The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-05-17
ggE PORT ROYAL RAIRoAD.
Endorsement Of Hall a Million OF Its
Bonds.
We condense from the Augusta Chronicle
the following report Of the proceedings OF tne
directors of the Georgia Railroad on Wednes-

We condense from the Augusta Chronicle
the following report of the proceedings OF the
directors Of the Georgia Railroad on weanes-
day: .ss
The original proposition OF the Port Royal
Railroad Was that the Georgia Road shouin
endorse 81 900. 600 of the hrst or,gage 9onns
menI tho Georgia Railroad Company was 10
receive sl,250OO0 Of the STOCK @ Oh tne of toi' o.,
RnvaI Road. absolutely. while q power o! a.
tnrney was 70 be given TO lne noa non VI @ of
tors OF that company to vote sooOog iN.a uo' "
th. slock, thus giving :he Georgia ui ha.iIgeu pu
controlling Interest IN me 1ae ro'' % meeting on
Wednesday and again took the proposi,lon
~ the port ROYAL Railroad Company INTO
Consideration. There were present Preslutnt
Kiny and Messr5. E. E Jones E.wd n. ware,
"a. Poullain, J,s. W Davies Il; h; nm,' DoTia" Ia.
q Hamil ON. NJ. P. Siovall, D. E. Butler, wn.
n Rsrse and VIM. W. Clark, OF Inc orard.
Three Me4srs. 1hos. J. Bnrney. George a'l
1sr and John Davidson-were aosent Al'er
Siscnsslng the maLler for come time. inc oirec-
tors by q vote OF tee 10 three, drcloeo..9 az,
cept The proposition. Judge Reese, que - ,Sat Sa
three voting nay, Then no filed the oOaru Ina ena.
annIication ior an injunction 10 prevent tnrm
frmm endorsing the bonds would De maue
- cnnrt of law, aud, in ali probability, grant,
a. Uoon thus the board drclo1a 10 n senu
= committee 10 confer with Mr.. n. y. hog.
ins. Of the firm OF ROBBINS, ApPae'on ,%
o. Who was In an adjoining room: & =, III,
~, 49, h.m q. what had been stated oy Judge
Rasse ; Mr. Robbins finally decided lnat II
wonId ,ba best for the Port Royal hai roao
Comnanv to accept the endorsement OF SoOo.,
nm of I6eir bonds by the Georgia kahroaa
without a lawsuit, than Sl,ooo,ouO WIN ~ ~;
TO the endorsement Oh this sa anuu9s ,hrsaisnsd
r., procure an Injunction we're not opposed.
The board. .lerefore, reconsidered tnsir
ac,son And unanimously accepted the
second proposition Of the Port koyal
Railroad Company, and entered ihto
contract with it, as follows: Inc .on 1rUl, oao
gia Railroad, on Its part enaorsre S So'g%T1 1orJ
Rovai Railroad, Immediately, while the
Port Royal Company Turns over s6zo,-
1aDli OF its stock to the Georgia Rail-
road. absolutely, and gives 1t power
Of attorney 10 vote $sOoOOO aooluonai
Of sLock, the power OF attorney 10 pe
Georsis Railroad to have the. option, at the
end or that time. to purchase the stuck at It's |
market value. It will be seen that It really |
nIanrs the Port R lyal Railroad under control |
Of ths Georgia Railroad Company. we also
learned that the subject of the Savannah and
Charleston Railroad was before =. Tn sne Isa ooaro.
Robins, Appleton & Co., some time since, Tor
the sum OF 100000. These gentlemen offered
10 rellpqniah The road to the Georgia Railroad
Company If they would pay the above amount,
notln Cash, UuL In bonds. The board appoln.-
ed is committee, consisting OF Msssrs n. r.
&oyaG: 2. g. Butler and Geo. 7. Jackson, to |
confer with Mr.. Robins In regard to The mat
tar. with instructions TO report at the June
rnssating OF the directors. We understand hat /
IL Is probable that The committee WILL report
.faborably upon the proposition, provided the /
the condition of The road Is such as TO warrant
auc3 a, conclusion.