The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-05
THE SEABOARD TROUBLES.
Williams Dencunces Ryan for OPP
PosInE the Consolidation.


NEW YORK. Jan. John SHELTON viii
liams. the Richmond. Va. flnancier. who
/ Is now effecting a consolidation of vari-
Gus railroads in the Southern States. with
the Seaboard Air Line system. has issued
long reply to the charges made by Mr..
Thomas F. Ryan of this city. who is con-
/ testing in several suits at law the legal
ity OF certain steps already taken By Mr..
! Williams.
Mr.. Williams. in his answer, charges Mr..
Ryan with making public information con
e2-ni"g the plans for consolidation which
had been given him In confidence aud de-
MES by argument the charges that the
scheme was to unload on several good pay
ing railway properties the Indebtedness
and burdens of lines that yield no profits
In conclusion Mr.. Williams says:
Il do not believe that those interested In
the creation of a system so sound. so ex-
tensive and with such prospects for the
| benefit OF the South. can be disturbed By
inc futile and cowardly attempts which
are being made to wreck the same Your
holding of stocks In the Seaboard and
Roanoke road as compared with the value
Of the systems embraced In the consoIida.
tion is a small fraction and you may be
sure that those deeply interested wifi pro-
tect themselv IS and not permit you to
'sandbag' Ito use your own expression) the
enterprise as 1t seems that you have vain
ly and maiiciousiy attempted to do
Mr.. Ryan made the following comments
this afternoon on President Williams let
ters: MIR. Williams does not touch the
objections to his reorganization plan as
presented by me. What I assert is that
Mr.. Williams. receiving salary as President
OF the Seaboard aud Roanoke Railroad. Is
trusteee for the stockholders of that
road. and is bound to administer the roads
affairs for the equal benefit OF every stock
holder, and has no right to place himself
In any position which conflicts with the
interests OF that roid. and in those two
positions to contrive the SeabOard's dis
memberment to his own personal profit.
and 20 the profit Of some Of the stock
holders. but to the injury of other stock
holders. Here. then, are the questions to
which Mr.. Williams should give specific
answers:
Have any OF the stocks that were in
the treasury of the Seaboard and Roanoke
prior to his becoming the president Of that
road been removed out of the treasury,
and, II so. why were they removed. where
have they been removed and who has pos
session OF th3m now!
Have they been sold, and II so. did Mr..
Williams buy them himself. or were they
bought by any syndicate in which he is
interested, or ~ he interested directly or
indirectly in their purchase?
Before Mr.. Williams became President
OF the Seaboard and Roanoke that COM
pany owned $4,000 Of the stock of the
Raleigh and CASTOR. By means Of that
ownership the Seaboad controlled the 1000 !
miles of track composing the Seaboard I
Air Line system. AT a meeting OF the |
stockholders of the Seaboard, held recent i
ly, the proxy representatives OF Williams
syndicate gave authority against my
protest. | being owner OF one-iifth of I
the Seaboard stock, to sell these Raleigh
and CASTOR holdings. thereby disnember-
ing the Air Line system. Has that stock
been sold, and, IL so. has it been SOLD to
Mr.. Williams or to any syndicate in which
Mr.. Williams is interested. or is Mr.. Will
liams Interested in the purchase OF that
stock, directly or indirectly. or does he
purpose to become interested in any such
purchaser
THE Raleigh and CASTOR stockholders
have similarly authorized the sale of
Raleigh treasury securities Mr. Williams
is president OF that road. Where are those
securities? Are they in the custody of the
treasurer of the Raleigh and Castor? Were
they in his custody when, at a stock
holders meeting they were authorized to
be sold? How long have they been out
Of his custody? Why we're they ever
taken out Of his custody? Have they been
sold. and, If so, is Mr.. Williams directly or
interested in their purchase or
any proposed purchase of them"