The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-08

through the grace and under the author
ity of a boss" the people of the South
from Baltimore to Birmingham took it to
heart. That sort of Il 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 this morning he said
"The seaboard Air Line system is in
no way affected by the temporary diff
culties OF the Baltimore and Richmond
banking firms The system is in sound
and healthy financial condition It's earn
ings for the twelve months ending Sep
TENDER l. 1908, amounted to S12, $40, 631
on 2,6l1 miles of railroad operated. The
various railroad properties which are now
consolidated into the Seaboard Air Line
system were acquired by my friends and
myself IN the winter of 1S9S-99. The mile
age of these properties at that time was
1858 miles, and their gross earnings for
the previous fiscal year were $7.946,613"
1t Is therefore seen that during Pres
dent Williams administration the gross
earnings OF these properties have in
creased approximately $4,000, 000. or about
81 per cent, and the net earnings have
increased during the same period about
so per cent, whilst the mileage increased
10 per cent.
AS every traveller over the line knows,
the physical condition of the property has
been vastly improved, and is in excellent
condition. 1t may be safely stated that
the physical condition of the Seaboard All
Line system is considerably above the
average of Southern railroads. The i'm
provement in the company's physical con
he, ,c,f t,as-
eially marked. and this has been done
without issuing a single dollar of new
stock and without adding a dollar to the
companys 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 exaggeratc
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 com
pary has in its treasury. entirely unen-
numbered several million dollars of first
class securities, exclusive of S5,600,000 OF
Its own preferred stock and $500, 900 OF
Its common stock
The company's net surplus for the past
fiscal year amounts to more than full /
per cent. on its preferred stock. with a
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 and loss for this
year is more than the amount carried to
the credit of profit and loss of 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 year ago were
slightly ahead of the gross earnings per
mile Of the Atlantic Coast Line system.
have not seen the annual report of the
Atlantic Coast>I4ine Railroaa for the year
just closed, and do not know what tie
earnings per mile of that system we're tor
that period. There is very little difference
between the total capitalization. including
bonds and stocks, of the Atlantic Coast