Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-05-18
OLE BRER COLE,
HE Lay Low, BUT KEEP WIDE
AWAKE.

HE Lay Low, BUT KEEP WIDE
- AWAKE.
The Unerowned KingfPutssOn His Disdem
Again, Puts His Hand on the Throttle,
and Declares Himself King of the Rail-
road Situation from Brunswick North.
Special to the Atlanta Constitution.
New YORK, May Lett was my duty to
telegraph to Georgia about two years ago
the first news of the coup d'etat by which
Colonel Z. W. Cole, the railroad king of the
South, was dispossessed of his system.
tonight WIRE the first details of much
Vaster and more comprehensive trade, by
which the king comes into his own again {"
You will receive by the press the follow
ing intelligence that Colonel Cole has
through syndicate, purchased the East
Tenn, Va. and Ga. system, embracing
the Memphis and Charleston and Selma
Rome and Dalton Roads and the Macon and
BRUNSWICK. The details of this trade have
Just been closed, although the contract was
/ closed on Saturday at O'clock. The syn
dlcate that backs Colonel Cole is composed
! OF strong men, and men who have the
highest confidence In his ability and in the
vast system he proposes. MIR. George /.
Seney, the philanthropist SO well known in
Georgia, Is one of the leaders of the syn
dlcate, and expresses much interest in
| Georgia and satisfaction that he is now
thoroughly identified with her development.
| Colonel Cole says to-nigt: You may
| promise your people the road between At
lanta and Macon will be running by the
first of January. l will have a road from
+ Atlanta to Rome direct running by the first
hnIr {la
] Rome to Macon through Atlanta running
! by January, except that there is little
heavy work hetMeen Rome and Atlanta,
and will show your people, howevvI, the
fastest railroad building all the way from,
Rome to Macon that they have seen III
some time ...... dane.
Colonel Cole leaves New York for Atlanta
! tomorrow night and upon his arrival will,
at once, put the entire line under contract,
and viii have a number of forces of hands
at work as soon as the bids can be received
He says he must have the trains running in
| January next, and will do SO. This will
virtually give Atlanta two new lines, one to
Macon and one to Rome. An immense de-
pot for the lines, and shops for the hands
will be built soon as Colonel Cole can
reach Atlanta and determine on the site.
Colonel Cole is now in actual possession
of the entire system of roads embraced in
the purchase, the transfer having been
made on Saturday evening.
| A contract was closed to-day for eleven
| thousand tons of steel rails to be delivered
at Brunswick, commencing November /.
| 1t is understood that Mr.. Wilson, who
retains an interest in the syndicate, but none
in the management of the road, will go tc
Europe for his health. Colonel McGhet
will, probably, remain with the system.
1t may not be out of place to remark
that the Georgia Western is inst as certain
to come as these roads are. H. W. G.
| BIZ ASSOCIATED PRESS.
NEW YORK, May 1G.-Col. Z. w. Cole OF
Tennessee, formed in New York to-day prob
| ably the largest syndicate ever formed In this
country for the purchase of railroad interest.
{; The scheme embraces the establishment of q
comprehensive system from the Northwest
and Southwest to the Atlantic coast by the
purchase of existing lines and the building
of new ones. Purchases have already been
concluded of the Macon and Brunswick
Road, of Georgia; East Tennessee and Vir
ginia system OF roads, embracing 6l9 miles
Selma, Rome and Dalton, and Memphis and
Charleston Roads, covering in all about
1900 miles, Contracts for the building
once be let and the various system:
connected. The syndicate has subscribed
SIC, 900, 600 of capital. Among well known
capitalists who may be named III the syndi
cate are Geo. [ Seney, Samuel Thomas
Calvin S. Brice, E. III. r. Lyman and Johr
S. Martin, California. A call will be made
by the president Of the whole system o.
roads and he will have charge of the extension
by purchases and building. His purpose il
not to build one part at the expense o
others, as his system will feed almost ever.
port on the south Atlantic coast, as well a
Norfolk, by the Norfolk and Western b,
the natural currents of trade, but simply t
continue his conservative system o
general development without antagonizinl
special interests. 1t is understood that tn
syndicate is willing to take one-fifth of tn
stock of the East Tennessee, Virginia an.
Georgia Road yet unpurchased at the price
paid for the four-ifths. if the holder
desire II.