The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-04-22
Tae lGreenyllie ard Columbia Railroad
~ aIiG Its Future Policy

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SL4-<.
| The sale OF tho GreenyiiIe and Colnm-
bia Railroad was the iifott impoftan!
transfer of railroad property, under the
hammer, that has. ever taken place In
South Carolina, and the public are natu.
rally goIicitous 70 know something Of the
Intentions of the new owners Of the road.
It was q significant incident of the excit-
! ing sale tha4, after the bidding had been
going on for five long hours, the repre-
sentatiyes of the Air Line interest, whose
plans were generally understood to be
antagonistic, commercially, to this city,
approached the Master, and said: ~
haze come up 10 compliment the Mayor OF
Cterieston Gaa 10 gioe up this fghtW
Some ycara. ago, when the South Caro-.
lima Railroad obtained control of the
Greenville aud Columbia Road, Pfesi-
dent Megrath conceived It 10 be his duty
TO work both roads as If constituting o
aingle 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 It's line. This
policy, go advantageous TO the interests
Of this city, provoked much hostility in
| many sections Of the State which claimed
that It affected them ipjuriously. Either
Charleston was not thoroughly informed
Of the extent and cost of this fidelity to
her business interests, or che Yves lacking
In appreciation of II. Certain It Is, that
the support which those interested in tho
prosperity of the city owed to President
Magrath's struggle 70 keep the business
Of the Greenville Railroad tributary to
Charleston, was not given. In Novem.
Der, 1878, Gen. Conner was appointed
Receiver, and the identity of interest be.
tween the two Roads was at an end.
Public sentiment along tho line OF the
GTeenville 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
ofthe creditors of the Road, no less than
for the accommodation and pacification
OF sliippers. The Receiver acquiesced,
and for moro than o year the Grecnville
and Columbia Railroad has been an open
line 70 all Connections. It Ia indisput-
able that the change has been welcome
one to the people Of the p.country,
while to Charleston. it's effect has been
leas hurtful than many had anticipated,
" the cotton movement on the Green
Vile Road, this city 10 still receiving
!ninety per cent; and. excepting the
items OF frat end second.class through
freights, she has continued to supply her
annual freight contributions to the hun
dred depots along the line. This 10 GER
tainly gratifying as C demonstration of
her Hurpassing advantages as cotton
market, as well as her ability to hold her
own in fair and open competition with
all other points for the trade of the State.
For maHy 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 aale. in order
that this city might re-assert its excluaive
control of the line. It was known that q
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 tho terms of
the sale at least $750,000 must be paid
within ninety days and 81 SOC. 900 within
twelve months. Thus 1t was necessary
for any combination Of holders of the
Second Mortgage bonds, In order to pur-
chase the Road, to provide, within O
limited period, for very large cash nav.
ment. Besides, the Second Mortgage
bonds were largely held as collateral for
loans, and, while tho conditions of the
loans authorized the sale of tho collut-
erals, they forbade tho use of the bonds
for any speculative purpose. In the ab.
sence of any Charleston capitalists, both
able and willing to buy the Second Mort
gage bonds outright aud then bid 80, 200.
600 for tho property, 1t was believed that
tho Road would finally fall into tht pos
session of the guaranteed bonaholders,
or else become the property by negotis.
ton or purchase, at O 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 o competitor with Charleston
for the business of the Green-ille Road.
at this juncturo, o few citizens sue.
ceeded In making up Syhslicate to buy
the Road, and began operations by tho
purchase of largo proportion of the
Second Mortgage bonds. In this way
they, of course, obtained . great advan-
tage OF the sale, and we have sen how
effectively shey have used It.. It Ia now
contemplated, we are Informed, TO re-
organize the Road under q new name, to
aS;s to its rolling stock and equipment.
and operate 1t, Us it has been worked du
ring tho past year, as an open Road for
49, DuS Az AZ SSbCViNtty NCClAlCQ
that there shall be no discrimination
against Charleaton. Such q. .discrimina,
+ On, however, would not DO likely, "a
any event for almost the entire cotton
movement OF the Road (92 per cent. for
lest year, gravitates to Charleston on &C.
Count OF the market advantages of its
market, while from our jobbing stores
and warehenses shefe ls:Es :sss.s
movement OF freight to the up:cocntEy
depots. 6eif-interess viii, therefore,,
prompt the Greenvilie Road 10 considef
Charleston interasss. We could have
wished that the Rhsoluts control OF this
road should have once moro rested its
Charlsston; but every effort TO accom-
plish this result had failed, aud the assu.
rance from responsible sources thab 10.
now given of ofianimpartial adirinistratio
of the Line, In oil TINT Affects Charleston
business, Is certainly the next best thing.
Nelps ard Csi,fieF.
COOP WoRK BIZ COLONEL EvINa.--
Tho Washington correspondent of The
Ghaties tom Nesrs Gad C5t,sseF says I: Mr..