Savannah morning news. [volume] (Savannah) 1868-1887, 1881-04-14

AUGUSTA, April 13-The formal contract
between the parties concerned in the Geor-
gla Railroad lease was drawn up and signed
IN the Georgia Railroad Bank to-day, and
the property was delivered up into the
hands OF the lessees. The lease is to the
owners OF the South Carolina Railroad Com
pany, and not to the company itself, whose
ROAD is In the hands Of a receiver. Mr..
Moses Taylor, one of the lessees, is large
stockholder in the Central and bondholder
OF the Carolina Road but Mr.. Wadley is the
central figure and general manager OF the
new system.
The general sentiment in this city to-day
is favorable to the new combination. The
Mayor of Augusta and a majority OF the
merchants are not opposed to a closer com
bination with Savannah and Charleston.
There is a sentiment, however, which
deprecates the departure Of the
Georgia Railroad from its independent
management, and apprehends injury to the
city of Augusta. This years income ac-
count OF the Georgia Road shows the net
eaInings to be six hundred and sixty-seven
thousand dollars, or II per cent. OF the capi-
tai stock nearly. 1t is the most valuable
piece Of railroad property In the State, and
in the financial depression after the war
paid s, and 6 per cent, when no road be-
ween the Potomac and Mississippi was
making expenses. Its prospects are limit
less, and It will be the most valuable feeder
Savannah has acquired n a long time
Many rumors are rife to-day. IDjunctions
are limited at In some quarters
by citizens and stockholders, and
prominent lawyer thinks that there
may be some trouble with the bondholders,
as no provision Of the road ever being leased
was made on the face Of the mortgage
bonds. Another lawyer, however, and even
the attorney of the Richmond and Danville
Road, says that the lease will stand all legal
scrutiny. The matter of submission of the
contract to the Georgia Railroad stockhold-
ers is unnecessary, but such action will not
alter the result, as the directors control a
msiority Of the stock.
1t is ihtimated on the streets that the next
thing may be to lease the Central to the
South Carolina Railroad owners, so as
to have the entire system under one
compact aud complete management. 1t is
also Iumored that the Richmond and Dan
willie would try to buy controlling interest
in the Central Road. 1t is further said that
the Augusta and Knoxville management
are tryinEto combine with the Clyde COM
| binatiOn to complete an independent West
ern line to Augusta and to maintain North
ern and Eastern freights intact for this city.
A new road up the Savannah river valley is
even talked about.
Georgia Railroad stock to day is quieter
at from l50t 1925. Central is excited at 1877.
Augusta brokers are beginning to believe
strongly ia Mr.. WadleY, and are banking
heavily on his movements. tits said that
Mr.. Jno. Il. James, of Atlanta, and Geor-
gia Railroad director, cleared $50, 600 by the
rise IN Georgia, he holding three thousand
shares. Mr.. Thomas 2. Branch, OF Angus
ia, held fifteen hundred shares Mr.. John
Davidson, another director, held fifteen hun
dred, and the PhiniZys, of Athens and Au-
gusts, had blocked between two and three
| thousand shares. Mr.. Geo 7. Jackson, of
Augusta, was the only director who opposed
the lease, although Mr.. H. ID. Mcdaniel, of
Walton county, favored submitting the
question to a convention of the stock
holders.
Your correspondent visited President
Wadley at his room at the Planters Hotel
this evening, and found him suffering from
the fatigue of the intense labor of the past
three days. He said that while the railroad
offices in Augusta will be worked more
closely together, there will be no material
dimunitiOn OF employees or operatives here;
that the patronage of the consolidated sys-
tens would not be carried North, but, other
things being equal preference would be given
to the cities along the lines for material, etc.
! He said Augusta will not be injured while
| Savannah and Charleston are being built
up. He intimated that he would prefer If
| possible, to have the Northeastern Of Geor-
| gla attached to this system. The present
arrangements, Mr.. Wadley said, would be
| great thing for Georgia and Carolina. Ii
/ this combination had not been made the
roads would have fallen into the Clyde com
| bination and our section and seaports would
have been drained of their legitimate pro-
ducts.
OF course such products could not all be
secured for the new system, for q o people
can be pent up, and no road bottled up by
any combination, but our home cities and
seaports would now stand better chance
than before.
Mr.. Wadley leaves for Savannah to night
Mr.. H. Ii. Carlton, City Attorney of
Athens, is in town this afternoon perfecting
the transferral OF the Athens stock OF the
Northeastern Railroad to the Richmond and