The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-02-09

self. What i have said Of him was
necessary to show the stockholders That
tho seaboard properties under his control
were not tellIgentlys and fairly admin
#istered i that his rnat1ag en1et1t and reports
s have not given these pro per les falr or
4 torturity to II 1esnonst ratio their real
4 worth, and that most OF the mlsfortunes
attending them were the direct results q
his rnisinara gene It, il,tsstntenents and
faulty calculations. B. y. These charges con;
stitutc the real and the one important
Issue. n Nothing Is TO- be gained By endless
3dlscussion Sof matt ers OF detail or by
prolonged recriInnatio ms
&ls Mr.. Barr cannot dlspr oye what nave
said OF him by falsely Il charging, as lln
has done, a my firm or n myself with re-
ceiyIng colnmiss ions BotlsS savannah and
Stutesboro bonds, Will knnins" the
fsenboard9 or with ttemptlng TO lease
h q A building iii r Richmond NJ at q low rate
to a property in which we are interested. 4
All these are aside from The issue sl g ppa
emily he Is trying to divert al tcntlon from
that Issue BY forcing us oh the d efensiyc.
/ He will not be allowed Edo this. D 4;
$ It il Impossible on this short notice.
and In newspaper space, L to analyze and,
reply III detail to Mr.. Bars sophistical.
defense That will be- done as quickly
as possible. will be willing to abide
the public verde on the result e
Charge Is False
s3s The one q matter in q this circular In
which no makes q direct acquisition 6of
alleged fact against us u is that Of the
Savannah and statesboroj Railroad, and
that demands Mediate and serious mt
stentton. His chargeEls that my firm re-.
8ceivcd a. commission OF SO 900 Of Savatl-a
nah and statesboro bonds B for securing
the enlargement. This charge is false
and Z here are the facts to provo It ITO
be 80: n s3
Tho Savannah and statesboro road was
purchased several years ago BY my firnlj
Mcssrs M lid eldorf & Co, and associates
Al order to secure to the Seaboa I'd Air
Line Raj lway the benefit of that com
pa ny's business. This was only one 35sof
the many instances iii which we invested
large SUMS of our own mon Si III our ef--
fort to provide bra noh lines and feeders r
for the Seaboard 4 Wit hout REQ airing Is the
Scaboari Sfto provide the q funds & for se-
curing the business. 81 istt4 Is KS sfl
IA Ii the summer OF 1905 Uniformed the
board OF directors that my firm and as
socintcs found u t desirable to rea lie on
their Investment Yin the Savannah ami
SStatesboro Railroad, and II that the Sea-
board Air Line desired either to purchase
II or to guarantee Its first mort gage
bonds, that they would be willing to turn
Il over to the Seaboard Air Line Railway
oil whatever terms the board Of direc-
tors OF the Seaboad AIR Line Railway
might think fair and proper but that
if the Seaboard did not wish to make
this ARRANGEMENT. that we might q find
II desirable to sell the road elsewhere.
Committee Investigated.
is Thereupon II a committee composed OF
James M. Barr, then vlce-presidenti and
general manager OF the seaboard 8 W. w.
Mackall. OF Savannah and Ma jor5 = an NJ
H. n Dooley, Of Richmond, then chairman
OF the Executive Committee of the Sea-.
board. was appointed to look into tho
matter and report to the board OF az:
rectors their recommendations This conf
mittee made its report, which was signed
BY Mr., Barr himself after he had made
a careful examination OF the property ts
physical conditions; and with a ri full
knowledge OF the case. An arrangement
was concluded under which my firm and
their associates agreed to surrender
5000 Of first mortgage six per cent,
bonds OF the Savannah and StntesborO
road. IS which they owned, and accepted
III lieu of the $4,000 new five per cent.
bonds OF the Savannah and Statesoiro
Ra abroad, to be Euara teed h pys tne Se{l-
board AIR Line Railway. turning over
Mt the same time to the SeaboaM AIT
Line firty-one per cent, q the entire
CAPITAL stock OF the Savannah and States
boro Railroad for tho nominal u sum OF
ono hundred dollars, all OF tho capital
stock OF the road, as we'll as all Of Its
bonds, having been owned my firm
and associates N 5s55 5y
& III brief We gave to tho seaboard tho
control OF tho Savannah and statesboro
road and stock which earned Ia st year
five per cent, in consideration of Its en-
dorsernent OF five per cent. bonds, re-
placing n larger amount OF six pcr cent.
bonds The arrangement obviously WIS
for the advantage OF both roads, We did
not charge or receive a dollar Of COM
mission therefor, My firm and Mr.. Mid
dendorf still own the savannah and
statesboro Railroad stock originally held
by them and not given to the seaboarfl
Air Line Railway li
Another Charge False
.s Mr.. Bars statement that he roas