The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-01-24
A RAILROAD SENSATION.
THE STRUGGLE OFNORTHERN CITIES
FOR THE TRADE OF THE SOUTH.
New York Entering the Lists Against
Baltimore and PhiladeIphia-A Story
10 be Taken with Several Grains Of
Allowance.


magnates to the effect that New York ''syn
dicate" 1--WE believe that this is the true use Of
the Secretary of the United States Treasury Mr.
Boutwelps, word for money ring) has purchas
ed controlling interest in the South Carolina
Railroad (Augusta and Charleston) Company.
This rumor, which has been whispered or
given in 'strict confidence for week past,
now comes to US In such On authentic shape
that we can no longer discredit 1t. The de-
tails are no longer wanting. The head or
chief OF the syndicate is named-lhe well
kaown banker and ship-owner, Moses Taylor,
of New York City. The interest purchased Is
specifed-one million of dollars. The price
paid for the stock is given-thc price current,
| or thirty dollars per share. The associates,
some Of the leading capf 'alis's OF New York
City, all of whom are directly or Indirectly in
the coasLw!se trade by steamships, are given
| The amount of details are such as to Set aside
every objection as 10 probability, and warrant
| all confidence as 10 the truthfulnesS of tile
transaction.
Now, we ask what does this mean! Here Is
combination OF strong and sagaci' us men
and merchants. Mr.. Moses Taylor, the chief
of the ''syndicute," is large shipowner, but
| at the same time Is reported TO hold very
large interest in the Georgia Central Railroad
Company-ownlng, we are told. more than
one million of dollars in the bonds aud stock,
and largely interested in The steamships con-
nected with that line. The Central road and
the South Carolina road are rival lines, having
rival outlets at rival seapurts-SaVannah and
Charleston. The mere suggestion OF a money
speculation is insufficient Tor the solution u
this move OF Mr.. Moses Taylor and his syndl-
cafes. The purchase of The stock in the South
Carolina Railroad Is doubtless just such
speculation as would command All investment
by capitalists, but 1t ls such speculation,
under ordiHary circumstances, as would IN
vulve. to make 1t profitable, q fierce rivalry
with conlendine lines; and not o speculation
which would call for the fusion Of railroad In
teresls with large oullays of money. In our
opinion we must look for a satisfactory solu-
tion In other motives aud In other designs.
These, we are led to believe, lie 10 the aniago-
nism which exists belweea New York on the
one hand and Baltimore and Philadelphia on
the other.
The great objective point of the great COM
mercIal centres of the NvrLh are Southern
trade and The Command OF the Southern Paci-
fic Railroad.
It is well known 10 our people That the
"syndicat-, known as the Pennsylvania Gem
trail" has been active and slgacl0us In tne1r
investments In Southern roads. and 1t is equal
ly well known that this ''syndicase" looks
wholly to The interests Of Baltimore and Phtla-
delphia. This s'syndIcate" controls railroad
lines, cheaply purchased and economically
worked In Virginia, North Carolina, Tennes-
see and Alabama. They are building an air
line. from Charlotte, North Carolina, to ATTAIN
la, Georgia. Very recently this company has
purchased controlling interest In the Char
lotte, Columbia and Augusta Road, and now
run their cars through from Richmond and
Norfolk to the City of Augusta.
AgaIp, We learn that the Pennsylvania Gen.
tral syndicate has endorsed the bonds OF
Mahones consolidated roads extending from
Norfolk to Bristol, Tennessee, that these may
extend their connections to the Mississippi
River, and ultimately to the Pacific Ocean,
and that London aud New York capttalists ore
to advance the funds required for the purpose
Whether Malone proposes to reach the WeSt
solely through Louisville or St. Louis, or will
scale the Cumberland range. making MaDey's
Central or the Memphis and Charleston Roads
paris Of his line, is not yet known. In any
event, Malone Is 10 have On abundance OF
money. Scott, of The Pennsylvania Central,
having paid $1,000, 900 for ten thousand shares
"a controlling interest-in East Tennessee
roads, and having furnished Malone, 1t 10 al
Legged, with facilities for money. getting, 1t Is
probable that the latter, 10 conjunction with
Scott, will seek route to the MISSISSIPPI.
either over S,ranton's Chattanooga, Meridian
and Yicksburg route, Oh over the Memphis and
Charleston Road 10 Memphis.
Here We think We find the key to the true
solution. Baltimore and Philadelphia COM
blne through Norfolk; New York, cut of by
unlriendly lines, from the inland routes, COM
bines with Savannah and Charles on, and In
This combination will include the direct friend
ly Interests oil connecting lines. as common 10
both lines, from Opelika, Alabama, to Marshall,
Texas.
OF this much We feel assured. New York,
cut IF by the superior energy Of Baltimore and
Philadelphia, does not now intend to set Idly
by aud suffer the trade of this vast region to
be- diverted Without q struggle. In all events,
we are certain that this struggle for the trade
OF the most fertile area of the Cotton Belt will
not be without attending benefits In develop
Ing the South.