The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-04-22
The Greenyille and Columbia Railroad
and its Future Policy.

The Greenyille and Columbia Railroad
and its Future Policy.
The sale of the Greenville and Column
bia Railroad was the most important
transfer of railroad property, Under the
hammer, that has ever taken place in
South Carolina, and the public are natu-
rally solicitous to know something of the
intentions of the new owners of the road.
1t was a significant incident Of the excit-
ing sale that, after the bidding had been
going on for five long hours, the repre-
sentatives of the Air Line interest, whose
plans were generally understood to be
antagonistic, commercially, to this city,
approached the Master, and said; II
have come up to compliment the Mayor Of
Charleston and to gioe up this ,fgM"
Some years ago, when the South Caro-.
lima Railroad obtained control of the
Greenville and Columbia Road, Presi.
dent Magrath conceived it to be his duty
to work both roads as if constituting a
single property. No diversion of the
business of the Greenville Road was per-
mitted in any direction, and Charleston
became the recipient of the whole vol
ume of business along its line. This
policy, so advantageous to the interests
of this city, provoked much hostility in
many sections of the State which claimed
that it affected them iniuriously. Either
Charleston was not thoroughly informed
of the extent and cost of this fidelity to
her business interests, or she was lacking
in appreciation of it. Certain it is, that
the support which those interested in the
prosperity of the city owed to President
Magrath's struggle to keep the business
of the Greenville Railroad tributary to
Charleston, was not given. In Novem.
Der, 1873, Gen. Conner was appointed
Receiver, and the identity of interest be-
tween the two Roads was at an end.
Public sentiment along the line of the
Greenville Railroad was clamorous that
the line should be made free for business
in any direction, without discrimination,
and this policy was urged in the interest
of the creditors of the Eoad, no less than
for the accommodation and pacifcation
of shippers. The Receiver acquiesced,
and for more than year the Greenville
and Columbia Railroad has been an open
line to all connections. It is indisput-
able that the change has been welcome
one to the people of the up.country,
while to Charleston its effect has been
less hurtful than many had anticipated.
Of the cotton movement on the Green
vile Road, this city is still receiving
ninety per cent; aud, excepting the
items of first and second-class through
freights, she has continued to supply her
annual freight contributions to the hun.
dred depots along the line. This is GER
tainly gratifying as demonstration of
her surprising advantages as a cotton
market, as we'll as her ability to hold her
own in fair and open competition with
all other points for the trade of the State.
For many weeks past efforts have been
made in Charleston to combine the inter-
ests represented by the holders of the
Second Mortgage bonds Of the Road, in
view of the approaching sale, in order
that this city might re-assert its exclusive
control of the line. It was known that
strong combination of the holders of the
guaranteed bonds had been made for
their own protection, and that bid of at
least 81, 250, 900 would be made to protect
these investments; that by the terms of
the sale at least s750,00O must be paid
within ninety days and 81. 10000 within
twelve months. Thus it was necessary
for any combination of holders of the
Second Mortgage bonds, in order to pur-
chase the Road, to provide, within
limited period, for very large cash pay
ment. Besides, the Second Mortgage
bonds were largely held as collateral for
loans, and, while the conditions of the
loans authorized the sale of the collat-
erals, they forbade the use of the bonds
for any speculative purpose. In the alb
sence of any Charleston capitalists, both
able and willing to buy theSecond Mort
gage bonds outright and then bid 50, ,250,-
600 for the property, it was believed that
the Road would finally fall into the pos
session of the guaranteed bondholders,
or else become the property by negotia-
ton or purchase, at price somewhat
above the aggregate amount of the guar.
anteed bonds. of the Air Line Railroad,
which was, by the location of its line,
necessarily competitor with Charleston
for the business of the Greenville Road.
At this juncture, a few citizens sue.
ceeded in making up Syndicate to buy
the Road, and began operations by the
purchase of large proportion OF the
Second Mortgage bonds. In this way
they, of course, obtained 81 great advan-
tsge of the sale, and we have seen how
effectively they have used it. It is now
contemplated, we are informed, to re-
organize the Road under new name, to
add to its rolling stock and equipment,
and operate it, as it has been worked du-
ring the past year, as an open Road for
all business but it is especially declared
that there shall be no discrimination
against Charleston. Such discrimina-
ton, however, would not be likely, in
any event; for almost the entire cotton
movement of the Road (92 per cent. for
last year, gravitates to Charleston on &C.
count of the market advantages Of its
market, while from our jobbing stores
and warehouses there is large daily
movement of freight to the up-country
depots. Self-interest will, therefore,
prompt the Greenville Road to consider
Charleston interests. We could have
wished that the absolute control of this
road should have once more rested in
Charleston but every effort to accom-
plish this result had failed, and the assu.
rance from responsible sources that is
now given of an impartial administration
of the line, in all that affects Charleston
business, is certainly the next best thing.
-NcUs and Courier.
GooD Work BY COLONEL Ev1Ns.-
The Washington correspondent of the
Charleston News and Courier says: Mr..
Evins has been doing some good work
within the last few days. By argument