The home journal. (Winchester, Tenn.) 1858-188?, 1881-07-20
a COLOSSAL ENTERPRISE.
Sale Of Sewanee Mines, Rail-
way and Furna ces to New
York, Boston and Nash
Vile Capitalists.

WIG NdpItUiaStSs
From the Nashville American, l7th inst
The negotiations which have been
pending in this city during the past
week. for the sale Of the Tennessee Coal
Il Railway Company and Sewance Iron
Furnaces were concluded yesterday
Gentlemen representing combination
Of New York, Boston and Nashville
capitalists have purchased the entire
property, including the Mountain rail
way, % miles in length, the mines and
coal bed embracing over 10000 acres OF
solid coal, running with thickness OF
from four to eight feet, together with
the iron furnaces and over 400 coke
ovens now in operation. The furnace
is II new one, admirably constructed and
now turning out scventy-ivc tons Of
iron daily. The coal mines are yielding
Il daily average Of 1000 tons per day,
and sold as rapidly as it can be deliver
ed. The fixed improvements on the
property, aside from the coal-bed, cost
considerably over million dollars. The
coal is mined with great facility and
chcapncss, and is regarded the very best
in the Southern country for coke-ma-
king and for steam purposes. Compe-
tent judges and practical experts have
always pronounced it to be the finest
property Of the kind south Of the Ohio
river.
An active, able management is provi-
den for, and it is to be extensively de-
vclopcd and conducted on strictly bust
ness principles.
The directory is expected to contain
such names as G. G. Baldwin, President
of the Louisville e. Nashville Railroad
Company ; John ii. Imam, of Inman,
Swami 4 Co., New York ex-Gov. JAS.
ID. Porter, President Nashville, Chatta-
nooga 4 St. Louis Railway; Nathaniel
Baxter, President First National Bank
Of Nashville; j. G. Warner, of Rising
Fawn Furnace Company; Thos. OCon-
ncr, Of Cherry, O'Conner IL Co., Nash
vile; E. W. Cole, President East Ten
nessce, Virginia a. Georgia Railroad /;
G. NJ. McGhce, Nice-Prcsident Of some
road b. Il. Smith, Of New York, and
Col. Arthur S. Colyar, Of this city,
Nathaniel Baxter, President Of one Of
the largest banking institutions in the
South, has agreed to accept the Prcsl-
dcncy Of the new company, and devote
his especial attention to the enterprise.
Mr.. b. Il. Smith, an cnterprislng and
successful business man Of New York,
will assume the duties Of Secretary and
Treasurer, giving up his New \ ork res
ldcncc and removing with his family to
the mines with view Of giving to it
his exclusive attention. Col. \. NJ.
Shook, the present manager at the
mines, will retain an interest in the new
organization and continue service with
the new company.
In brains, capital and standing, the
organization is one Of undoubted sOlldi- !
ty. The assured success Of the enter
prise on Il far more extensive scale
than heretofore is amply indicated in
the personnel Of the directory and in the
willingness Of as lcvcl-headed and we'll
fixed business man Us Mr.. Baxter, to
devote himself heartily to the develop
mcnt Of this important home industry.
1t is singularly fortuitious combina-
ton Of mining, manufacturing, trans
2ortation and banking alliances, backed
by almost unlimited capital. One Of
the New York capitalists, Mr.. John ii.
Inman, represents in his individual per-
son capital Of two million dollars.
This is his first departure from the line
of his legitimate commercial field OF cot
ton, with an industrial venture towards
the development Of his native State and
section, in whose advancement and
he takes lively and sincere
interest and pride.
There is significance in this large
enterprise, beyond the mining of coal
and making Of iron at Sewanee. 1t
means blast furnaces at Nashville and {
and Atlanta, and posi-
bic manufacturing revival in the long =,
neglected South, transcendlng the most
expectations of its theorists $
and its prophetic wcl[wishers, who have +
not been without honor, save in their
own country. We confess to feeling
of mere hopefulness in the South's great
future, from the conclusion .
of this negotiation, yesterday, than from
any event that has occurred since the
war, and we especially congratulate
Nashville and Tennessee that home cap
ital and home energy are to be actively
applied to the promotion OF an under
taking full of promise to the South.