The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1900-08-30
Greater SeObOard RAILWAY
A STRONG. COMPACT SYSTEM UNDER THE
REORGANIZATION.

REORGANIZATION.
Combination a Measure of SeIf-De-
tense as Well as Profit-The Axe of
Death the Remedy Proposed by the
Men Who Cry for the Dislntegration
of CorpOrations-Wha This Vast
Railway System Means for the South
Honor to the Man Who Can do
Two Noted Railroad Men.
(Raleigh Biblical Recorder,
| We were in Richmond when the
celebration of the reorganization Of
the Seaboard Air Line Railway occur
red. The system known by this name
has been made up Of number of
more or less helpless roads lines
that in former day could stand by
themselves, but now could be of lit
tie value or service separate and alone.
Combination is as much a measure of
self-defence as it is OF profit, and the
men who cry for the disintegration OF
corporations propose remedy not
| unlike that which Walter Raleigh
found as cure for all ills-the axe Of
death. These several roads have for
years been combined in system
reaching from Portsm mouth to
Atlanta, with branches running to
Wilmington and Charlotte. But this
combination did not prove sufficiently
large for the best work--indeed,
though the system has held its own,
its rivals having more far reaching
lines, have required it to fight desper-
ately to do so. If we are right, the
| only trouble with the old Seaboard
Air Line was that it had to make its
way in day of greater combinations;
"a trouble that has become or is to
be common to all industrial enter
prises, and woe betide that business
which in idle effort to propitiate the
demagogs endeavors to stand alone.
1t appears that about two years ago
Mr.. John Shelton Williams, young
man of proven ability to promote en-
terprises, saw this situation and set
| about to make big system Of the
| Seaboard Air Line. The task before
| him was to, first, consolidate the sew
| eral minor lines from Portsmouth to
Atlanta, which had previously been
merely coordinate. This required
the purchase of large amounts of
stock, the price of which Immediately
took rise, and the revision of chart
ers, which was opposed in the Legis-
lature and Judicial halls to the last;
and above all, it required ability to
command the confidence of the men
most interested and most able to help
in the achievement of the task. The
second object, on the cOnsummatiOn
of which the value of the first de-
pended, was to reach the Florida
coast in the South and Washington
City, and connections there for the
North and West-and, of course, to
reach these points by lines as short
as they had been reached. TO do this,
| two shortcuts had to be built-one
| from Richmond, Va, to Ridgeway,
N. c., the other from Hamlet, n. c.,
| to Columbia, S. c.; and the Georgia
| and Alabama and the Florida Central
! and Peninsular, in the South, were
| acquired, while arrangements were
made to reach Washington over the
| Richmond, Fredericksburg and Poto-
| mac until line may be constructed.
There were numerous obstacles, and
unusually vigorous resistance, and
| immense credit was needed; but it
appears that Mr.. Williams has sue
| ceeded He declares that so far the
work has been done by Southern men
| and Southern money.
In the week ending June 2. the con-
summation was celebrated with as
tonishing magnificence. Two spendid
trains traversed the system from
Richmond to Tampa, carrying the di-
rectors and their guests in superb
luxury, every meal taken the form Of
a banquet: when they returned to
Richmond, the last spike OF the road
| was driven, an immense crowd cheer
ing on every hand, and the Governor
of the State welcoming Mr.. Williams
and his aides from the steps of the
famous capitol.
We saw this. and thought. The
| world honors itself when it honors
the man who can. As old Carlyle
| says the able man is the king-''the
| canning man" We admired Virginia
for her welcome. No sane man
would hold back his applause for a
man, young or old. who has fought
to victory. We saw this, and we felt
sorry for the men who have made it
an oh iect Of their lives to pull down
the men who do things, who when a
man has risen to power or built a
great business, go about whispering
| that he is to be dreaded or hated.
We saw this, and thought of rail
road man in North Carolina, who has
| lived all his life in our State. who has
had great part in the making of one
of the great railway systems Of the
world, a system that reaches from
| Washington to Florida and from
Memphis to Norfolk; and in the light
of Virginias royal treatment of her
son. we felt constrained TO come back
and tell North Carolinians not only
| of Eirginias honor to her son but OF
| their debt to one of their own fellow
citizens, whose life is an open book
before them-Col. A b. Andrews,
First Vice-President of the Southern
Railway.
But this aside. Mr.. Williams has
not finished his task. He has much
before him. He has bonds to float;
and stock to make profitable. The
new Seaboard Air Line is TO be capi-
talized at 800, 900, 900, .'of which, =
according to the United States In
vestor, there is TO be issued now
Gncluding the S1s, 900. 900 to be held
in the treasury s62, 800. 900, divided
into s25, 900. 900 preferred stock, s37,'
5000 common stock, and in per
cent. gold-bearing bonds s62, 800
O0O"-s47 800, 900 Of which is to be
held in the treasury. These are i'm
mense amounts-staggering in any
time of the world but this; we are no,
expert in railroad finance, and car
not pass upon the value Of these is
sues, but we wish the Seaboard, it: