The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-03
RECEIVERS TAKE CHARGE
OF PROPERTY At ONCE
Judge j. C. Pritohard of the United
States Circuit Court Orders Receiv-
ers To Begin Rehabilitation
of Railroad System.

Richmond, Va, January 2.-(Specal.)--
In an interview given this afternoon to
| The Age-Herald, John Shelton Williams,
| former president of the Seaboard Air
| Line, said:
In no spirit of boasting, but as evt-
dence for those who are interested in
Seaboard securities, that my opinions on
the affairs of that system are well found
ed, I ask attention to the fact that my
predictions of the course of the property
and the results of Its financial and oper-
ating 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 an event
which should cause stockholders alarm or
encouragement. This is not a case where
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 carrying out of some scheme which
will produce the most satisfactory re-
suits to all security holders of every class
and without unjust discrimination.
Business, like politics, makes strange
bed fellows. Probably l shall be re-
quired to work for the restoration of the
Seaboard with men of whom l have said
very harsh things publicly, and who have
injured me deeply The interests of my
Of 1oa f,r,a aud
property and the southern country in
which it is such a vitality important fac
tor outweigh with me any personal griey-
ances l may have. l expect to put those
grievances aside, at least until this work
is done. So long as the RyanB Blair in
terests may give evidence of honest pur-
pose to build up the property and pro-
tect and promote the interests of the
stockholders they will have from me
hearty cooperation. l work with
these men to a good end and for a good
cause quite hard l fought them
while l believed they were doing wrong
or following unwise policies.
MY confidence in the possibilities of the
system under proper management Is un-
shaken. For the calendar year 1907 the
Seaboard Airs Line railway and its affili-
ated lines earned approximately Sl9o00,-
600. On this basis of earnings, over 5000
per mile, the system ought to be operated
at an expense ratio Of approximately 20
per cent or less. On this basis net earn
ings for the past year would have been
So, zoe, 900, or nearly $2,000,00O in excess OF
fixed charges. With the return of nor
NAL business conditions and the tremen-
dous development which has been going
on vigorously for the past 10 years in the
entire territory traversed by the Seaboard
Air Line system, the arrest of which de-
velopment can only be temporary, l be-
lieve that results still more favorable
than these may be confidently expected.
II 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 1t will do business
and resulting fair treatment from govern
ment and state authorities"