The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-07-10

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total OF Sc, 100000 Ia complete the extern
sion, furnish equipment for It., and pro
vide for certain other requirements. $
s3 The need OF money to compl etc the Biz,
minghan Extension may have been im-
peratiYe. and It may have been neces-i
sary to Issue s12,500 600 of treasury stock
as a bonus to secure So 900, 900 for that
purpose, but when the management In
Ssists on furtherlarge expenditures for Inn!
Eproycme nts the ckholders aturallys de-
mand pos tponemen until the benefits OF
5thte extension n made at great sacrifice,
cansbe realized. and the net earnings $of.
the system justify further expenditures
The syndicate says that the Seaboard
needs at least IS, 100000 more money:
right away to reduce grades and curva-
5ture. to lay heavier rails and increase
I EQUIPMENT. etc. "a Il n al
Where is the end Of this, thinks the
Sstockhold er; s.. 900, 900 last March, another
( 100000 In July, ahd how much more In:
the future II we surrender enough stock
to give the syndicate permanent control
OF the property? The stock lder would
naturally ask whether the condition3$of
tho Seabonrd, as compared With other
Southern roads, It's relative equipment
and 3relat tive earnings per mile, was such
as to Justify such inordlnate demands
for improvements,
81 It Is not easy to ascertain the relative
condition Of roadbed. track and structures
or the characteristics OF different roads as
regards alignment and grades. but they
may be inferred from results of operation
as. for instance, the Seaboard has shown
its ability to compete for the Florida3trayel9
With the Atlantic Coast Line and South
ern Railways, making as fast, or faster
time than either Of the other two sys-5
TENS, To say therefore that the roadbeds
and track between Richmond and jack
sonyllle are not suitable for heavy pas
senger trains at high speeds would be to-
charge the management with reckless dis
regard OF the safety OF passengers, Fur
$thermore, the yeports show that the Sea-
board can and does compete successfully
with the Atlantic Coast Line and the
Southern in the freight business, as &eyl-i
sdenced by It's largely Increased freight
earnings; It's gross earnings per mile
from freight are the same as the Atlantic
Coast Lines and Its N average freight
trains are heavier. Where. then, does It
oppeor that the Seaboard Is a Z so great a.
disadvantage In Its competition With other
systems as to require large eXPendi lures
for improYement! in grades and curyat ure Z
a comparison Of equipment shows no
disadvantage on the part OF the Seaboard.
for It has as many locomotives and cars
In proportion to Its traffic as the Atlantic
Coast Line or tho Southern Railway. eise
For a period of eleven months, from
July list. 1908 to May s1st, 1904. tho rela-
tive gross and net earnings f5the Sea-
board and Atlantic Coast Line. per mile
OF road operated, We're ms lows;
Gross Net Ratio. OF EXP
Earnings Earnings to Earnings
IS. "A, 49,, 81. ADS $l.l05 1874 pc.
"A &C L.,.,,. ABS 70' sop c.
EXCESS OF gross earnings on @
A, q. ......,,..,$43 per mile
Excess of net earnings on
IA. q. Il. ,........s 4, ,,..,..,.. sos per mile
Il Such results are we'll calculated to dis
twb the eauan1mlty q TIE stock hold s'as..