The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1881-04-21
GOOD NEWS FOB CHARLESTON.
The Owners OF the South Carolina r. r.
Moving Last.
Special Dispatch to News and Courier.

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Moving Last.
Special Dispatch to Ne'rs and Courier.
AUGUSTA, Ga, April -.
The child is christened, and it
name is the South Carolina Railroad.
All day long the directors of ths
Georgia Railroad have been in session
every member, with the exception O.
Gen. Alexander, being present, anG
all day business men, and especially
those interested in railroad stocks, have
been anxiously awaiting the issue. Mr.
Wadley, MIR. Fisher and Mr.. Haskell
were closeted with the board during the
entire day, and it was impossible to OBJ
tain any information 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.
tral and both continued firm. During
the morning sales of Georgia were made
at 140, one country stockholder disposing
of all he owned-250 shares-at that
figure. Central kept pace with it, and
sales we're made at 1874. Both purchas-
ers and sellers were a 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
leaked out. At 4 o'clock the directors
again met and remained in session until
half.past 7, when they adjourned. 1t
was then ascertained that their delibera-
tions had resulted in the following &C.
tion:
The board of directors of the Georgia
Railroad Company have agreed to rent
out the Georgia Railroad aud its depen-
denotes to the owners of the South Caro-
lima Railroad, consisting of VIM. NJ.
Wadley, John 81. Fisher, Moses Taylor
Samuel Sloan and others, for the sum OF
100000 per annum. This sum is to be
paid in two .semi-annual instalments OF
100000.
The lease is to date from the 1st 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 we'll as $25, 900 in bonds
of the Compress and Elevator Company
of Port Royal, and all real estate not
essential to railroad purposes. The
Georgia Railroad Company is to retain
in its custody all the bonds and stocks
of the company; but the lessons, 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, sub
ject to inspection at the pleasure
of the lessons, and they must return it in
the same condition as they received it.
Nor are the lessees to cucumber the
property with liens of any sort, or to use
it in violation ofthe charter of the Geor-
gia Railroad and 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; and the title to all rolling
stock, as the same may be renewed from
time to time, is to remain with the
Georgia Railroad and Banking Compa-
ny.
This agreement was voted for by every
membor of the board, except one, who
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 che agreement the organization of
the Georgia Railroad is to be continued
under its present officers, the lessees 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 the Georgia Rail-
road Company, which is S4,200,000 and
6 per cent. on the bonded Indebtedness,
leaving 100000 annually as q surplus.
or sinking fund. The Georgia Railroad
Owls a two.ffths 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.
In the discussion in the board to-day
it was 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
IeallIodu VI hldudu1oy dtIu tuC SouVhW0s'
tern Railroad.
The contract agreed upon to-day will
be signed by the contracting parties to.
morrow and the Georgia Railroad will
be formally turned over to the lessees.
The directors have full power to sign the
contract without reference to the stock
holders, the directors being the corpora.
tors under the charter. 1t is limited that
some of the stockholders may apply to
the courts for an injunction to restrain
the directors from carving out the con-
tract, but it is not believed that anything
will come of it.
The directors of the Road claim that it
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. cit will be-" he
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