The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1881-04-21
GOOD NEWS FOB CHARLESTON.
rhe Owners OF the South Carolina II. X.
Mo Wing Last.
Special Di,pateh to Metrs and Courier.

Tho Owners OF the South Carolina II. K
no Wing Last.
Special Di.patch to Netrs and Coxrier
AUGUSTA, GA, April ~.
The child is christened, and its
name is the South Carolina Railroad.
All day long the directors of the
Georgia Railroad have been in session
every member, with the exception OF
Gen.. Alexander, being present, and
all day business men, aud especially
those interested in railroad stocks, have
been anxiously awaiting the issue Mr..
Wadley, Mr. Fisher and Mr.. Haskell
were closeted with the board during the
entire day, aud it wss impossible to OBJ.
tain any !nfofmatit:: from them in re.
gard to the matter. All sorts of rumors
prevailed and the spectators in stocks
were uncertain how to act. The belief
that some combination would be formed,
however, buoyed up Georgia and Cen.
trail and both continued firm. During
the morning sales of Georgia were made
at 140, one country stockholder disposing
of all he owned-250 shares.-a that
figure. Central kept pace with it, and
sales were mado at 1874. Both purchas-
ers and sellers were little nervous,
however and the sales were consequent.
| ly restricted.
At noon the directors took recess
until p. m. All that could be ascer-
tained at that time was that committee
had been appointed to report to the
| board at the end of the recess. Nothing
whatever as to the subject of the report
again met and remained IN session until
yuha n
was then ascertained that their delibera-
tions had resulted in tho following &C.
| tion:
The board OF directors Of the Georgia
Railroad Company have agreed to rent
out the Georgia Rs ilroad and its depen-
| denotes to the owne "a or me South Caro-
lima Railroad, consulting of VIM. NJ.
Wadley, John III. Fiehor, Moses Taylor
Samuel Sloan and others, for the sum of
5000, 900 per annum. T"ie sum is to be
| paid in two semi-annua, 'nstalments of
100000.
The lease is to date from the LIST day of
April, 1881, and to continue for the term
of ninety nine years.
The lessons, the Georgia Railroad
Company, will retain the bank building
and banking department, including all
cash on hand, as well as $25, 900 in bonds
| OF the Compress and Elevator Company
of Port Royal, aud all real estate not
essential 10 railroad purposes. The
Georgia Railroad Company is to retain
in its custody all the bonds and stocks
of the company; but the les,yors, the
owners of the South Carolina Railroad, are
to have the dividends and voting power of
the stocks and bonds. The lessons, the
Georgia Railroad Company, are to pay
interest on the entire bonded debt of the
Georgia Railroad and the Macon and
| Augusta Railroad. The lessees, the
owners of the South Carolina Railroad,
are to pay interest on the bonded debt
of the Western Railroad Of Alabama.
The terms Of the contract require the
South Carolina Railroad owners to
keep the property of the Georgia
Railroad in good condition, SUBJ
ject to inspection at the pleasure
of the lessons, and they must return it in
the same condition as they received it.
Nor are TIE lessees to cucumber the
property viii liens of any sort, or to use
it in violation ofthe charter of the 3eor-
gia. Railroad aud Banking Company.
AS security for the proper compliance
with the terms of this contract, the lessees
| are to deposit one million dollars In
United States bonds, or other bonds of
equal value; sud the title to all rolling
| stock, as the same may be renewed from
time to time, is to remain with IT, /,
Georgia Railroad and Banking Compa-
! ny.
This agreement was voted for by every
membor of the board, except one, y7ho
| voted No. Gen. Alexander telegraphed
his assent. There was full discussion
of the scheme, and it met with great
favor from all the directors, save one.
Under the agreement the organization of
the Georgia Railroad is to be continued
under its present officers, the lessaes hav-
ing full control of the railroad, however,
| and running it to suit themselves. The
terms of the lease amount to 10 per cent.
on the capital stock Of Tao Georgia Rail-
road Company, which Is IA,200OO0 and
per cent on the bonded Indebtedness,
leaving 100000 annually as q surplus.
or sinking fund. The Georgia Railroad
owns two.fifths interest In the Port
Royal Railroad, and the South Carolina
Railroad secures control of that. Thus
the interests of the three ports of Savan-
nah, Charleston and Port Royal are
| linked together, the owners of the South
| Carolina Railroad having also control of
the Central Railroad.
III Cne QlscueSl0n In the board to-day
it wss shown that unless something Of
this sort was quickly done all the South
ern roads of any Importance would be
gObbled up by Northern railway combi-
nations, who would work them for their
own interests and ruin our Southern
ports. The new management will now
operate grand system of roads, consist.
ing of the South Carolina, the Central.
the Georgia, the Macon and Augusta,
the atlanta West Point, the Western
Railroad of Alabama, and the Southwes.
tern Railroad.
The contract agreed upon t,.day will
be sigued by the contracting parties to.
morrow and the Georgia Raifr4ad will
be formally turned over To tbs lessess.
The directors have full power to sign the
contract without reference to the stock-
holders, the directors being tiIFo eoT;,i,Ii eoS5II
tors under the charter. It is limited that
some of the stockholders may apply to
the courts for an injunction to restrain
the directors from carrying out the con-
tract, but it is not believed that ANYTHING
will come of it,
The directors of the Road claim that il
was absolutely essential for the safety OF
the three Roads that the combination
should be made.
A prominent director of the Georgia
Railroad stated tonight that Charleston
would be more benefited by the lease
than any other place. "It will be-" ne
as sr-.- "a