The evening world., 1908-01-02
WILLIAMS ROUTS
RYAN IN SEABOARD
AIR LINE BATTLE
New York Magnate Forced to
Agree to Receivership
Granted by Court.

llCtiMpNi', Va, Jan. Judge
P%rltchard. of the United States Circuit
Court, entered a decree to-day naming
r. Lancaster Williams. Of Richmond.
as receivers TO take Immediate posses
sion of the property OF the ~Seaboard
Air Jne Railroad The bond OF each
was fixed a SO,OW.
The receivership. 1t Is stated here,
means that control OF the property will
pass back into the hands of John Skel-
ton Williams. the principal minority
stakeholder.
II is held that Thomas F. Ryan.
wearied and harried by the persistent
aggressive policy of the Williams eie-
ment, made a complete surrender and
that the rece.vership proceedings were
pre-arrauged by mutua. agreement.
Long Quest for Judge.
THIS seems borne out by the fact
that the application Tor the receiver
ship weS made by lie company itsel;
and not lv e.t,cr fac. n IN tie coIcern
Receiver Williams is a brother OF John
Shelton Williams, the minority leader.
N.ae War !e.G IS re- tri,d Is a repre-
sentative OF the Ryan-Blair party.
which holds a controlling interest in the
Seaboard.
Williams and Ryan Joined in asking
for the receivership for the railroad,
such action beine agreed upon at a
meeting hold by both factions in Wash
inrton yasterday The first applica-
ton was made yesterday to Federal
Judge Wadde!}, at Richmond, but lie re-
feryed the lawyers 20 Judge Pritchard.
Samuel Tutegnyer. wro prepared the
legal papers. went then to Danville TO
see Judge Pritchard. but missed
him until = O'Clock this morning. Mr.
Untermyer was on a special train.
and while It was said by the
Judge the petition had not been pre-
sented 20 him. f. was suggested that he
hold court on the train as 1t carried the
,arty to Richmond.
The petition claims the company is
Unable TO meet its obligations because
OF legislation affecting It passed in
Southern States and the financial de-
preston.
The s-aboard is said TO be behind in
It's payment Of wage and It's men are
loudly complaining Many clerks ami
other employees will be laid of.
Financia! men are not surprised at
the reCeivership. for the compan was
known TO be pushed for money. 1t has
outstanding SO. Sa5.0 pO preferred stock
and SCI, OoO.O oj common. Its capitaliza-
ton and bonded debt exceeds $3.50, 600, co.
1t owns 2,3so miles OF line from Rich
mend and Portsmouth. Va. TO Tampa,
Fla. A holding concern, the "Seaboard
Company" capitalized 1t S72, 40, 100.
manages its securities.
Former President Williams tried last
June 10 dissolve the holding company.
but failed.
By the decree the receivers are en-
powered to borrow money, Il neeltul.
to pay such rental! as may become due.
purchase cars. &c, and pay for labor
and supplies. but not for any other pur-
pose without an oI1er OF the Cour hav-
ing primary Jurisdiction.
They are ordered TO pay forthwith al!
instruments and interest that was due
and ,Avable Jan. :. 1908, notes o. trust,
equipment certificates and all coupons
ard interest maturing Jan. !, 1873, on the
first mortgage bonds OF the SeabJard
Air Line and embraced roaIs. sucfl as
the Raleigh and Castor, Raleigh and
Augusta Ar Line, the Georgia. Carolina
md the Consolidated mortgage bonds Of
the Carolina Contra.
BALTIMORE. Jan. 2-R. Lancaster
,.4.Aams uAd :. Dawes Wariield, who
were appointed receivers % the Sea
uoAld An Line Nt.rJ4d Al Richmond
today. are bankers Of this city, Mr..
Williams icing a mcWteg o. tE. bank.
lry house o. Mlddenipr.. Williams K.
and MIR, Warnrli president of the
Continental Trlst Company. Mr.. War
wa, chosen - represent the majority
interests m the property. while NJ.
Williams viii look after the ia RS OF
a unsi !eIlbl- minority. led 10y his
Richmond.