The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-11
THE SO. CA. RAILROAD.
ADDRESS OF THE DIRECTORS TO THE
STOCKHOLDERS.

STOChaOLDERS.
What the Road has Earned and How
the Earnings Have Been Spent-Ths
Dividend Question--A Gratifying Re.
Wow OF the Past and Encouraging
Prospects for the Future.
To the Stockholders of the South Carolina
Railroad Company:
The subscribers, q committee appointed by
the Board of Directors to address circular
letter to the stockholders, respectfully ask
your attention 10 the following communlca.
ton:
For several years past rumors have con-
stantly prevailed of plans being on foot to OBJ
tain control OF the South Carolina Railroad,
and to make 1t subservlent to the policy and
to the success of other and rival roads
and communities. There may have been but
little foundation for these rumors; we have
been assured by gentlemen whose names
were freely made use of as participants In the
scheme that they had no connection with 1t
whatever. These assurances we regard as
entitled to implicit confidence; yet the con-
slant agitation Of the subject had the effect
last year of persusdlng the Georgia Railroad
to undertake the completion Of the Port Royal
Railroad as measure OF defence.
We have 1t on the highest authority that
nothing but the conviction forced upon them
that the South Carolina Railroad was about
60 pass out Of your hands Induced the Georgia
Railroad to adopt this momentous resolu-
tion.
Similar movements are again In agitation.
In circular published In the daily papers
you are requested to send your proxies to q
stockholder residing IL another State; and
who, however well informed In other re-
speots, 10 evidently not correctly Informed
upon the affairs of the road. He proposes to
elect "a board of directors who hold large
amounts Of stock, and who will run the road
In the Interest of the stockholders" "The
present directors" 1t Is added, "hold but lit
tie stock" To this 1t may be answered:
First, that excluding three or tour
gentlemen who have bought of late,
and aSowedly on speculation, largely
OF the shares OF the road, there are no other
fifteen stockholders who hold in the aggre-
gate as many shares as the fifteen directors.
Second, that the utmost scrutiny Into the
management of your affairs will not reveal one
single instance In which We have made the In
terests OF the stockholders of secondary con-
sideration to any other Interests whatsoever.
Alter the termination of the war the road
was restored to the directors on the 18th Of
June, 1855. At Columbia all shops, depots
and buildings Of every description, all the val
usble tools and other appliances of large
flrst-class workshop, were entirely destroyed,
together with large and valuable stock OF
supplies. ."t
On the Columbia branch of the road the en-
tire line above Orangeburg, and on the Ham
burg division, ell above the Edisto River, was
completely destroyed. All the wooden struc-
lures, cross-ties, culverts, stationhouses and
water tanks were destroyed. The rails were
burnt, twisted and bent into shapes bathing
all Efforts at restosStion. Of the passenger
and freIs at, cars lit only were in possession;
lss we're on the Charlotte Road, entirely cut
OF oy the destruction Of the Columbia branch.
These losses, namely, in property In the
road, in negroes, aud In cars, locomotives and
machinery, amounted to sl,s2s, ia "a. That
is to say, it,requlrea about that sum to rebuild
and rehsbilltate the road. 81, ,s2s, ia "a
On the other hand the
deSts Of the compa.
nv amounted to-. s., ,6s6, 600
or this amount there was due IN
cash
For arrear of interests 495,7ss
For past due domestic
bonds. ............. 2N, ,00O
For sterling bonds first
mortgage, payable
1st JAM, 1855, In
gold. ............. 2,ooO,0oo- z,7zs''s9 w
$4,s5s, ,sls g.