The Birmingham age-herald., 1903-11-10
SEABOARD'S PRESIDENT
 HAS PUBLIC'S CONFIDENCE

fEfforts have been made to exaggerate the company's floating indebtedness. As a matter of fact. the so-called floating debt of the Seaboard Air Line system is entirely insignificant and scarcely amounts to as much as one months gross earnings of the system. Besides this, the companv has in it's treasury, entirely unencum- bered, several million dollars of first-class securities. exclusive of $5. 6O0,0o0 of it's own preferred stock and ss, 50O,O00 of it's com mon stock.
 ''The company's net surplus for the past fiscal year amounts to more than full per cent, on its preferred stock, with small percentage for the common stock. In this connection it is interesting to note that the amount which the Seaboard Air Line carried to profit aud loss for this year is more than the amount carried to the credit of profit and loss by either the Southern railway or the St. Louis and San Francisco railroad, which are larger systems, operating in somewhat the same territory"
 The gross earnings per mile of the Sea board Air Line system a year ago were slightly ahead of the gross earnings per mile of the Atlantic Coast Line system. l have not seen the annual report of the Atlantic Coast Line railroad for the year just closed, and do not know what the earnings per mile of that system were for that period There is very little difference between the total capitalization, including bonds and stocks, of the Atlantic Coast Line system and the Seaboard Air Line system, yet Atlantic Coast Line stock is quoted in the market about 112, and Is highly regarded at that price, while Sea board Air Line stock is quoted about 12
 In closing, MT. Williams said
 There is some reason to believe that systematic efforts have recently been made to depress the value of Seaboard securities and injure the credit of the com pany, but I have no hesitation in saving to the security-holders of this company that, in my judgment their securities are today intrinsically more valuable than they have ever been at any time in the past, and that believe that the company VIII not only continue to earn a surplus equal to more than per cent on the pre- ferred stock, but that it's surplus earnings will largely increase from year to year"
 When he had finished I said But you haven't answered my question as to your own status as president" His answer was: There has been absolutely no change in my relationship to the system. My official position is just what it has always been, with no curtailment of it's powers or prerogatives. l and my own close friends still own more than ma jority of the companys stock. No change of policy is under consideration further than to work harder than ever to develop our resources and make the most of our opportunities
 That John Skelton Williams has passed through some trying ordeals since the endorsements of his own firm and Mid dendorf's is undeniable. But he has never for one moment Gas I am told by those who know) lost his courage, his good na- ture or his head The man who can keen calm. serene and cheerful withal under such stress and perplexity is a man to be reckoned with by the captains of affairs. self-relianee that stays with a man while the crash is on is a quality that his ene- mics should take into account in planning his undoing.
 New York, November 3.