Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1886-05-13
THE LEASE.

We had the space last week only to refer brief
ly to the very important railroad arrangement
consummated at Columbia on the lst instant in
the lease by the Richmond and Danville Rail
road Company of the Columbia and Greenville
Railroad and the Charlotte, Columbia and Au-
gusta Railroad and all their branches for a term
of ninety-nine years. AS both Of these railroads
have been controlled for a number Of years by
the Richmond and Danville system, the owners
of which have held Il majority Of the stock, the
fact that leases have been effected will not be
very surprising to the public. Nevertheless
their definite absorption means a great deal.
Thirteen of the sixteen directors Of the Charlotte,
Columbia and Augusta Railroad, and nine of
the twelve directors of the Columbia md Green
Vile Railroad, attended, and the leases were
adopted by each board unanimously. They
were signed and possession was given immedi-
ately. The terms of the leases are that the Rich
mond and Danville will pay the interest, the
fixed charges and operating expenses of the
roads, and pay over to their stockholders all the
net earnings. In other words, the stockholders
will receive as dividends all the surplus earn
ing of the companies and have no liability for
losses. 4 lease of the Western North Carolina
Railroad on precisely similar terms, has also
been effected. Mr.. George S.. Scott, Of New
1OTh, Represented tlc LidjOTlIy VI IN Il
the Richmond and Danville. He and his North
ern associates control the First National Bank of
New York, haye a controlling influence in the
Richmond and Danville, and are controlling
stockholders in the South Carolina branches of
the system. 1t is stated that the object of the
new arrangemet is to ensure to the leasing COM
pany the absolute control of the roads in South
Carolina and justify it in making the extensive
improvements in the property which are neces-
sarv to develop its resources and make it profit
able.
In Il conversation with the Columbia CORES
pondcnt of the NewS and Courier, from whose
letter we derive this information, Mr.. Scott said
that the improvement and development Of the
system would be begun Immediately. 1t was
the intention of the management to throw all its
influence in favor of the Asheville and Spartan
burg as the western outlet Of the South Carolina
division of the system. The roadway and roll
ing stock of this and the Spartanburg, Union and
Columbia Road would be promptly renovated.
Through passenger and freight trains would be
run to and from the Northwest by this route,
giving the people of South Carolina a short line
to Chicago. 1t was in contemplation to run re-
frigcrator cars between Chicago and South Caro-
lima to bring to the State dressed Western meats
and Western produce. The connections, north
anu SOutn, WOulu ilSO DC greatly lLlpTofcu, anu
through trains would be run between Washing
ton and Charleston and Savannah. Mr.. Scott
seemed sanguine and positive. From equally
good authority came the statement that steel
rails would be placed as rapidly as possible on
the Charlotte and Greenville roads, and new
station houses erected and new rolling stock
placed wherever needed. The Virginia Mid
land, controlled by the Richmond and Danville,
is now being laid with very heavy steel rails,
necessary for it's traffic, and the lighter steel
rails from that road are to be brought down and
put on the Columbia and Grecnville. General
Manager Thomas, ofthe Richmond and Danville,
has been instructed to perfect the system as
soon as possible.
The northern terminus of the Richmond and
Danville is to be Washington instead of Alex
andria.
The property leased will be operated as the
''South Carolina Division" with G.. II. Talcott
as superintendent, and d. C&rdwell assistant
geneneral freight and passenger agent. Nopres-
ent changes in the administration of the South
Carolina Division are contemplated. We learn
that circulars have been sent by the manage