The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-12-28

the areeavlIIe and Colauabla R~alroad--
Important from Pennsylvania
The eGroeny5ile E,,,eyprise says:
We are informed that q proposition
was snbmitted to the President Of the
Greenville and Columbia Railroad Com
pany, by the agents OF Mr. Thomas A.,
SCOTT, President Pennsylvania Central
Railroad, and Messrs. Henry Clews g.
Co., bankers of New York city, to lease
the road, with a request that he would
submit it to the Board of Directors at
their next meeting, and if it should meet
with favor, then to submit it to called
meeting Of the stockholders, for their
action. At their request the proposition
was submitted to the Board, at their
meeting, in Columbia on the 10th inst.
bnt was opposed by portion of the
members. and laid on the table. The
Board adjourned to meet again on the
evening Of the 18th, but previous to the
meeting, the President received letter
from the agents of the parties propos-
ing to lease, asking leave to withdraw
their proposition, which was consented
to, and there the whole matter ended.
Below we give q copy of the terms
proposed, and also of the letter of the
agents asking leave to withdraw their
proposition. We may add that we are
Informed that the expressed intention of
the agents was to extend the road from
Greenville to AsbevilIe. and from New
Washington, Ga, and to extend the Lau-
rens Road to Greenville, and further to
improve the condition of the road, so as
Tn make IL q firat cIaaa roa1
We are further informed that Mr..
Scott, one Of the parties, is now work
ing, successfully, over five thousand miles
Of railroad, and is regarded the first rail-
road man In America, or perhaps in the
world; and that Messrs. Henry Clews &
Co., OF New York, stand second to none
in that city for capital and business ca
pacity.
1. To lease the road for twenty or
twenty-five years.
2. TO pay the interest on the entire
funded debt of the company, and to con-
tinue to pay it promptly as it natures
during the lease, also to pay the floating
debt of the company at the time the
lease commences.
3. To buy all the stock offered within
one year from the date of the commence
ment of the lease, at 50 per share, cash.
4. To take up and relay all the light
iron on the road (say ffty-fve miles)
with L rail of not less weight than fifty
pounds to the yard, within two years
from the commencement of the lease,
and to relay all tho balance of the road
when needed with similar iron.
5. To improve the condition of the
rolling stock of the road within one year,
and make it equal to the requirements OF
hn 70
proved condition during the lease
6. TO build telegraph line along the
entire line, as soon as it can be done
after the commencement of the lease, or
within one year, provided charter for
the same, with the necessary legislation,
can be obtained from the Legislature.
z. To reduce the rates of freight and
passage at once twenty per cent. below
present rates, and not to increase it above
that reduced rate during the lease.
=. 10 deposit sufficient amount of
bonds and stocks with the company, or
in place agreed upon, as security for the
faithful and prompt carrying out of the
contract or lease
9. To run the road regularly during
tho term, and to turn it over to the COM
pany at the termination of if, in its i'm
proved condition.
COLUMBIA, December IT, 1869.
Col. H p. Hnmmen- SIR: L un-
derstand that your Board does not
heartily accord with the proposition to
lease the Greenville Road, and also that
more favorable propositions than the ono
submitted could be obtained in case
lease was deemed advisable.
The proposition made on behalf of
myself and associates, was made in good
faith after q careful consideration of the
whole subject, and, as you must now be
well satisfied, the party represented lad
ample means to fulfil all they proposed.
The policy they deemed necessary to
mako your road valuable to the commu-
nifty and profitable to the lessees, in.
yolved the expenditure of not less than
$500, 600, in excess of the revenue, within
two years, and L made the most liberal
proposition can make within the scope
of my authority. I considered two dol
lars per share for the stock its outside
value, and cannot offer more.
Without the cordial approval and CO.
operation Of the present owners and
friends of the road, our scheme would
not be practicable, and in view of the