The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-13
Tne Present Condition ef the South
Carolina Raiiroad.

4
:. We print to-day the reports l'. Of the pres'
. dantand Yice-President OF the South Caro-
lima Railroad Company, showing the reSul @
,of the operations OF the year 1871, AM
setting forth the present condition Oh tn
affairs OF the company. These report
speak for themselves, and need no explana
tion. But stockholders, habitually thinll b n
less of what they have than OF what the!
have not. We think it well, therefore, t.
point out briefly the tangible gains Of the
stockholders OF the South Carolina Railroad
since the war closed. They have not had g
regular dividend; but We contend that the
intrinsic value Of their stock increases every
.year.. and that any other policy than that
which has been adopted would have been
IS fatal TO their interests as would be the
propositim to take a. dividend of four per
Essnt afot d few years, with the moral Ger
IailIt1 E,iT 81 !! .. o! - :;.ii.I &c ,:'E!tH
tainty that at the end l.ol that, period, the
stock would be worthless A glance at the
1story 81 the road since the close g Of the !
mar will ne think, demonstrate this TACT TO
tie satisfaction Of the most sceptieal stock
holder. 49,
fn2Jayl 1855, 5,awhen the South Carolina
Rsitroad was turned over to President
MagraIh BY the military authorities who lot
months had held it in possession, the road
was wreck OF its former self. Eighty:f1oe
nsass of road sesre u3erly destroyed, only
an occasional cutting and embankment X re- 'e,
mailing to show. were the line had been.
More than one-half ofhe entire equipment
otMe. company had been burned By the
FsaSral troops, and the greater part Of what
remained was separated from the available
linsb by aEbreak Of fifty miles or more, And
this was Was not all the loss. The roal itself
was the ouly means Of communication be-
tasai twaseean the Northeastern and Southwestern
sections Of the Confederacy. During four
years il had borne the whole strain Of 9. the
government transportation. and with no
adequate means OF repairing damages, and
OF maintaining the efficiency Of the road.
Supplies OF material were obtained through
the blockade, but these were not sufficient
to keep the line in order. It's business was
80 increased that it earned nearly So, 02a, 1858
lplss4, against 50, Ills iu 1858. and there
was, at the same time, corresponding de-
crease in The available means for keeping
up the road.bed and rolling stock No
wonder, then, that the road was worn down.
and that What remained Of it was in no .sa' con-
dition to deal satisfactorily with such ireishts
as it might obtain. It could not obtain
much upon any terms. 1t had no Northern
and western connections; the way or local
business was its sole reliance. Large sums
Of money were needed for rebuilding and
eauipplng the road. The sterling bonded
debt. with twenty per cent. Of back interest,
AT payable IN gold, was fast approaching
maturity. When application was made to
capitalists in New York, the answer was
that the South Carolina Railroad was not
known in the loan market. {, This was true
It had, before the war, obtained in Charles
ton all the money that 1t required As it
had not called upon the Northern bankers
when 1t was prosperous, they declined to
aid it in the hour Of its sore adversely. The
crisis had come; the situation seemed hope.
less. At that, time the road aoas bankrupt;
THE STOCK WAS NOT NTR1Ns1cALLY WORTH
FIVE CENTS ON THE DOLLAR. But the Presi-
~ .s..f.y. :. i. '-.H ..
debt aid Directors we're equal to the euis.
:gency. They must either allow the road to
be sold 10 satisfy;the bonded creditors, or
they must fight along and endeavor to save
the stock. It was at this moment that
President Magrath toii his board that, il
they would give him three years, he would
return to them their road in condition
superior to its condition before the war.
2 And nobly has he fulfilled every pledge he
has made! The South Carolina Railroad
/. must work out its own salvation! This
was the situation in 1865: No help from
abroad; raught but sneers and complaint
athome.
Work upou the road was actively begun
Its three or four engines and begsarly ac
count Of cars we're in constant employment