The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-03-11

stand forth as the grandest government
of the world in its purity and moral tone.
Our Railroad Interests.
The News and Courier of last Saturday
says:
Writing on the subject of the South
Carolina Railroad at the beginning of
the present week, We said: at is evident
that there is no rhyme or reason in pay
ing from 20a25 for South Carolina Rail-
road stock, and 40a45 for Non-Mortgage
bonds, unless a way can be found to put
an end to litigation and avert sale of
the road under foreclosure of mortgage.
Nor is this sufficient. There must be
| likewise an expectation of such increase
of business as will enable the road to
carry its present bond debt and make the
stock of potential value. This increase
can only come from the acquisition of or
a close connection with other lines, Civ
ing the assurance of larger proportion
of Western freights than can be at pres
ent secured" We did not pretend to
know precisely the intentions of the cap
italists who had the operations in charge,
but said that we were inclined to believe
that what was contemplated was "the
consolidation of the South Carolina Rail-
road with the Greenville and Columbia
Railroad and the building of the Blue
Ridge Railroad" giving to "the Charles
ton and Anderson line an independent
through route TO the West as powerful,
as a competitor for Western trade and
travel, as the Chattanooga and Atlanta
line, and fully as important" We are
now able 70 throw additional light upon
the subject.
The persons in New York who have
been steady buyers of South Carolina
Railroad securities are acting in concert.
There are operators both here and in
New York whose sole object is to make a
profit by buying to-day and selling to-
| morrow, but the capitalists who quietly
pick up the securities and place them in
their vaults seek a permanent and prof.
table investment. The most prominent
| purchasers are capitalists who are familiar
with Southern roads, and who thoroughly
understand the situation. They now o,cn
about three .jourths Of the &ock ofhe South
Carolina Railroad, and nearly aNhe Non
Mortgage Bonds. But they continue buy
ing. The reason is that they have in
view far more than the mere control of
the property. They hope to be able to
get the road out of Court without delay,
and they believe that the road will have
so glorious resurrection that the inter-
est on the whole debt can be paid, and a
dividend be earned upon the stock. They
haze plenty of money. They believe that
the road will pay. So believing, they
are determined to own it. In like man.
ner it is part of the programme to own
the Blue Ridge Railroad, and such an
interest in the Greenville and Columbia
Railroad as will enable the Charleston
and Western combination to use it satis-
factorily as a link in their line. This is
not talk. The capitalists of whom we
speak "mean business" Already the
drawings for the new, fast and luxurious
steamships to be placed ON the New York
and Charleston line are in course of prep
aration. This is as much as we can di-
vulge. Within thirty days more infor-
nation will be given.
There will be some regret, of course,
that the South Carolina holders of the
securities of the South Carolina Railroad
cannot reap the benefit of the present
advance in prices and of the prospective
profits, but this is of little moment in
comparison with the advantage that the
whole State will derive from the opera
tions of the new combination. South
Carolina has not the capital requisite for
developing Interstate commerce. It
takes millions, in these days, to make
millions. As long as the South Carolina
Railroad was controlled by persons de-
pendent upon it, there was no opportu-
nifty for combinations looking to the ex-
tension or acquisition of existing lines
and the completion of missing links.
The former bondholders and stockholders
could not afford to wait, and were serious
ly embarrassed when the payment of in
terest on the bonds was suspended, and
the stock dwindled away in value. The
present owners of the property can, if
necessary, wait for interest and dividends
for years, and advance, besides, any mon
ey needed to give the road strong stra
getic position. 1t will pay them well,
and none will grudge them the profit they
earn. The benefit to them, however great,
will be Insignificant by the side of the
benefit enjoyed by South Carolina and
Charleston.
Our confidence in the. future of Charles
ton, which has never been shaken, is re-
doubled and confirmed. 1t is lucky
chance that sagacious capitalists are
ready and able to do for US what we are
unable to accomplish for ourselves
They have the means, and they are
abreast of the times. This is everything
necessary to make Charleston liberal,
progressive and great