The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-27

lie superintendent EepVIL ono"o Ah NoS"AA
that there has been appended in permanent
construction and equipment, during the year
Just passed, S475, ,697.77. One of the items in
these construction expenditures" excites won
der and satisfaction, viz: Attorneys fees and
court costs, S200.9O."
The interest, per cent, on 81 1894, 900 First
Mortgage Company Bonds, 9O,5sO.OO; and q
per cent. on $l,595, $50 Tennessee Bonds,
S1Ol, ,y3S.CO, total, 1892, 2,418.O0, less balance
of interest received from other sources,
S23, 1865. 38-S16s, ,662.62, deducted from the
net earnings of the road, as above, $547, ,257 46,
leaves balance of SS7S, S,63482, which is over
per oent. on the entire capital stock Of the
Company, and would have formed the usual
dividend, but for the causes indicated above.
The Directors, in order to exhibit to the
stockholders the true condition of the property,
present, in the report before us, a statement
showing the entire cost of the roadway and
equipment This we have not room to repro
duce but will give the total: S7,2S6, l8C. SO.
This includes the actual cash cost of the road
and its equipment, after deducting and charg-
ing off all loss and damage for destruction of
property by the war, amounting to near
Sl,25O,OO0; but it does not include the losses
by natural causes from non-use for nearly four
years, such as decay of all wooden structures,
washing of embankments, filling in of cuts,
etc. Most of this character of damage, which
was very heavy, having been repaired and
charged directly to ''road expenses" has tend
ed greatly to reduce the net earnings. The
roadway is now in good order, nearly all the
buildings restored and the cuts ditched out,
enabling trains to make about as fast time as
they ever did.
The report next gives schedule Of the prop
erty of the Company, representing the value
of s., oS6, 1876. CO. 1t includes ''200 miles of
frst-class railroad and 20 miles of side track;
splendidly equipped and permanently built
machine shops at Memphis and Huntsville, SIS
locomotives, etc., etc. "One great advantage
accruing to the benefit of the present stock
holders is the fact that the real estate belong
ing to the Company, which originally cost
SG4, 1892, is now worth at least a million of
dollars
While all these facts are interesting, rs
showing that the road is ably managed, they
would not be appreciated by this community
without some assurance that Charleston is to
be benefited by the practical operation of the
road. Dividends are certainly very desirable
reminders o f property, but what Charleston
wants more than dividends is business from the
rich country through schieh the Memphis and
Charleston Railroad passes.
1t is useless to overlook the fact that but lit
tie good has come to Charleston, beyond divi-
dends, from large investment, which our city
has in this road; nor do we propose at this
time to fix the blame anywhere for the palpable
failure in our great expectation for an increas
ed trade with North Alabama and Tennessee;
it may be owing, as alleged, to the past
management of the Western and Atlantic
Road, persisting in high rates. and dis
obliging policy, which has by this time very
nearly cured itself, we should think, for the
Memphis cotton intended for Charleston has
bv these obstacles of the Western and Atlantic
Railroad, forced open new route through
the mountains of East Tennessee; and Ports
mouth, Va, has for several years past receiv-
ed the fruits of our money and enterprises
fact at last realized by this connecting road
between Chattanooga and Atlanta, for we heve
now assuraces that the Western and Atlantic
Railroad will not stand in the way of trade
this way during the coming years business.
1t would be equally pro6tless to refer to
another alleged cause of failure nearer home
but it may be as we'll to give both sides of the
and when we find fault with our
Western connections, they, in turn, retort that
there is too much apathy among Charleston
merchants, and they aver that business over
new lines of road must be created by intelligent
enterprise among business men, and that the |
building of a railroad common to two points
is tributary to that city which puts forth its
strength to secure it,
But as we have already said, the retrospect
is not satisfactory, and it is better to turn |
from this unfortunate past, and look forward |
rather to the more promising future, which |
certainly opens up to us all in business here in |
Oharieston and we cannot better present the |
altered condition of affairs than by quoting |
from letter received by one of our mercantile
houses, from the President of the Memphis and |
Charleston Railroad, referring to the entire
accord now existing between the South Caro-
lima Railroad, Georgia Railroad, Western and
Atlantic Railroad and his own road. He says: