Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-18

President John Shelton Williams. OF
the Scaboard Air Line System, last
night made the following announces
mcnt
Our plans for the formation OF the
New Seaboard Air Line System, en-
bracing between twenty-five hundred
and three thousand miles of road, have
been successfully accomplished.
The name of the new company is
the "Seaboard Air Line Railway" and
It's charter, which was granted BY the
Virginia Legislature. is probably the
broadcast. strongest, and most valuable
ever granted in this State not except
ing the charter given to the Southern
halfway and the Norfolk and Western
railroad. under which their re-organ-
l@ations were carried through. The
new Seaboard Air Line Railway con-
trolls leo per cent, OF the entire capital
stock OF eleven of the eighteen railway
companies comprising the system, and
1t owns between ninety eight and one
hundred Per cent. of the entire capi-
tai stock OF four more railway COM
panies; between ninety and ninety-f 1--WE
per cent of another. and between
seventy-ilve and eighty-fve per cent.
OF the stock OF the Seaboard and Roa-
length, in which latter road 4. l.. Ryan,
OF New York, OWNS q minority interest,"
TRACK LAYING FINISHED.
Tomorrow night we finish track lay-
ing on the new line from Richmond via
Petersburg, to Ridgeway, n. c., 100
miles, and Saturday night is to witness
the completion of the nlnety-mile ex-
tension from Cheraw, S. c., the pres
ent southern terminus of the Seaboard
de-. .tr,n ~
Florida Central and Penlnsular rail-t
road, south of Columbia. S. c., thus
completing n new all rail line from
Richmond. Va, to Tampa, Fla.
Under our plan of consolidation, the,
total amount of bonds outstanding on
the combined system will be about &c.,
600 per mile; $1,000 per mile OF pre-
ferred stock ana $4,000 per milo OF
common stock. representing II lower
capitalization than that of any system
in the United States of equal mileage:
the total amount of bonds and stock
outstanding being about $4,000 per mile
Of road owned or about one-half OF the
capitalization per mile of road owned
by the Seaboards principal COMPETE
tor-the Southern Railway. *;
STOCK OUTSTANDING.
The total amount Of stock outstand-
Ing on the new Seaboard Air Line Sys-
tenn will be about $4,000 900, being very
little more than the present aggregate
capital stock OF the eighteen roads at
present comprising the system, which
old stock will Of course be retired
1t has naturally required many mill
lions of dollars to carry this great en-
terprise 20 IL successful consumma-
ton. Practically the entire amount of
money involved has been furnished by
the directors OF the system and by in
vestors ana capitalists in Virginia,
Maryland and other Southern States.
Neither our syndicate, nor any railroad
company in the entire SYSTEM or any
allied corporation, owes one dollar to
any bank. bankers or trust company in
New York, Philadelphia or Boston. The
only obligation which we had with any
Northern banking institution was with
the Produce Exchange Trust Company,
New York. and Il few days ago we
retired, in advance of their maturity,
every obligation held by the Produce
Exchange Trust Company against any
interest connected either directly or In
directly with the Seaboard Air Line. or
its constituent companies. At the Same
time. we purchased the entire interest
to which the Produce Exchange Trust
Company had subscribed year or so
ago in the Seaboard Air Line and
Florida Central syndicates, and these
syndicate certificates have already been
turned into the Continental Trust Com
pany. of Baltimore. for conversion into
Greater Seaboard syndicates.
THE NEW SECURITIES.
Our new securities have been Issued
IN n conservative basis. The actual
aggregate earnings of the several prop
critics composing the new Seahoard
system for the twelve months ending
March LIST, 1900. exceed S9.450. 900: net
earnings, after the payment of operat-
Continued on Page 5.