The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-02-12
The South Carolina Railroad.

Railroad was exposed to the sharpest and
seyerest competition which it has known
since it's completion. Rival lines combined
TO crush it. All the power OF capital was
leagued against the one struggling corpora
tion. The difficulty OF the situation was
aggravated by the opening OF new routes
and by the persistent attacks upon it's credit
within the State. It is safe to say that no
company has ever been exposed to more
trying ordeal, and the result is that the
road has triumphed over it's competitors, as
serted It's strength, and proved to the world
how much may be accomplished by liberal
aud iar.sighted management
The first surprising fact is that the gross
earnings for the year 1872 are larger than
the gross earnings for the year 1871 in spite
OF the heavy reduction OF rates caused by the
plotting OF the Central Railroad. For the
year 1871 the gross earnings were $685.
lt2, and for the year 1872 the gross earn
ings are ST, ,21l-being an increase in
1872 OF s75, 769. In the months Of January,
February, March, May and June the de-
crease was s2s, ,4l6; but the increase in the
remaining months was sos, l86-leaving q
net increase, as already mentioned, equal to
.O5. TIC per cent.
It was natural to suppose that the addl-
tional income would, In consequence of in
creased tonnage and lower rates, be obtained
at an increased percentage Of cost. Here,
again. ia shown the effect OF careful and
skillul management. The operating ex-
penses in 1871 we're ss79, 1858, and in 1872
are 1856, ,l05-beiug decrease OF s23,
10 the face OF an increase OF SIS, 1853 in the
gross earnings.
Passing to the net earnings, 1t is found
that these were s445, ,5S3 In 1871, and are
s545, 1O6 In 1872. The Increase In the net
receipts OF 1872 over the net receipts OF 1871
is, therefore, 1892. This increase is
composed of the gain OF s75, 76s in gross
earnings, and the decrease OF s23, 753 in
working expenses.
This, in brief, is the work OF the year, and
it cannot fail to be satisfactory to the stock
holders. These feel sore that none OF the
large earnings Of the road pass into their
pockets, but the accounts show in detail
how the income OF the company is disposed
Of, and, II the stockholders can suggest any
change Of policy, for their own benefit and
that of the road, we are confident that the
directors will be pleased to receive their ad-
vice and to act upon 1t. The directors, 1t
must be remembered, are not dictators.
They are the representatives OF the stock
holders, and their continuance in Office ID
proof that the holders OF majority OF the
stock have confidence 10 them and In their
management. Their task has been supreme
" difficult. The debt OF the road is fear
fully heavy. 1t was vital necessity to OBJ
tain and retain the control OF connecting
lines, without whose business the South Car
olina Railroad would probably find 1t diff
cult to meet the interest upon it's bonded
and floating debt, the whole OF which debt
has priority over the stock. The invest
ments In steamships were indispensable to
the development OF the business OF the road,
and have enabled it to meet and overcome
its opponents. But these things consume
money, and the immediate return to the
stockholders Is in theshape Of additions to
the permanent value Of the property.
What recommendations the President and
Directors will make in April, and whether q
dividend will or will not be declared, we
have no means OF knowing. 1t is certain,
however, that the stockholders will find that
their affairs have been faithfully and pru-
dently managed, and that the more rigid
the inquiry into the conduct OF the present
directors the greater will be the praise
bestowed upon them.
Let the Soldiers Stay!