The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-11-10
THE A, G. and v. RAILWAY.
ANNUAL MEETING OF TIE sToCKHoLD-
ERs OF THIS NEW ENTERPRISE.
Items Of Particulars In the PROPOSE
tion Of Susong & Co.. and the
Final Withdrawal of their 0Her.-.
Election of Officers,

Final Withdrawal of their 0Ger...
Election of Officers.
The Stockholders of the Atlantic, Green
vile and Western Railway Company met in
the Masonic Lodge room at Nincty-Six last
Thursday in annual convention. The ch1el
business, In which all interest was ccntered,
was The tnlkcd.Of proposition OF Susong &
Company, To buy the road, assume It's present
liabilities, change the gauge to standard
gauge, and iron and equip It., After transact,
the appointment of II committee to investi-
gate the financial standing of the Company,
the meeting adjourned until Friday morning,
when the committee reported that the liaOili.
ties OF the Company were S33.SSi auu The as
sets S27, ,325, South Of the Saluda.
THE sUsoNG CONTRACT AND ITS WITH
DRAwAL.
Messrs. Susong e. Co., through their attor-
ncy Mr.. w. G.. Benet, OF Abbevillc, submitted
til cir proposition to buy tho rond. a commit
tee Of five was appointed to investigate the
proposition and to report as to the adv: bill
~ OF accepting or rejecting the offer. After a
session Of two or three hours, and after sug-
which were accepted by Susong 4 Company,
The committee unanimously reported In favor
of accepting The offer, which, stripped of Its
legal phrases and verbiage, w,ls substantially
as follows:
That Susong & Company assume the present
Indebtedness and liabilities Of the road.
That they will complete the grading OF the
road rs now located from Hamburg, Aiken
county, To and through Oak Lawn township
1899.
That they WILL with good material and In a
work manlilIe manner, iron and equip the
road from Hamburg toand through Oak Lawn
township by the first day OF January, 1889.
That they continue the construction Of the
road from Greenville to the North Carolina
line. provided the towns or townships along
SnhgPribp amount nUney
by taxation or otherwise TO grade the road.
Susong & co. bind themselves to finish the
grading from Piedmont to Greenvllle within In
within two years after the money shall have
been subscribed.
That Snsong 4 Co. will construct side tracts
and depots as may be determined upon by the
President and Directors In connection with
Susong & 60.
Susong & Co. bind themselves to grade the
road by way Of Zerand Piedmont, provided
shall secure the payment of the amounts OF
money, 81 800 each, rs hereto promised. =.
Susong & Co. guarantee that the ro;td Shall
not he sold to nor analIamated with any
rOaG In South Carolina within five years af-
ter the completion of the road.
The Atlantic, Grcenvillc & Western Rail-
way were asked to agree:
over to SusQng & Company all the available
assets of the rJad, provided that the work
done shall be measured and valued in ac-
co"dhnce with existing contracts.
That the railrnad Will issue to Susong Il Co.,
stock OH the line from Oak Lawn tn Hum
burg to the nmonnt Of S50,0O0. but to he
placed In The National Bank or Grcenville
in trust until The road is grndedand equipped
the status of the originul stock holders re-
mHinng unchanged, as 10 their right TO the
possession of their stock.
That the a. 6. Il w. Railway Company
and Susong d Company shall have the
ri, tf,i nr "a IN n N n
sufficient To complete the equipment OF the
road from Hamburg to Oak Lawn. and that
for the purpose OF negoIiatin! the bonds, the
Atlantic, Greenville and Western Railway
Company will appoint one agent, ana Sus0ng
& Company Will appoint one agent. said
agents to be subject to the approval Of both
parties to The contract
Provided, That Snsong & Company Shall
change tho gauge to 81 standard auaSc:
PROVIDED. further, That The railrCa com.
pany shall elect the President and Board ol
Directors, and all unSaa'led officers, but that
The Salarrd officers, with the exception ol
the President, shall he chosen by Susong &
Company, who shall fix the salary OF that
officer.
Provided further. That should Susong & Co.
fail or make default in any ono or all of the
conditions and covenants herein entered into
they shall forfeit TO the railroad company the
amount Of money which they may have ex.
pended In paying Off the Indebtedness OF the
railroad company, which they assumed aud
the contract
Provided further That should the railroad
company fail in any Of their covenants and
agreements, the railroad company sha for.
felt to Susong 4 Company the $l5o,DO worth OF
stock to he issued and placed In the National
Bank at Gretnvile In trust.
Provided further. That Susong Il Company
shall give bond to the road In the sum n
S5n.0D0. secured by two or more good and sum.
cient sureties. 10 be approved by the railroad
company, said bond to be conditioned on the
due performance OF the covenant 10 complete
The grading of the rou'l from Hamburg to Oak
Lawn township by the first OF January, 1888
The above synopsis contains note OF every
item of the contract.
Considerable discussion followed, and much
feeling was manifest.
\ resolution was introduced postponing &C
ton for thirty days.
The favorwith which this resolution was re-
ceIved, together with the evident opposition
tn the sale OF the road induced Mr.. SuSong III
nsll his attorney to withdraw his proposition
pending the consideration Of the resolution.
ELECTION OF OFFICERS.
The following officers were elected: PresI
dent, ]. b. Humbert; Vice-President, I. Il
II ID 4