The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-21
THE SOUTH cARo11NA RAILROAD.
Hearty Endorsement of its Policy and
Management.
From the Barnwcll sentincl.l


We notice, with great pleasure, the adnira-
bile and satisfactory report of the prosaAet and
! directors of this n!0hGGr company, to the late
meeting of the stockholders. Ii is really very
gratifying to see how this brave old company
has struggled against the many adverse cir
cumstanccs with which 1t has had to contend
1t was torn up by the invading army, cr0ss-ties
burned and iron twsted its depots, station
houses, warehouses and machine shops given
| to the devouring flames-its engines, coaches
and cars destroyed, yet all have been replaced
| the road put in complete order, and the travel
| Ter travels with as much comfort, punctnality
and safety. as on any other road In the coun-
| try. 1t has had to contend against opposition
| litigation, legislation, and depreciation o1
stock, but, to-day, It's credit is as firm and
healthy rs In the best days oil It's prosperity
We say it gives US pleasure to see these signs
of life and vigor; 1t is an evidence OF the Wis
dom of the direction and the skill and ability
of iLs officers.
After the war, as appears from the report
| the financial affairs of the road was greatly
| crippled, in fact, nearly destroyed, but MIR.
Magrath, the president, assisted by his able
| directors, had the frnlncss 10 Withstand the
clamors of his stockholders for dividends, and
by an exhibition of eminent financial skill, has
piaCcl the monetary affairs OF the company IN
such condition as to put the credit of the
company on firm basis, and to enable the
directors to shortly declare dividend. The
stockholders have appreciated his services, by
unanimously rc-elecling him to his arduous
and responsible post AS president
This road, from the beginning, has been
managed moro with view 10 develop the
resources of the State, than us a commercial,
moncy-makins enterprise. If 1t had been as
destitute OF soul as corporations usually are,
il would never have built the Columbia road,
it would not have built the Camden road, 1t
would have had nothing TO do with the various
enterprises in which It's money and influence
have been employed, but seltlshly attended to
the great business coming through Augusta,
from the south and west 10 Charleston and tho
north. Its policy has been wider, broader.
wiser aud eminently patriotic. True. IL may
not have made as much money as other roads,
bat it has developed the resources, increased
the prosperity Of the whole Stale, and has
gained for itselfa reputation ana credit, ut
home and abroad, of which it may well be
proud.
From the DarnwcIl Journal.]
1t will be remembered that the war left the
road in u dcplorablc condition. The track had
been torn up by Sherman's army, the cars
were in an almost useless condition. and
the general disorder in which everything
was left necessitated u large outlay, and de-
manded large amount OF energy and hard
work. TO the work Of reconstruction, the
management of the road devoted its entire
time and skill, and it must be ascrbed to their
llntiring zeal and activity that So much has
been accomplished. The surplus gains thus
fur have been appropriated to the repair of
the road, the construction of new passenger
and freight cars, apd to the Liquidation Of the
general Indebtedness. The difficulty between
this company und the Columbia and Augusta
Railroad company, which at one time threat
ened serious litigation, has been amicaby ad-
justed, and there seems now no obstacle to Il
career Of profit and prosperity. When we
consider the heavy losses which the company
have sustained, and the heavy obligations they
have been compelled to meet, it istruly graft
flying to see that the road is at present in such
u good financial condition. The payment OF
dividends, which has hitherto been withheld
on account Of pressing demands, will now be
resumed, and the bonds Of the company will
steadily advance in the stock market, rs they
must be considered q safe aud remunerative
Investment.