The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-04-18
SATURDAY SEES IT DONE
President Williams Talks of the Great
Schemes Completion.
THE1PLAN or CONSOLIDATION EXPLAINED
President Williams Shows That Last Year S
Earnings Would Pay Interest on All
New Bonds to be Issued With
100000 to Spare.
(BX the Associated Press.)
Especial to News and Observer

Especial to News and Observer)
Portsmouth, Va, April 17.-President
John SHELTON Williams. of the seaboard
Air Line system, today made the fol-
lowing announcement: "Our plans for
the formation Of the New Seaboard Air
five hundred and three thousand miles of
road, have been successfully accomplished.
'Seaboard Air Line Railway aud it's char
ter which was granted by the Virginia
Legislature, is probably the broadest,
strongest and most valuable ever granted
in this State, not excepting the charters
given to the Southern Railway and the
Norfolk and Western Railroad under
which their re organizations were carried
through.
1.-THE new SeabCard Air Line Railway
controls 100 per cent of the entire capital
stock of eleven of the eighteen railway
companies comprising the system, and 1t
owns between 9S and 100 per cent OF the
entire capital stock of four more railway
companies between SO and 80 per cent
of another and between IS and So per
cent of the stock of the Seaboard and
Roanoke Railroad, road eighty miles in
length in Which T. F. Ryan, OF New York,
owns minority interest.
Tomorrow night we finish track ayins
on the new line from Richmond via Pc
teru ), urs - Ridgeway, y. c., 1913 miles
and Saturday night is tic witness the COM
pletion of the ninety mile extension from
Cheraw, S. c., the present Southern term
mus of the Seabcard Air Line, to the
junction with the Florida Central and
Pepinsular Railroad, south of Columbia,
S. c., thus completing q new allrail line
from Richmond to Tampa, Fla.
Under cur plan of consolidation the to-
tai amount CT bends outstanding on the
combined system be about $40 900 per mile
with $1,000 per mile of preferred stock and
$4,000 per mile Of common stock, represent
ing lower capitalization than that of any
system in the United States with equal
mileage, the total amount of bonds and
stock outstanding being about $500 per
mile CT road owned, or about onehal OF
the capitalization per mile of road owned
by the Seaboard s principal competitor
the Southern Railway. The total amount
of stock outstanding on the new Sea-
board Air Line system will be about $44-
100000 being very little more than the
present aggregate capital stock OF the
eighteen roads at present comprising the
system, which old stock will of cours 9
be retired
1T has naturally required many mil
liens CT dollars to carry this great enter
prise to a successful consummation
Practically the entire amount of money
invested has been furnished by the di-
rectors CT the system and by investors
and caDtalists in Virginia, Maryland and
other Southern States. Neither our syn
, dictate nor any railroad company in the
entire system nor any allied corporation
ewes one dollar TIC any bank, bankers or
trust company in New York, Philadelphia
or Boston, the only obligations which we
had with any Northern bank or BANKING
institution was with the Produce Ex-
change Trust Company of New York and
few days ago we retired in advance
of their maturity every obligation held
by the Produce Exchange Trust Com
pany against any interest connected eth
er directly or indirectly with the eaboard
Air Line or it's constituent companies AT