The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-15

Whist it is quite true that these Increased
earnings appear to have been derived mainly
from cotton aud whilst 1t Is equally true tnas tne
additional quantity OF cotton transporter a. over m
creased production OF our proper territory. yes
no good reason exists for doubling: the ability II
the company to maintain the present figures OF
their income.
LOW prices and q less liberal use OF fertiizlng
material may affect, and probably WILL the pro.
duction OF another year, auu from partcusr
Quarters diminished business may be expert
enced; but the new sources OF supply opened TO
them within q very recent date, and the very evl.
dent disposition In such quarters to estaoilsn
close relations with u.s. cause the ooard 10 DC
without apprehension OF any importsaI enaage; ,
Indeed, they would not regard tt any lndlcatlon
OF supersangulne temper, II they entertained
very decided expectations OF increased business
from the next year. Nor Ia 1t to be lorgo,ten
that extraordinary causes have been In operation
for the past six months to depress staple values
and repress the activity OF commercial inter.
change, to substitute extreme cantlon lor ViGol-
ous enterprise and doubt and dlstruse LOT snat
healthy commerce. But for this cause, u cannos
be questioned that our income for the year Houto
have reached $15O0,000.
Yet another cause has not oeen without I'm.
portant influence upon your Interests. IL mas
been particularly referred 10 In the 'Vlce-presl.
dents report-the extraordinary policy OF some
OF our competing lines, OF forcing freight rates
down, anu insisting upon keeping them down;
below the requirements OF legitimate business. II
such policy were the expression OF generous
lioeralty-the concession OF confident strengtno 10
HELPLESS weakness-we could not, II we W0nlu,
complain. But when we happen TO Know that
these are exceptional cases that elsewhere the
full powers Of unrestricted csntrol are exerclseu,
to the extent even Of oppressive charges, the
board Is compelled to regard the policy II crlti,
csing as dire ted solely,to the end OF doing all
possible injury to other interests, even at the ex.
pense OF the lines which practice II. The proper
scope OF such paper as this does not permit us
to pursue this subject further. It were otnerWlse
easy to demonstrate that the permanent interests
OF community are never 80 FIRMLY estaofsned as
when all parties who contribute to tts develop,
ment are fairly compensated Tor eher laooe, ano
never In greater danger than when powerful
combination enro!ds lt upon the pretence OF pro.
lection.
dents report at S916,0 ,095 S2 or $3.50 per cent OF
the gross earnings. This ratio will be found not
to exceed that or roads operated under similar
circumstances, and does not materially diner IRON
the exhibits In this connection OF previous years.
1t is proper to remark here that Tor me purposes
of comparison between this and previous years,
1t must be borne In mind that expenditures Tor
t'rail ironn and 'damages' have not until now
bren carried to "current expenses"
The aggregate. however, ts large, and very sui
fcIently vndicates the boards disposition TO
withhold nothing from the executive departments,
necessary to insure the most perfect safety 10
sons aud property in performing ehe business OF
transportation, or TO. establish and maintain In
high condition the track and equipments but
they cannot be insensble to the oblIga!lSns which
they owe to tue stockholders to scrutlntze with
the utmost care the expenses OF the road TO the
end, not only that extrdvagance should DC avoid
ed, but that only fair and reasonable service
should be performed. In this direction, DOUBT
less, would be found no small portion OF the
Increased cost OF operating railroads. 10 latter
years They have every confidence In the earnest
purpose OF the head OF the operative department.
to cooperate heartily in every effort to promote
| these Views. Very considerable changes nave
been made during the year In the accounting
branch OF the operative department., ailectlnY,
| however more particularly detail than prInclpic
| the system previously In operation nas oeen
greatly expanded, aud elaborate details adjusted
looking to q fuller view OF the movements OF tne
business OF the company, the performances OF the
yarleus agencies In Its conduct, and increased
accuracy and reliability In the reports ana re-
turns from oil sources. Elsewhere 1t i3 claimed,
similar systems have further contributed TO the
economic working OF railroads. 1n that eXpecea-
tion, the board yiehled their assent to tne recon-
! mendoston Of experts. Their experience Ior q
| fair period will determine the continuance Oh
| these changes, their modification, or return 20
| the practice OF former years.
The net income OF the year, after charging up
| the road expenses and foreign and domestic IN.
tereSt, Is. $40, Zoo a
| Against this have been charged diyi
dends..... OBSERVATION-DISCLOSURES. lI6,SSS w
Leaving balance OF. ,So2 q
Which has been carried to the reduction Of
debt. purchase OF locomotives, cars and real es-