The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1886-11-11
Yhe A., G. and W. Railroad.

NrNETY.SIX, November 6.-The
stockholders of the Augusta, Greenville
and Western Railroad met here on the
4th, and continued in session for two
DAYS. The most important business
before the body was the offer of Susong
& Co., of Tennessee, to buy or take an
interest in the read.
The report of the officers showed an
Indebtedness on the road from Augusta
to Saluda of some $4,000 more than
they have the means to pay. The road
from Saluda to Greenville has bonds
untouched enough to do that grading.
This was about the condition of things
the stockholders found. AS is known by
all, this was to be narrow gauge road,
and in all the grading that has been
done, some seventy five to eighty miles,
up to the present, the fills and cuts were
made only with view to narrow gauge.
As to the proposition of Susong & Co.,
of which the people have heard so much,
and concerning which no one could tell
for it had never been submitted until
yesterday-some said that they were
employed by the Clydes to buy the road
for them, others that they were not
responsible men. A thousand and one
rumors were aAoat in regard to these
men and their intentions. So when the
Convention met, large part of it was
so prejudiced against the company that
no offer they could make would meet
with favor.
Mr.. W. O. Benet drew up the propo.
sition for Susong & Co., and read it to
the Convention. 1t was this: They
propose first to pay all Of the liabilities of
the company south of the Saluda; then
take the assets and the road north of the
Saluda and grade the road to Piedmont,
via the Pelzer factory, they to pay all
deficiency the assets lack, of doing the
work to change at once the work or
the time to suit standard gauge roads; to
complete all the grading in one year,
and to iron and equip the whole line in
two years from the 1st of January, 1887.
In addition to all this they offered to
give bond in $50 900 that the read would
not pass into the hands of any other
company for five years after its compile
ton and for carrying out their contract
in good faith.
The contract further stated that if they
failed to comply with any part Of it, all
they had doue was to be forfeited to the
stockholders. All they required on the
part of the stockholders was to issue to
them the stock of the company, to the
amount of sl50,000, which would be q
controlling interest. This stock they did
not want now, however, but provided
that it should be placed in the bank in
Greenville, in trust, until they complied
in every respect with their contract, and
that the stock was not to be turned over
to them until they ran train through.
They also agreed that the stockholders
should hold stock to the amount of
$12500O in common with them. The
stockholders were to elect their own
president and board of directors, and to
manage all affairs till the completion of
the road.
When Mr.. Susong saw that the
Convention would take no action on his
proposition until their next meeting,
which will not be held for thirty days, he
withdrew it. While there were good
many who thought Mr.. Susongs propo'
sition most liberal one, and that it
should be accepted, majority seemed
to be against it. hope our new board
of directors may be able to work us out
of our trouble. Mr.. J. B. Humbert, of
Laurens County, who is our new presi.
dent, is as good as the line affords, and
be has good men as directors. A good
many OF our people are little gloomy
over the present prospects. Had Susong
& Co. gotten possession of the read, they
would have passed it over to Knoxville,
Tenn, as they all live in Tennessee.
Alex. Stuart & Co. have given up their
contract of grading the road from
Cokesbury to the river. and the new board
has settled up with them in bonds at Is
cents on the dollar. w. E. Sullivan is
still at work on the lower end of the line,
near Augusta.