Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-01-23
Mistellaneuas 8sading.
JOHN SHELTON WILLIAMS
Interesting Personality Of New Comp
troIIer of the Currency.

trolIer of the Currency.
The senate on Monday confirmed the
nomination Of John Shelton Williams
to be comptroller of the currency, de-
spite the opposition Of certain Wall
Street interests. The following article
giving an idea of who Mr.. Williams is
and some Of the inwardness Of the sit
uation, was printed in the Washington
Times Of last Sunday:
1t is one Of the most curious cir
cumstances Of latter day politics that
John Shelton Williams, who for years
has fought the big powers Of Wall
street, is now opposed because it is
alleged that he is an ally of the Ryan
and Morgan and other interests.
Nothing could be farther from the
truth than this.
Ignorant of Facts.
The opposition to Williams, indeed,
has been predicated almost entirely on
ignorance of the facts. He had been
railroad president and a banker of
importance; therefore when he was
named for assistant secretary Of the
treasury, captious critics Of the admin
istration jumped to the conclusion
that he represented the connection be-
tween Wilson and Wall street
In truth Wall street liked Will
liams rather less than anybody that
could have been brought into the gov
ernment; and the reasons why it dis
liked him make up one Of the romances
Of big business, and Of the upbuilding
the new south, in the last generation.
There will be hot fight against
confirmation of Mr.. Williams for
comptroller. That he will be con-
firmed is not doubted by those who
know the facts about his career. They
say that just as soon as the truth is
understood, there will be an end of
opposition from men who are sincere
In the wish to thwart Wall street
domination.
Ryan Interest Hostile.
The National City bank is named
as one of the interests especially hos
lie to Mr.. Williams; but the Ryan
interests are supposed to be no more
friendly. The antagonism grows out
Of the long series Of fights between
Williams on one side and the New
York financiers on the other, for con-
rol of the Seaboard Air Line rail-
way.
Mr.. Williams was just about the
last provincial financier in the coun-
contyol Of the big railroad away from
Wall street. That was the head and
'front.' of his offending. After Wall
street firm had comfortably organ
lied itself into control of the South
ern, the Louisville & Nashville, the
Atlantic Coast Line, the Illinois Gen.
trail; after, in short, the community
Of interest was all but completed
.hen this Richmond banker injected
himself into the situation.
Born in Richmond three months
after Appomattox, Williams is Of the
finest old Virginia cavalier stock. He
went early into his fathers banking
house. and before he was Of age was
publishing manual Of southern in
vestment data that became widely
known. When he was % years old,
but already a careful student Of
southern fiscal affairs, he was sent
down into the black belt country to
o. t,,tA L.,
izing little road that was in trou-
BILE.
Had Pet Plan.
New York veterans at the busi-
ness had a pet plan; Williams work.
ed out another; and this boy financier
made such q fight that he forced
adoption Of his plan. The Alabama &
Georgia railway was organized out Of
the wreck, and with about 800 miles
of very bad road.
The youthful Williams, having beat
en- all the veterans, was invited to
some reluctance accepted. At 29 he
was installed as president of the lit
lie company. He bought and extend
ed, and shortly had $50 miles of road,
and annual earnings raised from
s40O. 900 to $1,200,000. The road was
doing well.
Out Of this grew the Seaboard.
About $50 miles were included in the
old patchwork Of broken-down lines
called the original Seaboard Air Line.
Williams wanted it, to connect with
his Alabama and Georgia. Through
his banking houses at Richmond and
Baltimore, and with the assistance Of
some personal friends in the north,
he succeeded in getting control Of the
Seaboard, buying the stock from the
former president, Hoffman. Further,
he secured the Florida Peninsular
lines, further south, and planned to
connect them up, and make what is
now the Seaboard.
Ryan Was unforgiving.
Here came in Thomas F. Ryan and
the New York elements. Ryan claim
ell that he had a deal with the Hoff-
man group, and that he was to have
got the road. Williams beat him to
it, and Ryan, left with a big minori
ty interest, was unforgiving.
That began the fight. Samuel
Spencer, then president of the South
ern system, was as much miffed as
was Ryan. Spencer saw his Florida
lines taken from under him; he
I even kUO" now Tie
was to get it's traffic into Florida;
and he esteemed it most inconsider-
ate for this provincial banker to in
terfere with we'll organized plans Of
the big Wall street figures.
The rest of Wall street felt the same
way. Williams planned first to bring
the Seaboard into Richmond, and did;
but that was only a beginning. At
that time the Washington Richmond
line was controlled by the Pennsyl-
vania and the Atlantic Coast Line.
Williams, unable to get the privilege
of using the line north of Richmond,
went to the Virginia legislature and
asked a charter to parallel the Coast
Line. There was a long and bitter
fight over this; the most bitter, be-
cause, while Williams was fighting a
it happened that the state
of Virginia held financial interest
in the old road, and to permit it to
be paralleled might kill the states
goose that was laying golden eggs.
Cassatt Sent for Him.
While the fight was on, President
Casatt. of the Pennsylvania, sent for
Williams. and proposed to drop It,
and let the Seaboard have a contract
to come into Washington.
mot now," replied Williams. I'm
going to get this charter first, then
I'll talk to you" And he did.
That much assured, he went back
to Cassatt. 'Now," he said in effect,
a. L.