The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1880-01-22
sCOOPED.
The Biggest Railroad Sensation
of the Age.
Capture of the Cole System by
Louisville Rivals.
From the NsshrilIe Ameriean.

capitol 10 atoms, It could not have
created more astonishment and dismay
than the reports which became gener
ally circulated about noon yesterday
to the effect that the management Of
the Louis vile and Nashville & Great
Southern people have purchased q
sufficient amount of stock to obtain
control of the Nashville, Chattanooga
X St. Louis. The news spread with
great rapidity, the excitement increas
ing in its wake until it became de.
cidedly feverish.
In response to a business telegram
sent by President Cole to a Nashville
director now in New York, and who
was in all probability interested in the
change in the stock which had already
occurred, the following was received:
Certain changes have been made
by which you will have to consult 9TH
er parties hereafter.
This dispatch was not obtained from
President Cole, but was a matter OF
general report about the Maxwell
House and said to be authentic.
A reporter of the American called
on President Cole at the Chattanooga
depot at 6 pm. and desired to know
whether he had received any telegram
from New York giving a definite idea
us TO whether The stock had changed
hands. He said that up to that time
he had received no telegram concern
ing what had occurred. The reporter
met him later at his residence, when
he made in substance the following
statement:
81 have received reliable informa-
ton from New York that important
changes have taken place in my com
pany. What the changes are OF the
effect thereof do not know. i knew
nothing of it until late this evening,
and was greatly surprised and am now
without details of the transaction. /
trust that nointerest of Tennessee, my
native State, and of Nashville, nor
any connection of our line, will suffer
by any changes that havs taken or
may take place"
President Cole appeared to be very
much depressed, but said that he had
learned all through life to take things
as philosophically as possible and to
hope for the best.
The news when first received by the
management was an electric shock.
1t was especially unexpected by Pres
dent Cole, who had not looked for
ward TO such a result Having &C.
complished all that was possible or de-
sirable to do for his company in the
organization of magnificent system
OF Southern railways, he had hoped to
enjoy a season of rest. By some,
however, it had been feared for sever
nj DAYS past that theicontinued stay of
Vice President II. Victor Newcomb,
the financial agent of the Louisville
d Nashville Il Great Southern, and
other prominent officials in New York,
meant mischief. President Cole by
his able management and strategy has
so completely cornered the Louisville
d Nashville d Great Southern rails
road that its managers found them
selves either forced to build the Geor-
gia Western at cost of several mil,
lions or cover in the Nashville, Chat
tanooga & St Louis railway stock.
As the amount ofstock required to be
purchased was about S4,000,000, it
was cheaper to purchase a controlling
interest even at par than to build the
Georgia Western.
The unkindest cut of all was the
manner in which President Coles lead
ing directors treated him. They ut
terlv ignored him in the transaction.
V. r. Stevenson is criticised with es-
pecial severity. It,is generally thought
that he arranged the "sell out" and
that the profit he has realized must be
at least five hundred thousand dollars.
q. NJ. Eogg, who is also a director
and attorney for the Nashville, Chat
tdnooga and st. Louis railway, left
here very hurriedly a few days ago
for New York, ard is supposed to have
gone over to the new combination
either by sale of stock or the purchase
of stock ia the Louisville d Nashville
IL Great Southern. Some Of the
smaller stockholders tear that in the
change the management of the Louis
vile d Nashville d Great Southern
people may pamper their own stock,
pay dividends upon it, and bear the
Chattanooga stock until low enough
fdr few capitalists to scoop it in-in
f;Ict, that the whales will swallow up
a Il the little Jonas.
" neither the new regime will ex-
tend the branches contemplated by
President Cole, and build the OVENS
horo d Nashville road, is now a ques-
ton for future development.
Among the rumors circulated last
night was one that Jay Gould and
Vanderbilt have purchased majori-
ty of the stock in the Louisville &
Nashville d Great Southern railroad.
Especial to the American:
LOUISVILLE, Jan. 17.-President
Standiford and Vice President New>
comb telegraphrd to the Courier-Jour-
nal tonight: "The Louisville & Nash
vile has secured control of the Nash
ville&C Chattanooga, andall lines owned
leased or operated by that company, by
,ha nurchase of q majority ofthe stock