The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-07-04

for the As or else retired, and for new
equipment. The plan is 10 make the
new As eventually the only lien upon
auy part of the property.
The fixed charges Of the system in
the fiscal year beginning on July
next will be as follows:
Int on underlying bonds. 81 100000
Int. on loan certificates -. 100000
Int. on new 4 per cent. bonds 100000
Rentals. ..... ...... -. 43,ooo
Total fixed charges. 80. S2,3l7 800
The gross earnings Of the three con-
stituent system and Of the Baltimore
Steam Packet Company in the year
that ended ON March 81 last amounted
to So, 100000. Operating expenses and
taxes absorbed S6.S13.000, and the net
earnings stand at $2,G59,00 The fix
ed charges Of the consolidated system
accordingly fall S37S,000 within the
actual net earnings of the past year.
This surplus is equivalent to about
30 per cent on the preferred stock.
The rail mileage embraced in the
returns for the March quarter includ-
ed 2,351 miles of the line. a Semi-of
fetal estimate of the probable net
earnings Of the coming year from the
240 miles Of new line the Savannah
terminals, etc, is 100000. II this eX-
pectation shall be realized, and If the
earnings for the next year on the old
roads shall equal those of the year
that ended with March, a surplus of
$S7S,000 will appear. This would pay
the full per cent on the preferred
stock and leave n surplus of S220,000,
or nearly per cent, for the common.
The semi-official statement referred
to points ont that for n number of
wears the operation of each of the
constituent roads has left surplus
after the payment of all original fixed
charges Considering the Industrial
prospects of the South. the further
prediction is made that the prefer
red stock can be looked upon as be-
coming n regular per cent. dividend
paying stock within two years"
THE PRESIDENT
The Seaboard Air Line never does
anything by halves, and so il has one
OF the wonders Of the age, the yollng-
est railroad president in the world.
MIR. JOHN SHELTON WILLIAMS.
a From all accounts of him he would
make u good running mate for Paul
Kruger such is his-tenaeity OF ptr-
pose and his capacity for fighting des-
perate odds
In the Philadelphia Times Of June
10th, is graphically told the story of
a battle between Mr.. John SHELTON
Williams and Mr.. j. Pierpont, Morgan.
The odds were greatly against the
Young Southern tnancier and for q
time the horizon looked dark. Nor
gan had three ways of putting stop
10 President Williams scheme of con-
Meeting Richmond with Tampa: First,
through Morgan's influence the trains
which connected with the Air Line
from Washington, stopped at every
station. This delay enabled other
roads to run faster through trains to
Atlanta.
Next, Morgan persuaded some stock
holder in each Of the roads which
Williams aimed at consolidating to
get out an injunction in equity
against the terms of the transfer of
the roads to the Seaboard. This task
was left TO Thomas +. Ryan, Mr.. Nor
gan's agent and at one time there
were twenty-one injunctions before
the courts OF various States. In all
there were one hundred and eighteen
injunctions brought.
Third. Mr.. Morgan tried to prevent
Mr.. Williams from getting money in
New York. Mr.. Williams had expected
to finance the Seaboard Air Line Rail
way company through the New York
Produce Exchange bank. Suddenly
the bank refused to lend him one
cent. II looked as if the whole scheme
must fall through. One man, however.
still believed in him and wrote him
check for one million dollars. This
man was Mr.. Shepherd who, though
worth $10.000.000, was not person TO
plant so large a sum where he knew
IL would be wasted. He believed IN
Mr.. Williams and his scheme and
thus was Mr.. Morgan finally worsted
and the Seaboard Air Line brought to
successful and triumphant compile
ton.
Two OF the chief causes Of Mr.. Will
liams' phenomenal success are his
strict honesty and fine health, which
give backing to his unequalled capac-
ity for hard work. He IS wonder
to financiers. His achievements have
brought him honor, and he has used
MS strength 10 nelp ilIl up hlS wv
land and develop her great resources.
Mr. Williams is "a years old, and
looks younger. He is easily feet 1OR
inches in height, and weighs all of 200
pounds. His clear, robust complexion
does not discover habit which he
has had for years Of working far
into the night. He has been a most
laborious student Of finances, and has
been TOO busy n man to be we'll known
except among financiers in the great
centers, who know in him master of
his science. Mr. Williams is keenly
observant. without appearing so. reti-
cent, without offense. seemingly abb
sorbed with the problem in mind un-
less his attention be called to matter
of import. His appearance upon the
scene by those who know him Is not
considered meteoric by any means.
His strength is considered to be the
result Of gradual growth. The foun-
dafion he has laid for himself has
been broad. and he has builded care
fully, always with the counsel Of his
father, Mr.. John l.. Williams. with
whom he has been connected in the