The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-03-15
COLUMBIA..o.S G.
~ y III ~ III Il II = =: : ~
Saturday nsrhihix. Haloh Is. 1873.

Saturday nool nio1 hihsas. lie Haroh i6. 1873.
% Ths Soath c1roll.a .R.iIEo.a.
A chronic complaint against tho South
>garolins Railroad. Tor several years past,
hRs, been that although In. receipt OF
large profits from an active and incseas.
Ing business. It has constantly eluded
ttel,dn.y Of paying dividends. to lis
stockholders. luxurious rumorts have
slso been circulated, that plans, we're on
foot to obtain oontroLof tho road, and
make It subserviept TO- the policy end
success Of other riYsl roads and. commu-
nittess This Asifatio4.. il, ip said, has
had the sffsesir Gee.s!s 81 ;ndao.nz .he
Georgia Railroad to undertake the com
ple:ioa OF HE Bort Royal Road. II .
measure of dstsnce. We htye before us
circular address OF ths Directors OF the
South CafolihA Railroad !, to, its stook-
holders. in Nvhioh they say. upon the
highesl authority. that Il was the con-
vietion FORCED ppon !them that the South
Carolina Batrp bod was ABOUT 10 pals Into
osaasr handss which induced tho asofgi4
Road 70 adoPt 4his nomsntols rssolu-
tion. And the movement has been re-.
newed. For some weeks past notices have
ipfeAred ID |the .hahlio. journals. signed
b. Jshn q. James, Of atlanta, request.
Ing stockholders 10 iand their proxies tb
him. TO be used at the ensuing smeetine
o zSfookholdefs, inssthe elecaonn& $ 'of d
Beard OF /. Directors who hold a.larRs,
4s4Sants a. atoaks and who will run'the
roadipithe fnterests OF tho stockholders
II Ii charged 81 This publication that the
present Dirsotois 'hhld but little stock,
Tie Directors settle shat matter very,
sunmsrily. By saying that. excluding
three c: four gentlemen who have
bought Of late. and avowsdly on speou-
latiop. largely 81, the shsres of: the road,
No. other Alteen stockholders hold ,in tho
aggregate as many shares as tie fifteen
Directors. And they affirm that the,
utmost scrutiny, Will fail toraveal sin.
gieinstance ip whioh the interests Of tha
stookholders 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 .eaders
viii lbefe had What the road has earned
during the last five years. and how it
has been spent. and can dednce for them
selves q satisfactory solution of the
dividend question. This address. signed
by tAs responsible names Of G. a. Tsen-
holm. 81. Gourdin, G. W. Williams, A.
Simonds and Il. D. DeSaussore, on the
part ot the Directors. has been called
forthan pfdef to vindicate tiSitL almi-
nistratfon of Che affairs OF the company,
and to exhibit the embslrassments which
they have been compelled TO-. meet and
overcome, 4 We have read; it with atten-
ton. 1t strikes Us ss emipently candid,
full and satisfactory. y reveals state
OF thingsaperhapS 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 admipistra-
tlon bH'the ravages of war. thS aooumu-
lation'of interest, the impatieDce Of
creditors, and the necessity of settling
some claims and arranging for time on
others. It shows what has been done
With the earnings Of the road since the
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-
zests 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.
mentss and explanations of the letter,
was simply impossible. Creditors had
to be quieted, the debt kept down and
the value OF shares protected.
The present condition of the affairs of
the road is such as, in all probability, to
justify declaration OF dividends for the
49,