The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-13
THE CONlII /
OVER SEABOAlRD.
Appears to be Mainly a Difference o.
the Point.of View.
BOTH. FAVOR REORGANIZATION,
Williams Plans More Ambitious and
Extensive, Desiring to Unite Two
Extreme Southern Roads.
Ryan is Opposed TO This.
(Conmunicated.)

: !.
NEW YORK, Jan. 12.-Interest in the
seaboard Air Line controversy grows
deeper as the time approaches for the
handing down Of Judge VVaddills de-
cision. The arguments upon Mr.. Ryan's
motion, for temporary restraining or
der clearly developed the difference be-
tween Nc. Williams and Nj. Ryan. II
appears to be mainly difference OF
point Of view.
Each is in favor Of 4 certain reorgani7
cation of the Seaboa-d Air Line. Mr.
Williams plans arc much the more am
bilious and extensive.
Mr.. Ryan's are conservative. Mr. Will
liams, as is well known, desires to unite
two extremely Southern roads, the
Georgia and Alabama and the Florida
Central and Peninsular, both of which
are already controlled by himself and
his friends, with the Seaboard Air Line,
OF the stocks OF which he and his friends
hold a majority.
Mr. Ryan, who, interested as stock
holder in the Seaboard Air Line only.
objects to the union with that line OF
the two roads further South, and says ne
believes their consolidation with the sea-
board will ruin the Seaboard. He points
out that according to the official figures,
as shown in Mr.. Williams answer to the
Ryan bill III equity, the gross earnings
Dcc mile Oh lllc OcdUOdIO WIZ AOA StAS
calendar year of 1899, s4,270; that the
gross earnings Of the Florida Central
we're twenty per cent. less per mile or
1857, and the gross earnings or the
Georgia and Alabama were thirty-hve
per cent less than those OF the Sea
board or s2.I'3
SUPPORT. HIS POSITION.
These reports Mr. Ryan interprets as
strongly supporting his position. The
total gross earnings per mile or the
Florida Central and the Georgia and Ala
bama taken together are SS.1s6, and the
total mileage of the two Southernmost
roads being SO much greater than the
total mileage of the Seaboard.
Mr. Ryan does not believe in plan
of consolidation which imposes a new
blanket mortgage on the Whole consoll-
dated system, thereby compelling the
Seaboard to pay a fixed interest charge
out of its earnings far greater than the
other roads would pay. He argues that
the interest on the new bond issue would
really fall on the Seaboard almost en-
tirely, and would be SO heavy burden
to carry that there would be practically
| nothing left for stockholders. During
the controversy between Mr.. Williams
and Mr.. Ryan, and before their differ
ences got into the courts, AIR. Ryan sub
| mitted to Mr.. Williams an alternative
proposition.
1t showed that he entirely approved Of
the Seaboard extensions from Ridge
| way, N. c.. to Richmond, and from
CEeraw te Columbia.
An impression has existed that Mr..
Ryan has opposed the Richmond connec-
ton. but this proves to be incorrect.
His ideas were embodied in a memoran-
dunn bearing date November II, 1892 He
advocated the issue Of 600 of five
per cent. bonds, covering the entire Sea-
board Air Line from Richmond and
Portsmouth clear through to Atlanta, Of
which about s14,300,c GEO We're to be used
in retiring q, Slightly larger sum Of in
debtedness in five and six per cent. bonds
and in car trust certificates unon the
several roads composing the Seaboard
system. This gives a consolidated bond
for an Individual bond.
STRONGEST IN COUNTRY.
OF the balance, s1,000,O00 was TO pay
for the South Carolina extension 10
Columbia; s2,500,OOO was to pay FOR the
Richmond extension, and $2,000,0OG was
| to be devoted to the betterment Of the
| property and the purchase OF additional
| rolling stock. There was then to be
| left in the treasury s5,1S6.oG0 for such
! future uses as might seem necessary
or eSpedient. Mr.. Ryan has said that
| he believes that the adoption of this
| programme would make the Seaboard
Air Line one of the strongest and most
| profitable railroad companies in the
| country.
In order to attest his confidence in his
own plan. Mr. Ryan offered to take 50, $780,
600 of the bonds.
It is noteworthy feature of Mr.
Ryan's plan that every mortgage bond
Imposing upon the property an interest
charge was to be sold for cash, and the
| money used either to retire other in
terest bearing bonds or to pay for inn
Eorovements upon the property. This
seems to dispose of the idea that Mr..
| Ryan has at any time objected to the
| Richmond extension.