The Birmingham age-herald., 1904-08-21
Mir. Williams Makes Statement.

Baltimore, August 20.-John Skelton
 Williams of Richmond, chairman of the
 board of directors of the Seaboard Air Line, who was in this city this morning,
 was interviewed concerning the physical
 and financial condition of the company. He said in part:
 '"The gross earnings of the Seaboard Air Line system for the twelve months
 ended June 30, 1904. exceeded s13,3 900. The surplus earnings after the payment of operating expenses taxes and fixed charges, including interest on bonds in- terest on car trusts and rentals, amount ed to $5O0000.
 Prom this balance, however, Is to be deducted other interests and commissions paid during the year to syndicates and syndicate managers, which are not prop erly chargeable under the head of regular fixed charges. The capital has shown this surplus over and above regularly fixed charges notwithstanding the fact 1t was operated during the past twelve months at higher ratio of expense (oyer 76 per cent) than any other railroad of equal size in the United States, so far as have been able to observe
 Statement Is Misleading. "The statement sent out from New York last night that the Seaboard Air Line has made arrangements to borrow | between seven and eight hundred thou | sand dollars Is misleading. The resolu- | tion of the board of directors was gen. I eral authorization to the treasurer in the | event that he should require funds to | make temporary loans. but it Is by no means certain that 1t will be necessary | for him to make any such loans. The cash which the company has on hand at the present time and the cash coming into | it within the next ninety days from the | first Atlanta and Birmingham bond syn dicate amounts to about s1.500,00 exclusive of all other receipts of the company | "Seaboard Air Line railway has loaned large sums of money to the Atlanta and | Birmingham road for construction pur- | poses in advance of the issuance of the | first mortgage bonds that property, | and as the track is laid and completed 1 these bonds are being delivered to .ne | Atlanta and Birmingham bond syndicai | and paid for.
 | No Bills Payable Outstanding. "Exclusive of car trusts neither the | Seaboard Air Line railway nor any or | it's constituent companies have any notes | or bills payable outstanding of any Kind | except for certain deferred payments on | real estate due during the next three or | four years amounting to less than Sl25'OOo. | The Seaboard Air Line holds in It's treas ury entirely unpledged and exclusive or l it's ,y,l treasury preferred and common | stotlr other securities worth from a | million and half to two million dollars.
 Track laying from Atlanta to the l Iunction with the old East and West | railroad division at Rockmart. Ga, was completed day before yesterday, thus | making the practical completion of the | line from Atlanta 10 Pell City, Ala with | in atcut thirty miles of Birmingham.
 The entire line through to Birmingham is | to be finished before November 15, 1904" " | The traffic department of the Seaboard | Air Line has estimated that the gross | earnings of the system the first year | after the completion of the Atlanta and | Birmingham line will increase $2,000. .000."