The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-06-11

The FORT ROYAL RAMRoAD.-The AuCusta
Chronicle Of yesterday has another article in
regard to the Port Royai Railroad. It says
that the New Yorkers who now control the
company proposed to build and equip the load
il the Georgia Railroad would take it in charge,
when completed. at a'valuation Of $3, ,0oO, 900.
guaranteeing q dividend of.six per cent on
that amount. This was considered by Judge
King and Directors Sibley and Jones, OF the
Georgia Road, and ono Of the two gentlemen
last named signed the contract. Judge King,
however. refused to concur in the agreement.
aud made counter proposition, which was
that the road should be built for cash, and
that for every ten miles finished. the Georgia
Railroad would subscribe thirty thousand dol
lars to the stock OF the company at par, until
three hundred thousand dollars had been sub
scribed. Then, when the entire road is con-
structed, and the docks ind gram elevator
built at Port Royal, that the Georgia Road
would subscribe an additional hundred thou
sand dollars making in all four hundred
Thousand dollars. Y The Chronicle says:
Messrs. Flannigan and Browne accepted this
proposition and signed it, subject to the APP
proyal Of their associates IN New York. L. was
also signed by tho Georgia Railroad commit
teo. and may now be regarded as o finality, for
uO OUJoctlOu IL 4HClClpIteQ from the other par.
ties yet to be consulted. Messrs. Browne and
Flanagan lett for New York last night, and.
obtaining the.ap 7roval Of their associates, will
return within thirty days to commence opera
tlons., The road VIII first be graded and the
track Ibid Immediately from the derot OF the
Georgia Road to Sand Bar Ferry where the
bridge will be built across the Savannah. This
Is TO be done in order that rock and other ma.
terial may be brought down the Georgia Road
and carried through to the river, so that the
bridge may be constructed before the waters
contractors agree to have the road finished
from Augusta TO Port Royal by August Of next
year. When this has been accomplished, two
lines Of steamships will be Immediately estab-
lehed, one running TO New York, the other to
Liverpool. sf
-'' We must confess. that to us the whole af-
fair looks very much like moonshine, and in
deed the following paragraph which we take
from the Augusta Constitutionalst, Of yester-
day. squints unmistakabIy in that direction: "A
The Chronicle and eentinel, OF Yesterday
morning, announced that oOntracts were exc
cuted on Tuesday which would insure the COM
pleton OF this road within the next twelve
months This statement was made upon pro-
fessedly reliable authority. We have been
authorized BY Colonel g. p. Elliott, OF South
Carolina. one OF the original projectors OF this
line OF road. and number OF the Board Of Di-
rectors, to state that no such Contracts have
been communicated. The matter is in treaty.
with Northern capitalists. but no definite ar
rangement has yet been concluded Colonel
Elliott also informs us that the parties Maasra
Moses Iaylo~& CO.-nanned in conneckion ryikh
the contract by our contemporary, are not CON
cerned IN the nego citations pandngs, q sTfss