The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-11-20
WILLIAMS AND THE SEABOARD.
He and His Friends Are i'm Complete
Control of the Railroad System.

ers' Record.)
The very unusual private and public
expressions and deliverances that came
up from the South when it was an
nOunced thai the houses Of Williams
& Sons and Middendorf & Co. were in
trouble had the effect Of focusing public
attention on one asset that John Skel-
ton Williams and J. W. Middendorf and
their firms held beyond possibility of
loss through stock fluctuations, finan-
cial panic or industrial depression, 10
wit, the confidence of the people. The
embarrassment of the houses that
financed the Seaboard brought out the
fact that Shelton Williams had man
aged to "grapple unto his soul with
hooks Of steel" an arny of warm, loyal,
devoted friends.
So widespread a feeling of almost
affectionate concern for the future
status of this splendid Virginian in re-
Spect to the railroad system of which he
vas the organizer, and as to the future
Of the Seaboard itself, kept the people
of the South on the lookout for news
o. " LIN oASolAlS vi Xix AONCANS eAASI
had overtaken the two firms with which
he was Unidentified. People everywhere
in the States traversed by that system
have been anxious to be assured that he
would continue to hold the fort" And
so when, among other stories that or
iginated in New York, one more elabo-
rate than the rest appeared purporting
to define his new status as that of a
80 ;l-oa --1-;I1x+ +I-~,,l 49, ~~oaa
and under the authority of a boss
the people of the South from Balti-
more to Birmingham took it to heart.
That sort Of a status was not to their
liking. They have been hoping that
there might be some mistake about it.
And it seems that their hopes are not
to be disappointed. In an interview
with Mr.. Williams today he said:
The Seaboard Air Line system IS
in no way affected by the temporary
difficulties of the Baltimore and Rich
mond banking firms. The system IS
in a sound and healthy financial con-
ditiOn. Its earnings for the twelve
months ending September l, 1908, "a
mounted to s12, SAC, $50 On 2,611 miles of
railroad operated. The various rail-
road properties which are now cOnsOl-
idated into the Serboard Air Lin vs.
tenn were acquired by my friends and
myself in the winter of 1S9S-99. The
mileage of these properties at thai time
was 1858 miles, and their gross earn
ings for the previous fiscal year were
s., 946, 613.'
1t is therefore seen that during Pres
ident Williams administration the
gross earnings of these properties have
increased approximately S5,0OO,0 900, or
about 81 per cent, and the net earn
ings have increased during the same
period about so per cent, whilst the
mileage increased 10 per cent.
AS every traveler over the line knows,
the physical condition of the property
has been vastly improved and is in
excellent condition. 1t may be safely
stated tina the physical condition of the
Seaboard Air Line system is consider
ably above the average of southern
railroads. The improvement in the
physical condition in the past
two years has been especially marked,
and this has been done without issu-
ing a single dollar Of new stock and
without adding a dollar to the compa-
ny's bonded Indebtedness, exclusive of
car trusts. This is a record which few
railroads can excel.
Referring to the financial condition
of the road Mr.. Williams says:
Efforts have been made to eXagger-
ate the company's floating Indebted
ness. 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
gross earrings of the system.
Besides this, the company mas In its
treasury, entirely unincumbered, seve-
raj million dollars of first class secu-
rites, exclusive of $500, 900 Of its own
preferred stock and IS, 500, 900 Of it's COM
mon stock.
THE company's net surplus for. the
past fiscal year amounts to more than
full 4 per cent. on its preferred stock,
with a small per centage for the COM
mon stock. In this connection it is in
teresting to note that the amount which
the Seaboard Air Line carried to profit
and loss this year is more than the
amount carried to the credit of profit
and loss by either the Southern Rail-
way or the st. Louis and San
co Railroad, which are larger systems,
operating in somewhat the same terri
tory"
The gross earnings per mile of the Sea
board Air Line system a year ago were
slightly ahead of the gross earrings
per mile of the Atlantic Coast Line sys-
tenn. l have not seen the annual
report of the Atlantic Coast
Line Railroad for the year just clos
ed. and do not know what the
earnings per mile of that system were
for hat period. There is very little
difference between the total capltali-
cation. including bonds and stocks, of
the Atlantic Coast Line system and
the Seaboard Air Line system, yet At
Iantic Coast Line Stock is quoted in the
market about 112, while Seaboard Air
Line stock is quoted about L.
In closing, Mr.. Williams said: