The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-05

PRES T WILLIAMS
ANSNERSCH.ARGES
He Denies the Statement Made
Against the seaboard.
DONE TO lNJuRE sEABoARD.
Facts and Figures are Set Forth to-
Prove That The Allegations arc
Untrue and Made for Spec
ial Purpose.
DONE TO lNJURE sEABoARD.

President John Shelton Williams, of the
Seaeoaid Air Line, has given out a state
meni, IN which he says that the state
ments made n the article on "Seaboard
FINANCES, which was published in the
New York Times. and more briefly in other
papers last Friday, are totally erroneous
and misleading. Mr. Williams denies the
statements separately. and gives his exp!a-
nation OF how they were made and VINO IS
responsible for them.
Mr.. Williams says:
nave made careful investigation before
replying to these articles. am convinced
that they are parts OF a scheme 70 injure
Seaboard securities.
The article referred 10 says that GER
tain allegations and reports regarding the
organization and condition of the Sea-
board system were offered in court at
Norfolk, during the argument there last
Thursday. and that their introduction WAS
'strenueusly resisted by counsel for the
Seaboard- Judge Leigh z. Watts and Judge
L. L. Lewis, of counsel for the Seaboard,
and Mr.. Rowden, clerk of the court, who
were in court nearly ali day, know. moth
ing of the allegations and reports referred
10, and have no recollection or record OF
them. Mr.. II. L. Bond, Jr., of counsel for
the Seaboard. tells me that Mr.. w. ii.
Page, of counsel for 7. +. Ryan, the plain
tiff. did. in the course OF his argument
towards the close of the hearing, allude
10 an affidavit. purportins to be from Has
kins & Sells. covering a report from them.
AS this was in no way pertinent 10 the
point al issue, which was merely a techni-
cal question whether the proposed supple
mental bill offered by Mr. Ryan was a
proper one. no attention was given il. So
far from the introduction of this matter
being resisted none Of The counsel for the
Seaboard referred to it in any way
GIVES TIE FIGURES.
The attack upon the Seaboard organiza
ton and myself is directly confradlcted cE
the figures and facts. The assertion that
the average income Of the roads of the
Seaboard system for the past five years
has been insufficient TO pay more tnan
four per cent. on one-third Of the SO. 600
OF new bonds is obviously and aDsurtily
misleading Between 200 and 30 of the
most important miles Of the system have
not yet been in existence a, year.
Fer all tie roads Of the system the
report makes the '-average annual sur
plus s39i. 900. The actual surplus of these
roads for 1854 as shown by Hasllins &
Sells own report itself, was $3.50 130. over
twice the average The report on its
own showing credits the 'oalis with less
than one-haIf Of their earnings II 1899
According 10 the truth. taken freu, Off
cial statements. the actual surplus ea1n-
ings of the several properties embraced
in tie greater Seaboard system 'as-t year
was S1.170.0GN more than would be reces-
sary 10 pay all interest charges on all
outstanding underlying bonds On ali di-
visions of the system that IS , So. on
all bonds of the system prior 10 he Lew
4's). besides rentals. As the interest
all new bonds outstanding i only $s7t.G9
it is clear that the company mas in The
past year before The consolidation Of The
system was effected. earned some 10000
more than enough to pay full interest on
all bonds old and new. These results were
accomplished before the completion of some
two or three hundred miles of new man
stem of road. which must increase the
earnings of the company greatly. This
$1,000 surplus. based on last years
earnings. is more than four times the al
legged average referred 10 by Haskins