The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1869-12-31
The Creenviile & Columbia Railroad.
and Northern Capitalists.

quest:
We learn that at late meeting of
tho Directors of the G. & G. r. r.,
held in Columbia, a proposition to
lease the road for number of years
was made by certain Northern Cap
italists. Through the kindness Of a
friend, we are enabled to give tho
terms of this proposition, which we
append below. Its acceptance in
volved the necessity of calling meet
ing of the stockholders, and we regret
that some difficulties growing out of
tho subject, has led to it's withdrawal.
We still hope that this or some similar
arrangement may be made by which
Northern skill, Q, terprise and capital,
may be directed, in this most efficient
mode of stimulating our industry, and
developing our resources.
What is it that these Capitalists
proposed to do?-to pay the doatiug
debt of the Company, and keep down
the interest Oh the founded debt-to
buy up the Stock: at 50 per share
to replace the light iron of the road
with heavy "T' iron-to improve the
rolling stock-to build telegraph
line along tho road-to reduce the
freight and passage rates 20 per cent.
in short as stated in the annexed
letter of their agent, to expend in two
years, upon the road, ono half mill
ion moro than the revenue of the
road. We learn also that it was in
tho contemplation Of these gentlemen,
to extend the connections Of the road
by building n branch to
Washington, Ga, on the West, and
TO Chester on the East-in fact to do
all for it that capital directed by skill
and energy could effect.
Should this or some similar propo-
s:tion not be accepted? Would it
not be to the interest Of tho stockho!-
dcrs themselves to sell out at So per
share ? Even if it involved sacri
flee in this particular, would it not be
amply compensated, by the apprecia-
ton of those greater interests which
belong TO the stockholders rs owners
of real estate, and property holders
otherwise? Who shall set limits to
the benefits which would result from
tho infusion Of Unlimited capital and
nnboundcd energy into an enterprise
of this character. How much would
it not do to stimulate industry at
home, and to attract capital from
encourage emigration-to to
enhance the valuo Of our lands-to
give new impetus to business Of al!
i!nds-to foster every material in
tercst---to lay wide and deep the torn-
iations of Our future growth. Come
whence they may, we welcome into
our midst, foreign skill, energy ard
capital. AS business men, as patriots,
and philanthropists, we extend to
them our most cordial welcome, most
ardent sympathy and earnest cooper
ativcs.
The following is, a Memoran-
DUN of tho proposition to lease
the Grecnville and Columbia
Rail Road by Thos. A. Scott, President
Pennsylvania Central Rail Road, and
Henry Clews Banker, New York.
1st. To lease the Road for 20 or Is
years.
End. To pay the interest on the
entire funded debt Of the company
and to continue to pay it promptly as
it natures during the lease, also to
pay the floating debt of tho company
at the time the lease commences.
3D.. To buy all the stock offered
within one year from the date Of the
commencement Of the lease ut two
dollars per share cash.
4th. 10 takc up and relay all the
light Iron on the Road (say about IS
milcs) with II Rail Of not less weight
than SO lbs to the yard, within two
years from the commencement of the
lease, and to relay all the balance Of
the road when needed with simila,
iron.
5th. To improve tho condition O!
the rolling stock Of the road, within
ono year, and make it equal to the ro
quirements of the road, and to keen i,
up to the improved condition during
the lease.
9Th. 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 neces
sary legislation, can be obtained from
the Legislature.
9TH. To reduce the rates Of freight
and passage at once 20 per cent. be
low present rates, and not to increase
it above that reduced rate during the
lease.
9th. To deposit sufficient amount
of bonds and stocks with the compa
NV ~. ,,lon.