which was printed at length II. fhss rdsSSs
ork Times last Friday. and rsff,rs4
priefly In other newspapers. rec.sfvs$3S I
my immediate attention. 1t fsurnriasa.
me because 1t was hard for me to come
Prehend that any human being conl3
weave together such mass of yiciofisf5]
and deliberate falsehoods. s s a ~
nave made q careful fnyestiFAt fof1a
nefore replying to these articles
am convinced that they are parts ~ sas1
scheme to injure Seaboard securftisssi d
one or the most vicious. shameless 4 riIx
finance. - - = = s -
Inc articles referred to say that ae5s
tain allegations and reports reEaraifsss
the organization and condition OF fissT
Seaooard system We're offered inscourtS
n a., N 1,i during the argument thereE
last Thursday, and that their Introduce
ton was "strenuously resisted q 81. -. ~
counsel for the Seaboard. judge * n
X. Watts, and Judge L. l.. Lewis. r Of
counsel for the Seaboard, and Mr. Bow
den, clerk OF the court, who were irfa
court nearly all day. know nothing or
=
and have no recollection or record d.
them. Mr.. III. l.. Bond, Jr., of council
for the Seaboard. tells me that Mr. w \
II. Page, of counsel for II. f. Ryan. tines
plaintiff, did In the course of his ara
sument, toward the close of the hear-s
ing, allude to an affidavit. purporting
to he from Haskins & Sells, covering al
report from them. AS this YVES in mo-
way pertinent to the point at iss,ie&
which was merely technical questions
whether the proposed supplemental BILE
offered by Mr.. Ryan was proper one
no attention was given it. So far from
the introduction of this matter being
resisted, none of the counsel for the
Seaboard referred to it In any way.
The attack upon the Seahoard organ4s
ization and myself was obscurely
speaked into court to give a pretexts for
putting it into the newspapers. 1t iss
directly contradicted by the figures ana
facts. Every material allegation In IT.
is direct and fragrant falsehood, In
tended to deceive the public and to iii n
jure US. & Ass
The assertion that the average iii-a
come OF the roads in the Seabosrd sys-S
tenn for the past five years has been In
sufficient to pay more than per cent.
on one-third of S3S 100000 of new honda
is obviously and absurdly misleading.
between eco and 900 of the most import4
ant miles OF the system have not vet
malice of the pretence of estimating the
earnings OF a united and continuously
connected system from the earnings
five Years ago OF number of detachsd
lines aud fragments of lines is obYiouss
Eyen By this method, however. shame
less doctoring was resorted to. For ALT
the roads of the system the report
makes the. "AVERAGE'' annual sur
plus S294.000. The actual surplus Of
these roads for 1899, as shown by HAS
kins & Sells own report itself. Was
S66S,l over twice the "AVERAGE,'sF
The report on it's own showing credits
the roads with less than ne-haif of
their earnings in 1899. according to-
the truth, taken from official state
ments. the actual surplus earnings OF
the several properties embraced in thai
Greater Seaboard system last year2wass
SL'OO,o0o, or more than would he necests
sary TO pay all interest charges on AlE
outstanding underlying bonds on ALI
divisions of the system Chat Is To say
on ali bonds of the system prior TO tlias
new 4s). besides rentals. As The In
terest on all new bonds outstanding ISL
only SS7i.000. 1t is clear that the cont
pany has in the past year before the
consolidation of the system was effect
ed, earned some 100000 more than
enough to pay full interest OH d H.
bonds. old and new These results
We're accomplished before the compile.
ton or some TWO or three hIIn0gaQf
miles of new main stem of road. which:
must increase the earnings of the conn.,
pany greatly. This 81, 170. 900 surplus
based on last years earnings, is mores
than four times the alleged .'ayerage's.
referred to by Haskins & Sells. These
figures are enough to illustrate the
method by which the report was pre-.
pared and prove its motive,
L Will also state that the books. and
accounts of all the roads embraced In
the Seaboard Air Line system for sgv-S
eral years past have just been SUBJ
jected TO the most exhaustive exarnf
nation by Messrs Patterson, Teelep
& Dennis, certified public accountants
of New York. who substantiate tEsH'
reports of the management OF the
road.
The allegation that the bonds ont y
standing on the entire system win BE-
over $25. 900 a mile, instead OF SIS, GOO az
mile, as frequently and publicly stateGs
by me, makes a direct issue of yeEag-
ity. which / gladly meet. / say. on sIity
own personal and official resp9nsibflSl
ity, that this allegation. purporting to-
have been made by Haskins e. Sells:
and presented in behalf OF Mr.. Ryan
is LEA false statement detiberayefys
made with intent TO deceive and in5urBs
No other word is adequate. end 4 us6S
1t regretfully, but advisedly, bccauses& s
-------------- 49,
Continued on Pace