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

Leaving net earnings ngs................ &647 257 10
Tho Supcrintendenrs report shows in detail
that there has been appended in permanent
| construction and equipment, during tho year
just passed, S415, 5,69T.77. Ono Of the items in
these "oonstruction expenditures" excites won
der and satisfaction, viz: Attorneys fees and
court costs, S20O.9O"
The interest, por cent, on ST. ,29I, 600 First
Mortgage Company Bonds, Sso, $4,000; and C
per cent on Sl,696,530 Tennessee Bonds,
S10l, $500, total, Sl92,4ls.O0, less balance
of interest received from other sources,
S23, aG5. 38-SlGs, ,662. 60, deducted from The
net earnings Of the road as above, S547, 90. .4G,
leaves a balance Of S3Ts.G34.s9, which is over
por oent. on tho entire capital stock Of the
ffSRRaIs uar aA9lahsye ,GaERg.sssal the yysual
The Directors, in order TO exhibit to the
stockholders the true condition of tho property,
present, in the report before us, a statement
showing the entiro cost of the roadway md
equipment. This we have not room to repro
duce, but will give the total: 81, ,2S6. 1856 GO
This includes the actual cash cost of the road
and ITS equipment, after deducting and chare-
ing of all loss and damage for destruction of
property by the war, amounting TO near
Sl,250,0 900; but it does not include the losses
ny natural Causes from non-use for nearly four
years, such as decay of all wooden structures.
washing of embankmcnts, filing in of cuts.
etc. Most of this character of damage. wbicI,
was very heavy, having been repaired and
charged directly to "road expenses" has tend
ed greatly to reduce the net earninps. The
roadway is now in good order nearly all the
buildings restored and the cuts ditohed out.
enabling trains TO make about as fast time as
they over did.
The report next gives n schedule of the prom
erty of the Company, representing the value
OF S7,9SG, lSG. co. 1t includes 1900 miles of
hrst-class railroad and 20 miles of side track:
: splondidiy equipped and permanently built
machine shops at Memphis and Huntsville. 65
locomotives etc., etc Zone great advantage
accrnIng to the benefit Of the present stock
holders is the fact that the real estate belono-
ing to the Company, which originally eost
SGD, 1892, is now worth at least a million q,
dollars"
While all these facts arc interesting, as
showing that the road is ably managed, they
would not be appreciated by this community
without some assurance that Charleston is 10
De benehtted BY the practical operation of the
road. Dividends are certainly very desirable
reminders I property, but what Charleston
wants moro than dividends i, business from N.
rich country through ,Ohieh the IHsmph. and
Charleston Railroad passes,
It is useless to overlook the fact that hut ill.,
lie good las como to Charleston, beyond diyi-
lends. from large investment, which our CITY
has in this road; nor do We propose at this
lime to fix the blame anywhere for the palpable
failure in our great expectation for m 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 a dis
'ohgng policy, which has by this time very |
nearly cured itself, we should think, for the |
Memphis cotton intended for Charleston has
~ these obstacles Of the Western and Atlantic |
forced open new route through
he mountains of Rast Tennessee; and Ports
mouth, Va, has for several years past receiy-
ID the fruits Of our money and enterprises /
act at last realized by this connecting road
between Chattanooga and Atlanta, for we have
low assuracos that the Western and Atlantic
taiiroad will not stand in the way Of trade
his way during the coming years business.
II would be equally proilless to rofer to
mother alleged cause of failure nearer home.
'nt 1t may be as we'll to give both sides of the
complaints, and when we find fault with our
Western connections, they, in turn, retort that
hero is too much apathy among Charleston
merchants, and they aver that business over
sV lines Of road must be created by intelligent
nterprise among buslness men, and that tho
ulding Of a railroad common to two points
8 tributary to that city which puts forth it's
trensth to secure IT, ~
But, as nc haye already said, the retrospect
> not satisfactory, and II is better 10 turn
rom this unfortunate past, and look forward
ather to tho more promising future, which
ertainly opens up TO us all in business here in
hcrleston and We cannot better present tho
ltsred condition Of affairs than by quoting
rom letter received by ono of our mercantile
ouses, from tho President of the Memphis and
harleston Railroad, referring 10 the entire
ccord now existing between tho South Caro-
nA Railroad, Georgia Railroad, Western and
tlantto Railroad and hin ovp rosd II.