Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1880-05-27

Auo hoOISaulZaC1On OF Cn0 SOUCn |
Carolina Railroad-New Life
and Hope for Charleston.
Tho long looked for plan for the reor--
ganization Of the South Carolina Railroad
Company is now before the Charleston
public. 1t is submitted by tho Now York
capitalists who own and hold majority of
tho bonds and stock of the company, aud
contemplates precisely suoh action as was
shadowcd forth in tho Ncws and Courier
two or three months ago. The object is
to terminate tho pending litigation os rap
idly as practicable, and pluoe the road in
position to overcome competition aud aug
mcnt its business.
There is no denial of the natural advan.
tages Of Charleston, but other ports pass
this city in the race because thoy have
more friends, moro capital, larger connco-
tions. 1t is evident that, other things
being equal, Charleston, by reason of her
advantageous position and superb Ocean
harbor, must soon become the first Seaport
of the South; and it is equally obvious that
Charleston cunnot have q fair chance. and
stand on ua good footing as her rivals, whio
her principal railroad is tangled up by litiga-
ton, aud no foreign capital is available FIR
doing the work which has been done by
| foreign capital in other Southern cities and
on tho line of railroad which feed them
| with passengers and freight. Charleston
requires absolutely independent connections
| with tho West. Charleston requires rail
roads in tho highest condition of efficiency
for service, with their tcrmini on tho water
side and with whorves aud elevators sufli-
| 1inDt for fhn ohoon
every description OF freight. Charleston
requires a fleet OF swift and commodious
steamships, entirely under the control of
her main railways. These are indispensa-
bic to rapid progress. They have not been
had, because the South Carolina Railroad
had insufficient means und poor credit, and
because the concern, since it has been in
! the Receivers hands, is incapable of max
ing permanent alliances or extensions, can
command no large sums of money. and is
limited, in its operations, TO suoh cxpen-
ditures as aro needful to mpko travel safe
and reasonably comfortable In the mean
time, tho railways which arc uufettcrcd
rapidly strengthen their position, and gain
valuable advantages. There is no mystery
in it. Charleston is held back and tied
down by tho heplessness of the South
Carolina Railroad, aud this hclplessness
will continue and increase as long as the
Road is in the hands of Receiver, instead
of being in the keeping of the representa-
tives of owners who have faith in tho
property, who are ready to spend money on
1t, and who cannot improve the condition of
the Road without improving corresponding
| y the position Of Charleston.
There is 10 need that this depressing
| state of affairs shall continue. The Now
| York capitalists who are represented by the
Purchasing Committee, of which Mr..
| Barnes is chairman, arc prepared to put
the South Caroliua Railroad on its feet,
aud thereby ensure the growth and devel.
opmcnt of Charleston! What are their
plans?
They propose, upon the completion of
the reorganization of the company, whether
by consent Of those iutcrcated or after
sale of the road, to cxpcnd about million
dollars in laying the cntiro line with steel
rails; in providing wharvcs and depots,
with the necessary elevators, on tho water
| side; in obtaining hcct'Sof steamships, and
| in improving tho Western connections of
| the company. If there be no long delay
| caused by rctusals to agree to the plan of
reorganization, tho chief improvements
contemplated will be effected in timo for
| tho opening of business this autumn Tho
money will be derived mainly from an as
scssmcnt on the stock of the Company.
This will amount to half million dollars.
The remainder will be derived from the sale
of reserved bonds of tho first and second
mortgage. One of three new steamships
| for the Charleston line is nearly ready,
| On q second steamship half tho work ia
done. Work on the third steamship is
begun. Nor is tho plan OF reorganization
a plan, and nothing more. We have ou-
thority for saying that the agreement has
| been signed by the owners Of nearly oil of
the undisputcd Second Mortgage bonds of
the South Carolina Railroad, by the holders
of mojority of the non mortgage bonds by
three million dollars ofstock, and by holders of
some of tho large holders of the floating
debt. This has been accomplished in a
few days. and it is understood that the CITY
Bank Of New York and tho First National
Bank of Charleston arc ready to come in.
| This is the best ovidcuco of tho general
acceptability of tho plan of reorganization,
and of tho confidence of tho holders
of the bulk of tho property in the
standing and ability of the Purchasing
Committee. 1t is, besides, guaranty of
tho willingness aud ability of the New
York stockholders to breathe new life into
the road. This assent to tho agrcemcpt is
a pledge of q cash contribution of three
hundred thousand dollars to be expended
on the Road for the purposes already de>
scribed.
We pass now to tho plan of reorganiza.