The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-06-26
TRYING TO DESTROY THE INDIE
PENDENT SEABOARD AIR
LINE.

ry-not punishable with Imprisonment
in the OBSERVATION-DISCLOSURES the crime by
railroad wreckers against the owners
of the Cape Fear and Yadkin Valley
Railroad. A syndicate of something
like a dozen patriotic and progressive
North Carolinians purchased that road
when it was in operation only from
Fayetteville to Sanford. They extend
ed it to Greensboro and to Mt. Airy
on the West and to Wilmington on
the East. They put in it their for
tunes, their brains, their lives, and
were building up an independent home
railroad system that promised great
things for North Carolina. The Will
mington extension made it necessary
to borrow large sum of money. Ar
engagements had been about perfected
to secure the loan when certain inter-
system or any other strong independ-
ents railroad system in the South that
might become competitive, in ways
known only to the Wall street gamb-
persistently set on foot rumors and re-
ports that shook the faith of capital
lists i'm the ability Of the road to pay OPP
Grating expenses and the interest on
the bonds. The gentlemen who owned
the road were not able to cope with
the men who were destroying their
credit, and, without any reason that
should weigh the road was put by
Federal Court Judge into the hands or
q. receiver. the fortunes of the owners
were wrecked, the road was dismem-
bered, and this strong North Carolina
system was destroyed.
1t seems that sappers and miners,
intent upon destroying the independ-
way, are employing the same tactics
with reference to that railroad. Their
desire is to force it into new owner
ship, to destroy it's independence, and
to deprive it's stockholders of the re-
turns to which they are entitled un-
der all the ordinary rules of business
and finance. Commenting upon the
gigantic scheme, worse than brigand-
age and piracy, the Richmond News
Leader says:
"The special dispatch concerning
the Seaboard Air Line System, dated
New York and printed in the Times
Dispatch this morning. is ominous.
We have no information of its source,
but evidently it comes from somebody
who is directly interested in having
the public believe that the financial
condition of the system is bad. The
statements of the unknown person are
met promptly by Mr.. John Shelton
Williams under his own name. He
has nothing to be ashamed of or
afraid of. and is fighting in the open.
Nobody can doubt that what Mr..
Williams says is true. He makes him
self responsible for his assertions ana
the records, the known facts and the
written figures are open so that his
assertions may be confirmed or con-
tradicted within twenty-four hours. In
these conditions, it is not conceivable
that he would say anything he could
not prove.
"The hidden person whose state
ments appear in the Times-Dispatch is
trying to persuade the public that the
Seaboard system needs large sums or
money. Mr.. Williams declares that IL
does not need money, that all 1t does
need is good management. The anon
ymous person says the Seaboard has
made very good statements OF earn
ings' simply because the road was
operated without regard to MAINTAIN
ing it's physical condition and that the
system has had little money spent for
improvements and betterments dur
ing the last three years. The records
say that more than four million dol
lars have been spent on betterments
and permanent improvements Oh lne
Seaboard in the three years since l9ol.
They also show that the Seaboard mas
been making it's schedules better than
any other Southern system, and that
its accidents compared with those or
other Southern roads have been few.
These facts, matters of record and
knowledge, must overcome in the pub
lie mind all the loose assertions that
ANONYMOUS pei sons in New York may
put into type,
ssThe publication in the Times-Dis-
match looks like the beginning OF a
process unhappily familiar If the
nublic and stockholders can be per-
shaded that an enterprise is in pad
condition and needs money, the money
is furnished and the enterprise is loau-
ed with an unnecessary UoHuSu uCD.'
It's securities are deprecated, regard
less of the real value they represent
and the persons who advance the I'M
necessary money acquire the property
while the people who have bulit the
property with their money and labor
are left with nothing. 1t has been
dome before. It is called high hnance
which is the science of making vast
profits from air or acquiring the pos
sessions of other people for little OF
nothing.
1--WE predict that this process will
not be permitted to proceed uninter-
rupted in this case.
1.-THE Seaboard system is the one in
dependent transportation system in
the South. It's presence and it's indie
pendence are of enormous value to
many important communities and to
the people of the South generally.
Whatever other people may do in such
conditions, the Southern people are
not likely to submit tamely to have
this value destroyed and the system
taken from those who conceived, built
and paid for it to be made Wall