Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-01-03

business men from Norfolk and Bati-
more. were in the city yesterday and
many of them were at the Federal build
ing during the day looking over the pa
pers in the case
The bin in equity filed by the railway
company is a volumnous document, and
it sets out in much detail the reasons why
receivership proceedings are looked upon
as necessary.
Statement From Williams.
Mr.. John Shelton Williams. former
president of the Seaboard Air Line. said
last nigla to a representative of the
Associated Press:
"In no spirit of boasting but as evil
dence for those who are interested in
Seahoard securities that my opinions on
the affairs of that system are we'll found
ed. l ask attention to the fact that my
predictions of the course of the property
and the results of it's financial and op-
Grating management in recent years have
been fulfilled exactly.
THE passing of the Seaboard Air Line
system from the control of Messrs. Ryan.
Blair and Coolidge into the hands of
officers of the court is not event which
should cause stockholders alarm or dis
couragement. This is not a a case Whe re
the unexpected has happened, but the
present situation is the logical result of
forces which have been at work during
the past four years. 1t is hoped that all
interests may now unite on some plan and
platform which may look to the speedy
rehabilitation of the system and the car
rying out of some scheme which will pro-
duce the most satisfactory results to all
security holders of every class, and with
out unjust discrimination.
Will Sink Differences.
Businesslike policies make strange bed
fellows. Probably I shall be required to
work for the restoration of the Seaboard
with men of whom have said very harsh
things publicly. and who have injured me
deeply. The interests of my fellow stock
holders and of the Seaboard property and
the southern country in which 1t is such
a vitality important factor outweigh with
me any personal grievances / may have.
l expect to put those grievances aside, at
least until this work is done. So long as
the Ryan-Blair interests may give evil
dence of honest purpose to build UP the
property and protect and promote the
interests of the stockholders. they will
have from me hearty cooperation. / can
work with these men to a good end for
a good cause quite as hard as / fought
them while / believed they were doing
wrong or following unwise policies.
My confidence in the possibilities of the
system, under proper management, is
mistaken. For the calendar year 1907.
the Seaboard Aair Line railway and its
affiliated lines earned approximately $19,-
100000.
Future Policy.
"On the basis of earnings of over $1,000
per mile the system ought to be operated
at an expense ratio of approximately 30
per cent, or less. On this basis, net earn
ings for the past year would have been
81. 700. goo or nearly S2O0O,O0O in excess
of fixed charges With the return of nor
NAL business conditions and the trcmen-
dous development which has been going
on vigorously for the past ten years in
the entire territory traversed by the Sea-
board Air Line system. the arrest of
which development can only be tempo
rary, l believe that results still more
favorable than these may be confidently
expected.
Il hope and believe it will be the policy
of the receivers to make the Seaboard de-
serve the good will and confidence of the
public with which it will do business and
result in fair treatment from government
and state authorities