The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-13

Road was still closed. The whole force was
thrown upon the Augusta Line. This was
rapidly rebuilt, and the records sho" tna'
the South Carolina Railroad accomplished
more, in the same period Of tine, than Was
accomplished by any other railroad IN
the Southern country. AR arrangement,
tsougbt to be permanent, was made with
the sterling bondhotders. The road was
gradually regaining the business which the
Central Railroad. had obtained while CON-
munications with Charleston were inter-
rupted. At midsummer, 1859, the road was
in comparatively easy circumstances, and
the fature seemed freefrom causes Of serious
anxiety. In 1866 the gross earnings Of the
road were s1,2sl,sss, and: in 1869 they
were l,s3424s, against an income ia 1860
Of oaly 81, 42s, 75s. Out Of nothing, the
Directors had created an income o. thir-
teen, hundred Thousand dollars!
But new elements tef disturbance were now
developed. The Columbia and Augusta
Railroad came. into busy competition with
the South Carolina Railroad, for both freight
and passengers. As shorter line, it was
able to take away the nmajor part d'the
through passenger business OF the older
route. This trouble was complicated blythe
necessity Of arranging with the creditors of
the Southwestern Railroad Bank, and by
the failure Of the negotiations for the eE-
tension and conversion Of the sterling bond
ed debt. The affairs OF the company wese
in peculiarly critical condition. Active
opponents were fighting desperately for
every ounce of freight. They boasted that
the South Carolina Railroad was on the verge
Of dissolution, and THAT the commercial
death Of South, Carolina and Of Charleston
Fr
would follow. They declared that we had
not enough OF the Yankee in our compost
tion to enable :us to hold our own with the
quick-witted railroad-men Of the North.
Two years have passed., and with what
4esult?p The road has been putin frst.class
order, and, in, point Of equipment will
compare favorably with any railroad in the!
South. ! The President has rearrasged the
sterling debt, by converting it into q tirst h
sortgags debit upon terms alike just to the
and the company The lia-'
,dlilitiea o. the road on account of! South.
western Railroad Bank have been met, aud
placed in a mana geable shape. The busi-'
ness hess connections Of, Of :tbe road have been
steadily extended, and two great feeders
he Macon and Augusta Railrosa anu Ine
sreenville and Columbia Railroad-;naVe
,een i brought is under, its control. A con; !
rolling interest in these two lines isnow
owned by the South Carolina Railroad Com
oany, securing it against threatened loss
II business, which would have plunged the
oad into financial confusion. This, in
,rIef, is what the management OF the South
70
carolina Railroad have done, Beginning,
ye may soy, with only huge capital oil
lebts, they have armed and equipped the
oad at oil points, aud have enabled it
% compete successfully with its every bust
less rival. This, as we have before re-
Marked, is shown BY the fact that, the re-
,eipts Of cotton by the South Carolina Rail-
oadhave regularly increased year by year;
" The fact that the gross earnings Of the
Georgia Central Railroad for 1871 show o
alling off OF 20 per cent. while the earn
pgs OF the South Carolina Railroad for
s7l, in spite OF the Charleston epidemic,
how falling of 0, only 9 per cent;
md by the fact that, this season, the receipts
1 cotton at Savannah have fallen of 80 per
ent., while the falling of at Charleston is
nly IT per cent. In one point only have
he board been unsuccessful. They have
lot declared dividend. The improved
connections Of the road, its excellent equip
nent, the gradual restoration OF Southern
these are promises Of speedy
md regular dividends 1t is plain, how
,ver, that to pay dividend which is not
sarned is only adding to the load OF deot
shich the road has to carry. Such course /
night give relief to the stockholders for a
season, but it would infallibIy result in the
otal loss OF their property. Their stock
grows more valuable lntrlnslcally every year,
md dividends, once resumed, will continue
Just as long as the present enlightened |
policy directs the affairs Of the road. At