Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1880-01-22
COLE c0RNERED.
The Railroad King Of the South Cut
Out by the Louisville and
Nashville Railroad.

Nashville Railroad.
NASHVILLE, Jan. 17.-About
ten o'clock to-day report was
started that tie Louisville and
Nashville Railroad had gained
controlling interest in the Nash
vile and Chattanooga Railroad,
the stockholders Of the latter in
New York having sold out. This
rumor spread rapidly, causing a.
mong business men unusual ex-
citement. At first the report
was believed to be merely sensa-
tional, but later came confirma-
tory news. The banks and bro
kers' offices were crowded by
stock dealers and merchants, all
eager to learn the particulars of
one of the largest and most i'm
portant railroad transactions ev-
er made in this section, deriving
additional interest from the re-
cent war and the seeming check
mate Of the former road by King
Cole, of the Nashville d Chat
tanooga. Many kilograms were
received by various individuals,
leaving little doubt that the Lou
isvilie Road had secured a con-
trolling interest in the Chatta-
nooga Road. There came gen
eral feeling Of regret and almost
Indignation, and tonight the
crowds at the hotels, waiting fer
further news are very free in
their expressions of condemna-
ton and distrust of the effects
of the change. Col. Cole was
very reticent about the matter
and seemed downcast and dis
heartened. He received a great
many private dispatches from
New York, but none definite un-
til 10 O'Clock, when a telegram
arrived ending all doubt. 1t is
understood that the first premo-
milton of the impending change
was the failure Of the Directors
from New York to arrive this
evening, a meeting Of the Board
having been called to ratify the
lease Of the Georgia Western
and take other important action.
A dispatch was sent to one of
the Directors, asking the reason
of their non-ar'ival, and in reply
came the following:
"Certain changes have been
made, by which you will consult
other authorities hereafter"
Later in the day followed dis
patches to banking men, and
soon the news was all over the
city. The change was a COM
plete surprise to Col. Cole. He
and V. X. Stevenson, the heavi-
est stakeholder, were on terms
of peculiar intimacy. Steven
son had earnestly backed him in
all his movements, and it is
thought nothing but the most
pressing necessity to realize on
his stock could have compelled
Stevenson to desert his manager
Just at the triumph Of the Cole
system. The feeling here is es-
pecially bitter toward Steven
son, while to Colonel Cole the
warmest sympathy is extended
Colonel Cole took charge of the
Chattanooga Road fifteen years
ago. Then its stock was ST.
100000, worth nine cents on the
! dollar. 1t was afterward water
ed to $6,000,000. Three months
ago Col. Cole began his active
operations which resulted in the
control of a through line from st,
Louis to the seaboard, and which
caused an agitation only equaled
by to-day's excitement. The re-
suit was an advance in the price
of his stock to ninety-three cents
, five times its value when he first
took charge, and with the stock
, watered. Under Col. Coles man
: agement the Chattanooga Road
has been particularly friendly tc
: Nashville, and to it the mer-
chants give every preference, re-
garding the Louisville line with
distl'ust. The fear that the
change putting an end to com
petition and cutting Nashville
men out of all influence in its
control will result in policy un.
favorable to the city makes it 6
vital question, and through. Ten
nessee and Georgia the new:
will be received with no less APP
prehension,
The Western Farmers Alma
i L u ID Al