The news and herald. (Winnsboro, S.C.) 1877-1900, 1879-05-06
Ono OF the Railroads In the u, 8.


the extent and perfect equipment of Its main
line, but from the number and widespread
ramifications of its connections, is work Of
semi-national Importance. 1t embraces in
its operations the most extensive railway
system in the world, and represents much
more than one-cighth of the entire mileage
OF the whole country. In its stocks and
bonds large army of investors are deeply
interested, as well in this country as in Eu-
rope. Amy Improvement in its financial
condition or diminution of its annual revo-
nues, closely reflect the prosperity or the
depression of general trade.
Its reports, therefore, as they are pub
lishcd from year to year, arc of great signi-
licancc, and, like those or the weather from
Washington, indicate either clear or cloudy
weather to the holders Of its securities, and
TO our merchants and financiers. In the an
nual report for the last fiscal year. just pub
lished in pamphlet form, all of these classes
may find much to encourage and nothing to
excite undue apprchensions for the present
or the future. Without giving in detail the
long rows of figures, which arc full and COM
plctc, the result arrived at for 1878 is that
after meeting all current obligations, keep
ing the entire property in good condition,
and making large reduction in the floating
debt, scmi-annual dividend of two per
cent, has been paid, and another and
view of the extremely low rates imposed
for large proportion of railway
service during the period of transition
from initiation to specie basis, and the
special disasters to which portions of all
large railway systems have been subjected
by such events as have characterized the
past few years, is not only satisfactory but
10 all parties interested must prove a very
agreeable surprise.
But behind this exhibit of receipts, OK
pcnscs and profits, there are other points no
less encouraging and instructive. Necessity
may be severe, but 1t Is also good teacher,
and one of the important lessons furnished
by the statistics Of the report Is that the
Pennsylvania road can make money even
when the industrial eXigcncics require tho
adoption of exceptionally low rates OH a
large portion Of its traffic, and that very
slight advance in remuneration would in
sure as large dividends as could reasonably
he desired or expected. This has been cf-
fceted by rigid economy in the working cx-
penses, combined with the maintenance of
Il high standard in everything relating to
the condition of the track and equipment,
and efficiency in the plans of operating.
The condition Of the lines west of Pitts
burg has also been, to greater or less ex-
tent, a source Of apprehension, but in these
for 1878 there was gain over 1877 of
$3.50, 648.49, and profit of $716, $50 OF,
the deficit in 1877 having amounted to
Sl14, l28.4l. These railroads were, there
fore, not merely instrumental in bringing to
the main line and its branches nh enormous
amount Of traffic, but were in themselves q
source of profit
Thus it will be seen that tho Company,
after fully providing for all liabilities in
CURED, enhancing the value of its equip
ments, maintaining all its lines i'll perfect
condition without adding a dollar to tho
capital stock, but, on the contrary, diminish
ing its bonded Indebtedness, tho lien due the
State, and mortgages and ground rents, has
resumed dividends with every prospect Of
their continuance. Such an exhibit cannot
fail to strengthen the faith of the holders of
securities and the general public.