The Savannah morning news., 1904-08-21
WILLIAMS TALKS OF
SEAB0ARD AND EARNINGS.
Gross EARNINGS for the Last Fiscal
Year Over $13,3OO,00O.

Gross EARNINGS for the Last Fiscal
Year Over $13,3OO,OOO.
Baltimore, Aug. 2O.-John Shelton
Williams of Richmond. Va, chairman
of the board of directors of the Sea-
board Air Line, who was in the city
to-day 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 80, 1904, exceeded $13. 300, 900.
The surplus earnings, after the pay
ment of operating expenses, taxes and
fixed charges, including interest on
bonds, interest on ear trusts and rem
tails, amounted to $500,O00
From this balance, however, is to
be deducted other interest and COM
missions paid during the year to syn
dicates and syndicate managers,
managers, which are not properly
chargeable under the head of regular
fixed charges.
THE company has shown this sur
plus over and above regular fixed
charges. Notwithstanding the fact it
was operated during the past twelve
months at a higher ratio of expense
(over rs per cent }, than any other rail-
road of equal size in the United States.
as far as have been able to observe.
"The statement sent out from New
York last night that the Seaboard Air
Line Railway has made arrangements
to borrow between 100000 and $SOOOOO
is misleading. The resolution Of the
board of directors referred to was
general authorization to the treasurer,
in the event that he should require
funds, to make temporary loans there
for, but it is by no means certain that
it 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 with
I'm the next ninety days from the first
Atlanta and Birmingham bond syndi-
cate amounts to about $1,500, 900. exclu-
sive of all other receipts of the COM
pany. The Seaboard Air Line Railway
has loaned large sums of money to the
Atlanta and Birmingham road for con-
struction purposes in advance Of the
issuance Of the first mortgage bonds On
that property and. as the track is laid
and completed these bonds are being
delivered to the Atlanta and Birming-
ham bond syndicate and paid for.
Exclusive of car trusts. neither the
Seaboard Air Line Railway nor any Of
its 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
in the aggregate to less than s125, 900.
The Seaboard Air Line holds in It's
treasury entirely unpledged and exclu-
sive of it's own treasury preferred and
common stocks other securities worth
from million and a half to two mill
lion dollars"
Track laying from Atlanta to the
junction with the old East and West
Railroad division at Rockmart, Ca.
was completed day before yesterday.
thus marking the practical completion
of the line from Atlanta, Ca, to Pell
City, Ala, within about thirty miles of
Birmingham. The entire line through
to Birmingham is to be finished be-
fore Nov. 15, 1904"
The traffic department Of the Sea-
board 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 ST.
600 900