The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1889-10-16

IMPOSSIBLE TO PAY OUT.
The South Carolina railway has paid but
two dividends to its stockholders since 1864.
The dividend declared then was the largest in
the history of the road, being 16 per cent.
Since then O dividend Of per cent. in 1870
and of per cent In 1871 was declared. The
total receipts Of the road in 1864, when SO
large dividend was declared. were S8,097,-
I'D 43. Since that time they have ranged
from one million to one and tnree-quarters OF
q million.
There has been steady increase for the
past three years and the railroad makes an
nually large amount over its running ex-
penses. 1t Is therefore considered as q good
piece OF property once the debt Is wiped away,
but with such o debt, it is deemed impossible
SIlF. tG pay out as the complainant alleges In his
FUTURE OF THE ROAD.
The future of the road is at present a matter
Ion In Charleston is that the chances OF the
Richmond and Danville system buying the
road are about seven In ten but what would
be the effect on Charleston In such event is a
matter Of wide divergence. Some think 1t
would result in the building up OF Charleston
and its adoption is one Of the principal termi-
nj of the Richmond and Danville system.
Others think IT would be the ruin OF Charles
ton. as the Richmond and Danville system
would divert all its business to Norfork. But
the South Chrolina railway may not fall into
the hands OF the Richmond and Danville.
The Central Trust company OF New York
holds large proportion OF the first mortgage
bonds, and evInces disposition to possess
still more. II the Central Trust company
combines with the first mortgage bondhold.
ers the road Will be made too valuable for the
Richmond and Danville to purchase.
CHARLESTON SHOULD SECURE 1T.
There Is a strong desire in Charleston to OBJ
tain the control Of the road, SO as to operate II
in the Interest Of Charleston. No concerted
effort has been made yet except in the unani-
the Charleston chamber of commerce:
Resolved, That special committee Of the
chamber be appointed by the president TO
confer with the city authorities, and with
snch of our leading capitalists and others as
in their Judgment are earnestly interested In
lhe future welfare Of Charleston, to consider
what means are necessary TO secure 10 our
trade the full benefits OF transportation Dy
cial reference to the present financial condi-
tion OF the South Carolina railway and its fu-
tire control in the interest OF Charleston.
And also to ascertain what facilities and ac-
Communications are required by other roads
now under construction to promote their ex-
dressed desire TO make q direct connection
with the city.
internal trade be requested to cooperate with
the special committee in this matter.
cHARLEsroN's HOLDINGS.
There are In Charleston holders Of the first
mortgage bonds to the extent OF SJOp00 about
10 uer cent. of the whole amount. 1t Is bel1eV-
,.I thnt concert of action on the part Of these
could prevent the sale Of the road at a sacri-,
fIce that is to say for anything less than the
5000. .OCO and the accrued interest. These
Sondholders, aided by Charleston capitalists
conld It is claimed, save the road from falling
into the hands Of railroads which would
ihcn as now. divert everything towards Will
mington and Norfork. It is claimed by the
hnsiness men OF Charleston that II by the
s,.in of the road the interests of the port be
nnurotected, that there will be none to blame
for Il but those Charlestonians who will not
make good investment for themselves and
city and state.