The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-12-29
AN IMPORTANT CONTRACT.
The Atlantic. GreenyiIie G Western
Railroad Goes to Susong & CO.-.-A
Bright Promise Of Greenvi!le III
the Transfer -. Ninety-siN ana
COkesbu-y to DE Placed Oil One of
the Greatest Iron Highways in
the South.
Greenrilte Nc,0S.

the Greatest Iron Highways in
the South.
Grcenrule Nc,os.
The present indications arc that the con
! tract completed last night in the law office o
Wells. Orr & Morgan was one OF the most I'M
portant transactions for this city that has
ever been made, and will result In giving Il
Greenville the prize 50 long and eagerly
struggled for-direct, short, through line con
nection with the West and Northwest.
| The directors of the Atlantic, Greenville
& Western Railroad met susong & Co, both
parties being accompanied by their legal ad
visers. Wells. Orr 3 Morgan represented the
railroad anu W. C. Beuet, Of Abbcville, rep
resented Susong & Co.
1t will be remembered that the Atlantic
Grecnrille e. Western organized last yeal
and projected a narrow gauge from Augusa
10 Grecnville by Nirety:Siy, Cokesbnry
was subscribed for it by townships, corpora
tions and individuals along the line, the
township subscriptions being in bonds
About 50 miles Of grading, from Hamburg
two months ago the road was found to be In
difficulties. The township bonds were dis
posed of only below par ana debt then es
timatcd at between $4,000 and $4,000 was
due with no available assets tn meet It, and
about 80 miles, from Wares Shoals to Pied
mont, was ungreled. The assets OF the roaC
were nearly exhausted. but by the terms, o.
the charter no subscriptions of township
ship until the grading through it was com
pleted. It was doubtful, however, II the sub
scriptons wonld fully meet the debt and com
plcte the grading even when all the bonds
were available.
When Susong & Co. proposed in general
terms to take the assets of the road. assume
its liabilities and build and equip 1t the 81 ock
holders saw way out, and. after much heSl-
lation, finally decided to abandon the orig
inal purpose OF making the road one to be
built and managed entirely by the people
along the line, and authorized the directors
to accept Susong & Cos proposition on COM
pliancc with certain requirements.
At the meeting last niyht the contract was
gone over carefully. clause by clause, many
changes OF detail being suggested, discussed
and agreed on. MrSusong. Mr., Boyd and Mr.
Rumbo, OF Warm Springs, Tenn, of the firm
Of Susong & Co.. and representing g the parties
interested, attended by invitation. The work
was finally concluded at II o'clock last night
and n resolution was adopted authorizing the
president and secretary to sign the contract
In behalf of the company. They Will sign
this morning.
Susong 4 CO, by the contract, take the road
and all its property and assets. They agree
to pay the liabilities now about $4,000, and
give bond in so 900 to complete the grading
from Hamburg to the upper line Of Oak LaWn
township, in this county, by January lst, lSSS
They guarantee to iron and equip the road by
january 1st 1859, and to so by. Pclzcr and
Piedmont If the payment of the su6Scrlp.
tions offered by the Pelzer and Piedmont
COlDDantcS on the complexion O1 the pTIOlnp
10 Piedmont Is secured If the grading and
equipment is not completed by January 1st
1850 Susnng & Co. are 10 forfeit all thc!r Inter
est I'm the road.
s1$l5O 100 OF new stock is to be issued toSusone
& Co., making q total issue of <27G,010 and
leaving $l2G.0OI in the hands Of the original
subscribers. This new issue Is 10 be placed In
trust In the Grcenvlle National Bank aild de.
liVcrSd To SuSong K Co. on the completion o1
their con! !.nct. For the eluipmenG and iron.
ing of tre rCftll first mortgage bOHds 10 the
amount of not ii:Grc than $l0,Ml mile Will
he issued, the ne2b:ia'ion OF tnem to be
managed Jointly by Sus2p& Co. ana the
ofsic of the road.
Wells, Orr & Morgan hava examined ms 10
the financial standing of S;usoiiE d. Co, and
the sutli"iarc fof the bond they occri ana re-
port l;lvorably.
Scriptions will Ec withdrawn. as Col. Ha;o-
melt and Capt. Smyth have resigned Gs direc-
tors. and that action is taken TO mean entire
withdrawal. Ii that supposition is right. the
road will como this way on "ihe ridge" leav.
ing out Pelzer and Piedmont entirely.
The contract insures this : Either there Will
he railroad built and in operation between
the unper end OF Oak Lawn. twelve miles
from here, and Hamburg within two years
or there Will be graded road rc0dy for the
iron with no cost to the townships hut their
bonds. For the rest of it, the remark OF Mr..
Rumor last night is eloquent: IF We COMMIT
see daylight between here AMI KnpXvil!e
you don t suppose we would be putting all
rhis money and work between here and Au-
yuEta, do y0u?"