The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-03-15
COLUMBIA..o IS, G.
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Saturday Merlaaiiag. Mareh Is. 1879.

Saturday Morning. March Is. 1879.
. rae sonth CAroiiaa .R.lrosa.
A chronic complaint against tho South
~garolins Railroad. for several yeare past,
bSs, been that although in receipt OF
9sxge profits from an active and incress-
Ing businers. It has constantly eladed
tho dnty of paying dividends. to It's
stockholders Injurious rumors hove
also been circulated. that plans. we're on
foot to obtain oontroLof the road, and
make it subservient TO- the policy and
success OF other riyal roads and commu-
nities:s This. asitStiol.. IL, ii said, has
had tie etfsoain Georgia of Inducing the
Georgia Railroad Is undertake the COM
pletion Of The Rort Royall Road, As q
measure Of dsfence. We hare before us
circular address OF the Directors ef the
South Carolina Railroad TO- it, stock
holders. in n~vh!oh they say. upon the
highest authority. thst It was the con.
vietion forced ppon them that the South
C8rolina Railroad waa,a about 70 pass Into
oahst handss which induced the asotgia
Road to adopt ahis momentous rssolu-
ton. And the movement has been re-
newed. For some weeks past, notices have
appeared ID the public. Journals. signed
55 Soan q. James. Of Atlanta, request.
ing stockholders to aend their proxies to
him. to. be used at the ensuing meeting
Of .tfockholders. Ia the election Of 3
Board Of Directors who hold: large,
Amounts 81. ssoek. and Who viii run, the
road in The interests Of the stockholders
II is charged = this publication thai the
present Directors hold but little stock,
The Directossa settle that matter very
summsrily.. BY saying that. excluding:
three or four gentlemen who have
bought OF late, and avowedly on speou-
lation. largely Of the sharss Of the road,
no other ,Aftssn stockholders hold inths'
aggregate as many shares as the fifteen
Directors. And they affirm that the.
utmost scrutiny, will fail to reveal sins
glhinstanes in ~hioh the interests Of the.
stockholders have been postponed to any
other interests whatever.
We reproduce. in another place. the
substantial portion of the circular, to
which We have alluded. Our readers
will there And what the road has earned
during the last Ave years. and how it
has been spent. and can dednce for them
selves satisfactory solution of the
dividend question. This address. signed
by The! responsible names OF q. A. Tren.
holm. n. Gourdin, G. w. Williams, A.
Simonds and Il. D. DeSaussure, on the
part Of the-Rireotors. has been called
forth !n order to vindieate their admi-
nistras1on '6f the affairs OF the company,
and to exhibit the embarrassments which
they have been compelled TO-, meet and
overcome, We have read it with atten-
ton. It strikes us as emipeutly candid.
full and satisfactory. T. reveals 9 state
OF thingssperhapS little suspected by
those who look on at distance, and
who, while informed of earnings in
gross, are prone TO overlook the practi-
cal difficulties made for the administra-
ehoA4 0JStA0 AuFN8oo "a "dIp tuQ ACGu uu-
lation' OF interest, the impotence of
creditors, and the necessity of settling
some claims and arranging for time on
others. It shows what has been done
With she es-ninggs et the read since Tie
CLOSE OF the war, and carries with it in
ternal evidence of good judgment and
wise forethought in the purposes to
which they have been applied. Stock
holders, who will consider. the matter
carefully, must conclude THAT their inte.
rests have been we'll cared for and ma
naged with prudence. They cannot fail
to perceive that payment OF dividends,
during the period covered by the state
ments and explanations of the letter,
was simply impossible. Creditors lad
to be quieted, the debt kept down and
the value OF shares protected.
The present condition of tue affairs of
the road is such as, in all probability, to
justify declaration OF dividends for the