The gold leaf., 1908-01-09
For Greater Seaboard.

garded as an Opportune lime for
Movement-All Interests to be
Protected Victory For Williams.
Baltimore Sun.
In the meantime there is more ap-
parent contentment over this SEEM
ing bankruptcy of a big railroad sys-
TEN than is usually the case after
such events. The stockholders who
own the road, or at least those of
them in this city, take the matter
philosophicalIy. They are convinced
that their interests are fully pro-
tected. and are free to express the
opinion that the property will emerge
from this dilemma better, bigger and
stronger than ever. All, that has
been done, they say, is only to place
the development under the protec-
ton OF the court. They are con-
vinced that the development is
bound to come, that this action
does not delay, but hastens it.
The bondholders have manifested
no nervousness. They seem convinced
of the safety of their investments,
and no indication of any reckless eff
J tort to sacrifice has appeared. Such
:. course usually follows a receiver
ship of a property with nearly $780,
900, 900 of obligations. Local tank
ers and other lenders of money have
been calm and considerate in the
crisis No attempt has been made to
clO+e out loans in which the securi-
ties Of this property have been car
ried as collateral. Not only is this
true, but no additional margin, SO
far as can be learned, has been de-
manded.
AS one banker pointed out, per-
haps it is well the step was taken at
this time. Money is now scarce and
the buyers of securities are not plen'
tiful. If any wished to sell, therefore,
they may be deferred by the fact
that there are so few buyers. This
may be a good thing in the end, Of
the opinion is confidently expressed
that all these securities will sell at a
better basis later on. So far as col
lateral is concerned, it was also sale
that the money stringency OF The
last two months had carried these
securities down practically to a re-
cpiver's basis, even before a receiver
was anticipated. Therefore the lend
ers of money are already fully pro
tected, with simple margin. This
makes a seemingly easy and salts
factory situation all around.
MR.. WILLIAMS INFLUENCE.
How far the receivership may hav
been FASTENED by the large holding
of the stock of the company by MIR
John Shelton Williams and hi
friends, was u matter of conjecture
There are some who expressed th
opinion that if the raising OF th
, money to pay the January interes
was all that was needed to stave O
the proceedings this could readil
have been done by Mr.. Ryan and hi
: associates. Some think that MI
Williams close watch on the opera
ton and management of the syster
may have alarmed those in cOntrt
? and prevented them frOm-putting u
t more money without knowing h
? policy in regard to protecting h
own and his friends interests. View
2 ing the matter in this light, it
. claimed, the easiest solution OF I'll
: whole difficulty was to seek the r
| ceivership, invite Mr.. Williams t
| participate and reorganize the pro-
! erty on a basis which would be sati
q factory to all and which would resu
in harmony among the stockholder
Those advancing this theory hay
$ ample ground for the stand the
:. take. In the preliminary proceeding
d Mr.. Williams and his erstwhile en-
e mics, Messrs. Ryan and Blai
vt warmed their feet under the san
It table while the matter was und
d discussion How far harmony e
it listed at this meeting can only be co
r. jectured Certain it is that Mr.. W,
liams carried his point and secure
all he contended for in the after pr
ceedings. That he had to be rec
oned with, and that he won ou
after events proved clear enough.
If, therefore, it is said, the receive
). ship does nothing else than to can
u II the warning factions among the Sc
&c board stockholders to cease the
=. chickering's and pull together for t
', good OF the property, much will ha
> been accomplished. 1t is not /
ie lieved, however, that Mr.. WilliaI
= = will be content to serve with or und
~ Mr.. Ryan in the management of tt
u, IL or any other property. If Mr.. Ry;
Is will step out, Mr.. Williams, it is /;
:! serted, can readily find some one
- = take his place in financing the systt
. and with whom he can work
:, = terms of good fellowship. The o'
o. come of the situation will thereto
'e be closely scanned from this vie
point. At the moment Mr.. Willial
80 is ''in the saddle after being l
rof horsed for three years. 1t looks a
NV he mi ight stay there considering t
80 concessions which the majority ha
"a "a evidently granted him.
the THE s. A. NJ. ROAD RECALLED
90 Mr.. Williams began his busin'
ON career as a banker in Richmol
lie; where he was born. Hewas and 81
OIL is Il member OF the firm of John
en- Williams 4 Sons, Of which his fatl
-ly. was the head, He first made his
pearance in the railroad field on
reorganization of the old Savann,
Americus and Montgomery ro
ion the ''Sam." as it was familia
re- called. The late T. Edward Haml
ney ton was the receiver for this prope
and committee was formed for
. rehabilitation. Some of the sugs
- tions of this committee did not m
- the approval of Mr.. Williams, W