The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-05

by me inviolate until at Raleigh two !
weeks ago, Mr. Williams attorneys read |
in open court the text of a dispatch that |
he had sent to me on Dec. 8, in which he |
referred TO these comInunicat tons assert |
ing that they contained all the PROPOSE
tons that any fair-minded man could rea-'
souably desire. His purpose in having his
telegram read in court was to impress the
Judge with the idea that his conduct had
been fair and his propositions just, and
that I had had such early information
of them as to enable me TO
take such legal measures as Were
necessary for the protection OF my rights
at a much earlier time than then. His at
torneys were Immediately warned that
this telegram was confidential. but they
said that il was not and thar no other
matter was, and that all the commuaica-
items that had passed between me and Mr..
Williams would, as they rudely put it,
soon see the light of day Their action In
reading Mr.. Williams telegram, in giving
Il what 1 regard a false construction
and in saying that they proposed to pub
fish oil other communications, of course,
removed the seal of confidence which I
had been nest careful to regard, and
light OF day the better
Mr.. Williams, therefore, has no right
to complain on that ground of my tele-
gram analyzing his plan. What he should
do and must do, if he expects 10 convince
he public of the wisdom of his project
as a business proposition, is 70 furnish
direct answers TO the questions which my
tel gram suggested.
What I assert is that Mr.. Williams re-
ceiving salary as president of the Sea-
hoard and Roanoke Railroad, is trustee
fer the stockholders of that road. and is
hound 10 administer the roads affairs for
The equal benefit Of every stakeholder and
has no right to place himself in any posi-
lion which conflicts with the interest Of
that road, and in these two positions to
contrve the saaboard's dismemberment to
his own personal profit and to the profit
of some of the stockholders, but TO the ~
jury of other stockholders Here then are
the questions TO which Mr. Williams
should give specific answers:
Mr.. Ryan's Questions.
"Have any of the stocks tn at were in
the treasury of the Seaboard ami Roanoke
prior to his becoming the president of that
road, been removed out of the treasury,
and if so, why were they removed? Where
have they been removed and who has pos
session of them now?
Have they been sold. and If So did
they bought by any syndicate. in which
he is interested, or is he interested direct
ly or indirectly in their purchase?
Before Mr. Williams became president
of the Seaboard and Roanoke that com
pany owned 900 OF the stock of the
Raleigh and CASTOR. By means of that
ownership the Seaboard controlled the 900
miles of track composing the Seaboard
Air Line System. At n meeting of the
stockholders of the SeabOard, held recent
ly, the proxy representa- tive of the VIII
liams syndicate gave attempted authority
against my protest. being the owner of
one-ffth of the Seaboard stock, to sell
these Raleigh and Castor holdings, there
by Remembering the Air Line System.
Has that stock been sold. and II so, has
IL been sold to Mr. Williams or to any
syndicate in which Mr.. Williams Is inter-
ested. or is Mr.. Williams interested in the
purchase Of that stock directly or indi-
recty, or does he purpose to become in
terested in any such purchase?
1.-THE Raleigh and CASTOR stockholders
have similarly authorized the sale of the
Raleigh and CASTOR treasury securities.
Mr.. Williams is president of that road.
Where are these securities are they In
the custody of the treasurer of the Raj
eigh and Castor? Were they in his custo-
dy when at a stockholders meeting they
were authorized to be sold? How long
have they been out OF his custody? Why
were they ever taken out of his custody?
Have they been sold, and If so is Mr..
williams directly or indirectly interested
in their purchase or any proposed pIr-
chase OF them?
while Mr.. william is throwing things
open to the light of day, he should not
hesitate to let in a little light upon these
transactions. They go directly to the Ie-
sallty of what he is doing, and not until
the public knows the facts in these mat
ters viii il be able to Judge whether it can
safely invest its money in Mr.. Williams
enterprise.
81 notice thOt there is a conspicuous
difference by way of omission erween
the original of MIR. Williams letter as Il
comes to me through the mails and the
copy that ne has sent to the newspapers
for publication. This omission occurs in
the paragraph where he remarks that The
issuance of bonds for the acquisition of
stocks is not unusual. In the letter as