The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-06-24
MORE MONEY
TO INF ROVE,
S.EA'.BOAR.D||.|| /. D
Conferences With Bank
ers Looking to This.
.IMPROVEM .N-TS ARE &
VERY NECESSARY
Little Spent for Betterrents il
Last Few Years and Exten-
sions Are Necessary. @
NEW FINANCIAL PLAN 3sl
is BEING WORKED o UT
Said That the Rockefeller Inter
ests Will Take Prominent
Part in Financing the
Road on a New Basis .88as
The New Sc i
curities.
NEW FINANCIAL PLAN IA
is BEING WORKED OUT
lspeclal to 1he mines Tl -pIapatchoE

8 NEW YORK, juno 23.-Conferencesa are.
being held in this city between srepreser-
3tatives OF tho SeaboardS Air Line and si'
bankers Of Baltimore and New York to
evolve a plan which will enable tho Sea-
board Air Line to raise the money neces-s
ssary to complete Its extensions and place ak
Its property in good physical condi ON. ri
1T is expected that as the result Of the 5sss
present negotiations the company vii bes
entirely reorganized and that the Rocke-gs
Efeller interests will take a prominent part
In financing the road on a new ba sis. .9S
1t is recognized that a large amount OF KS
money will have to be spent on the line
to bring 1t up to a standard whiSll5 vii &
permit of competition with the Southern
Railway. The bonds and stock iss,les y
of the company have recently BEEN ds-Ss
pressed. the preferred selling dowisA4so ~ fs
and the common to Z. 8,Ss 8 II 53S
Improvements Are Imperative.
I'll Tho seaboard Air Line has had little
spent for improvements and bstterrnentsss ssss
during the past three years, ,a " cry good
statements OF earnings We're m .s
lsplys because the$rcsd was operRted wi tttisSg
out regard to- ma In aiming is f,li
Iscondition. IN has low reached a spoinl
which something must be done 10 3pros
vide new equipment and motive power
eliminate curves, reduce grades and ffe5l;
new worn out rails. This cannot + be gac acsSs
scompllshed wit thout q a aling do y;t1 sf&of
icapitaliza ton. " hich jis no en- tirely IN
large. Recent efforts g{ made to- borrow
money only succeeded In bringing In Il
enough to pay off a loan of $500, ,OOu. ts
which was made last tumn, and EleavesSs
a small balance, which Is not sufficient to n
even begin the Necessary lmprovene
Earnings are now falling off, and from
present indications, after providing for
fixed charges the road will earn O. sur
plus of less than 100000.
Cause of the Decline.
The Wall Street Summary says to-day:
Tho continued decline OF the securities
of the Seaboard Air Line. which culmin-
ated on Tuesday, when both the common n
and preferred stock fell totthe lowest fig
ure on record, has given rise to all Kinds stS
of specific rumou In regard to the COM
pany's affairs. but most of the statements
advanced to account for the weakness a5s
of the company's stock seem TO have gone ssg
wide of the mark. Reports from Ralti-s
moro Intimate that the depression In the "a
price has been designed by certain New
York and Boston interests to ena BILE thenlsSF8
to secure large holdings cheap. Such 8s
statements. however, are allthorita tivel 85
declared to be absolutely groundls SIS. Ai,-.8saa
other story had 1t that the company hnttIS$
last autumn, when it matured recently
This also Is officially denied, and as 39
every one at all acquainted With the facts @
knows, the proceeds of the IS, 600 bond $99
issue, which was made early In the press 81
ent year. wera to be used In part for
lquidating this loan. 8ls s
to one In position to know ##
the entire facts of the situation. the trout az
Bile is more deep-seated than would be inrS3A
dlcated by tho rumors afloat, First oE
all. 1t is admitted that the company re-ti}
lquires much larger amount of Workins
capital than Is at present at Its COM
mand In order to secure the best results ss
from the property, 1t Is understood that5 "a
certain ways and means are now underSSa
consideration to effect a readJustment OF 5ss
tile company's finances. Just what these
plans are. or how soon they may pc
worked out, cannot now be learned. it
is known positively, however, that certain
interests in the company are not az!
satisfied with Its present condition, and
are desirous of bringing about some radl-
cul changes In its affairs.
Mr.. Williams Reticent.
Mr.. J. shelton Williams. when seen
concerning the Seaboard Air Line devel-
opnent. declined to make any statement
touching the matter.
,I have nothing to say at present. ne
declared. and further than this no de-
cllned to talk. e18@