Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-05-23
THE PORT ROYAL RAILROAD.
Ere Jrsalrent cf Half Million Ct its
Bonds.

We condense from the Augusta
Chronicle the following report Of the
proceedings Of the directors Of the
Georgia Railroad on Wednesday:
The original proposition of the Port
Royal Railroad was that the Georgia
Road should endorse $1,000 600 of the
first mortgage bonds of the Port Royal
road For this endorsement the Geor-
gia Railroad Company was to receive
81 250, 600 Of the stock Gf the Port
Royal road, absolutely, while a power
Of attorney was to be given TO the
board of directors Of that company to
vote $500 600 more of The stock. thus
giving the Georgia Railroad a control,
Ing interest in the Port Royal Rail
road. The directors held meeting On
Wednesday aud again took the propo-
sjtion of the Port Royal Railroad Com
pany into consideration. Th.rc were
present Pre- sid mt King and 81 SSrs. E.
Z. Jones, Edwd. r. Ware, \ PuU?lain,
JAS W. Davies l. NJ. Hill. .iosiah Sio.
ley, Stevens Thomas, Geo. I. Jackson.
Jas. S. Hamilton, N. =. StoVaIl. d. f.
Butler, VIM. II. Reese and Wm. w.
CLARK. of the board. Three-Messrs
Tn J. Burney, George IIillyer, and
JOhn Davids Dn-were absent. After
discussing the matter for some time,
the directors, hy vote Of ten to three,
decided to accept the. proposition
Judge Reese, Sne of the three voting
nay, then notified The board that ap-
plication for an injunction TO prevent
them from endorsing The bonds would
be made to court Of law, aad. III all
probability, granted. Upon this the
board decided to send q com nittee- to
confer with Mr.. r. Z RJbIns, Of the
firm Of Robbins Appleton s. Co, who
was in an adjoining IOom. to inform
him uf what had bceu stated by Judge
Reese. Mr.. Robbins finally decided
that it w2u1 i i; best for the Port Roy
al Ra ltU&d Com ANY to accept the en-
dorsem"nt Of $500 900 Of their bonds by
the Georgia R&ilrqad without law
suit, than 81 .0OJ 900 with it. To the
endorsement Of this amount Of bonds.
the stockholders who had threatened
to procure az injunction were not op-
posed. The board, therefore, reconsld-
cred their action, and unanimously &C.
cepted the second proposition Of the
Port Royal Railroad Company, and
entered iuto a contract with it, as fol-
lows: The Georgia Railroad. on its
part, endorses $500,U00 of the first
mortgage bonds OF the Port Royal Rlil-
road imm' diateiy, while the Port r yal
Company turns over %G25, ,O0) OF It's
stock to the Georgia Railroad, ahsO-
lutCIy, and gives it a power of attorney
to vote 500, $50 additional Of stock.
The power Of attorney to be irrtvoka bic
for three gears, and the Georgia Rail-
road to have the option, at thc'end tf
that time, to purchase The stock at its
market value. 1t viii be seen that it
really places the Port Royal Railroad
under control Of The & :0rgia Railroad
Company. We also learned thai the
subject Of the Savannah and Charles
ton Railroad was before the board.
This road was obtained control of by
Mtssrs. Robbins. Appleton Is Co.,
some time since, for tls sun Of 500
900. These gentlemen offered to re-
lEQuish the road to the Georgia Rail
road Company if they would pay the
above amount. not in cash. but III
bonds. The bard appointed com
mittce, consisting of Mcssrs. II. p
StovalI, b. E. Better and Geo. T. Jack
son, to crnl,r with Nr. Robbius in re-
gard to the n after. with Instructors
TO report at the June meeting Gf The
direcSors. We understand that it is
probable that The committee will re-
port tavorably upon the proposition,
provided the condition Of the road is
such as 10 warrant such conclusion.