Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-06-06
SEAB0ARD AIR LINE.
Railway Journal On the Consoli-
dation Just Completed.
Contamination Largely Duo to President
Williams-S. A. l.. System Now Has To-
tai Mileage of 2,7o6-Ono OF tho Great
est Systems In tho South - President
Williams on the Financial Part of tho
Deal.

The Railway Journal for June has the
following to say of the Greater Seaoard
Air Line:
The beginning OF this month finds the
Seaboard Air Line consolidation project
contaminated. This work has been
fraught with several months of shrewd
financial scheming and many legal con-
tests OF perplexing phases. To Mr.. John
S. Williams, of Richmond, Va, presi-
dent of the Seaboard Air Line, is the
contamination OF this gigantic railway
deal largely due. From the day that
he conceived the idea of bringing about
such consolidation he has been work
ing asSlduously, and great honor Is due
him to-day in the realization of his
cherished hope.
MILEAGE OF CONSTRUCTION
y few months ago the Railway Jour
nal made mention OF the proposed deal
ana has from time to time endcnvored
To Keep It's readers informed as to the
progress made. In connec;io with the
consolidation of the old Seaboard Air
Line with mileage of o6l. the Florida
Central and Peninsular 977 miles, and
the Georgia and Alabama. 459 miles
the company has also just completed
construction of several important ex-
tensions. The most important of these
new additions just opened for traffic
are: An extension from Ridgeway, y.
C.. to Richmond. Va. distance Of
lo2l miles; an extension from Cheraw
). C., 9l.O2 miles, and Il third from Mel
drim. Ga. the eastern terminus of the
Georgia and Alabama to HutchinSons
Island. in the Savannah River. 10 miles
distant. This gives the new Seaboard
Air Line system a total mileage Of
2.I06. making 1t one of the greatest and
most important systems of the South
In connection with the above improve
ments and extensions. the company has
also expended large sums Of money on
terminal facilities at Savannah, Ga.
and has done an immense amount OF
construction work at Richmond Va.
Columbia. S. c., and other points.
FINANCIAL PART OF THE DEAL.
President John S. Williams, in speak
ing of the financial part of this deal.
Is quoted rs follows: 1T has naturally
required many millions of dollars to
carry this great enterprise to succe IS
full contamination. Practically. the en-
tire amount of money involved has been
| furnished by the directors OF the system
and by investors and capitalists In Vir-
| ginia. Maryland and other Southern
States. Neither our syndicate nor any
railroad company in the entire system
nor any allied corporation owes one
| uOllaT 10 any DdnR, bankers OF trust
company in New York, Philadelphia or
Boston. The only obligation which we
| had with any northern banking insti-
mutton was the Produce Exchange Co..
of New York. and n few days ago we
retired In advance of their maturity
every obligation held by the Produce
Exchange Trust Co, against any inter
est connected either directly or indi-
rectly with the Seaboard Air Line or It's
constituent companies. at the same
time we purchased the entire interest
to which the Produce Exchange Trust
Co. had subscribed n year or so ago In
the Seaboard Air Line and the Florida
Central syndicate. and these syndl-
ed into the Continental Trust Co., of
Baltimore. for the conversion into
Greater Seaboard Air Line certificates.
EARNINGS.
| Our new securities have been issued
| on conservative basis. The actual ag-
gregate earnings of the several proper
ties composing the new Seaboard sys-
| tcTr Twelve months r1rciir..,
March /, 1890. exceeded $9,450. 000 Net
earnings. after payment of operating
| expenses and taxes. exceeded s.. 600 900,
and the fixed charges on the system for
the same period. including interest on
all outstanding bonds and rentals,
amounts approximately to 81 400 900,
leaving n net surplus for the
twelve months over and above
interest charges of $1,000, COO In
terest charges on the entire amount of
new per cent. bonds which are to be
issued under the old plan of consolda-
600"