The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-22
The New York View OF the South Caro-
lima Railroad!

regret to say, grossly lncorrecG. LII ptoieeeeo
to describe the annual meeting OF the stock
holders OF the South Carolina Railroad, to
set forth the condition OF the road and TO
point out the reasons which make a lease to
the Central Railroad Of Georgia, advanta-
geous to the stockholders orthe South Caro-
lima Railroad; but every assertion which is
made, as the basis Of it's arguments, Is either
positively untrue or 30 coiored as to convey
q wholly false idea Of the facts. , -
/. The Daily Bulletin says that the an
nual meeting was "stormy" and 'angry"
and that ga favorable reception was accord
s'ed" to resolutions looking to the lease OF
the road. The truth is thatthe meeting was
singuIarly harmonious, that its. whole: tone
was adverse to any: lease, and that the pro-
position to require the directors to call a
special meeting to consider any definite
proposition for a lease which might be made,
was laid upon the table with only two dis
centient votes-thoae Of the mover and Sec
onder OF the resolution.
2. The Daily Bulletin says that the report
was not favorable, that heavy decrease
OF business was announced, and that it was
stated that the road was seriously embar-
rassed by floating and other debts. The
ttruth Is that the report, taking into account
/ the Influences OF the yellow fever epidemic
and the. effects Of. short cotton crop and
active competition, was highly favorable; as
| is shown by the fact that. the decrease in
business on the South Carolina Railroad, in
spite Of all adverse conditions, was less than.
ten per cent, while the decrease on the Cen
tral Railroad (Which the Daily Bulletin calls
:ssa prosperous andwell-managed railroad")
was, for the same period, over twenty per
cent. Far from it being stated that the
company was embarrassed by Its. debts, it
was clearly shown that tho only pressing
claim-the sterling bonds-had been con-
yerted into first mortgage bonds, and so ex:
tended as to give the company ample leisure
for. discharging all It's obligations.
! 8. The Daily Bulletin says that the South
Carolina Railroad has paid no dividends 'for
tshe last five or six years." The truth is
that dividend of 50 a SHARE was paid In
1870, and dividend OF ST per share in 1871;
dividends being suspended at this time only
to allow Of a reduction OF The floating debt,
and to enable the company to dispose OF the
liabilities incurred in the purchase OF a con:
trolling interest in the Greenyille and Co.,
tumpla ana Macon and Augusta Railroads.
which roads must add largely to the revenue
Of the purchasing company. The road has
earned dividend every year. 1t has been
spent in rebuilding and re-equipping the line,
which, at the close Of the war, was ruin;
its property, at that time, being insufficient,
IL sold by the sheriff, to satisfy the claims OF
the holders OF it's bonds.
4. The Daily Bulletin says that the rolling
stock and road are known to be in bad
condition. The truth is that no other rail-
road in the Southern States is in as good
order, or is as fully and thoroughly equipped.
We pass by the praises lavished upon the
Central Railroad of Georgia 1t is sufficient
TO say that it challenged competition with
the South Carolina Railroad, and has re-
ceived wholesome defeat The falling of
id it's receipts for 1871 was double the falling
off in the receipts Of the South Carolina Rail.
road, and the decrease in the receipts Of
cotton ut Savannah, this season, is double
the decrease in the receipts Of cotton at
Charleston for the same period. This may
indicate that the Central Railroad is ''a
''prosperous, well-managed railroad, and
"does good business" but We do not see it
in that light nor do the stockholders OF the
South Carolina Railroad.
That the leasing OF the South Carolina
Railroad to the Central Railroad would be
ruhous alike TO the stockholders, and TO the
City OF Charleston, we do know. And the
benevolent suggestions OF the Daily Bulletin
cannet overcome the broad fact that, under
the lease, the South Carolina Railroad
would be managed for the benefit Of Savan:
nah, and rot for the permanent benft Of the
stockholders, or for the commercial ad-
vancement Of Charleston. The ''parties"
making the lease could afford to pay divi-
dend for few years, in order to destroy
rival, who is taking away their business and
steadily readcing their income. The plot is
too transparent, and they who doubt that
the Central Railroad is in earnest, and
who think that THE NEWS sounded the
alarm without sufficient cause, will surely be
convinced and converted by the statements
OF the Daily Bulletin, and by its frank
avowal that Mr.. Moses Taylor, who is
buying up the stock Of the S, = Carolina
Railroad, and is chief owner in the Savau-
nah and New York steamship lines, holds
ga controlling interest" in the Central Rail-
road, and sis now director"
Wedo not charge the Daily Bulletin, as yet,
with anything more than inexcusable ignor-
ance OF the subject which it has ventured to
discuss. We have given it the facts, and it's
conduct will show whether, or not, itdesires
to do the South Carolina Railroad Company
and the people Of Charleston wilful and
deliberate wrong.