Savannah morning news. [volume] (Savannah) 1868-1887, 1881-05-27
COLES MIGHTY SCHEME.
THE PURPOSES OF THE NEW
COMBINATION.
His Syndicate Backed by $40, 6,OOO,-
600 of Capital, ana Controlling
I,40O Miles, of Road Far-Reach-
Ing Plans for the Developments of
the South.
Nashville American.

ed home from New York on Sunday, q re-
porter Of the american called on that gen
teman yesterday, when the following hastY
interview took place, Colonel Cole being
about to take the train for Atlanta:
ReporteT-Haye you seen what has been
said in the newspapers with regard 20 the
syndicate formed by you in New York for
the purchase OF roads and the construction
of new onesl
Col. Cole-I have been too busy in the
last two or three weeks to read much in the
newspapers.
Rep.-Haye you any objection to giving
to the public what occurred in New York,
the extent of purchases already made,
and roads soon to be built N@n -
Col. Cole-None at all. learned from
my friends who held controlling iutei est
10 the East Tennessee, Virginia and Georgia
Railroad system that they were willing to
sell their stock. I also learned that nego-
tiatiOns were being prosecuted by another
party for its purchase. Having determined
to control this line, / formed the syndicate
which purchased the four fifths of
the stock in the East Tennessee,
Virginia and Georgia Railroad
system, the syndicate expressing willing
ness to-take the other one-fifth at the same
price, If desired by those holding 1t. About
the came time the purchase Of the Macon
and Brunswick Railroad was effected, and
capital sufficient to extend that road to At
lsnta, and from Atlanta to Rome, was sub
scribed, which connect the Georgia system
with the East Tennessee, Virginia and Geor-
gia system, and Chattanooga with the Geor-
gia system by short cutoff of eleven miles
between Ooltawah, on the Chattanooga
division of the East Tennessee, Virginia
and Georgia Railroad, and the State line,
on the Dalton division OF the same road.
By p. m. on Monday the amount required
to accomplish all that the syndicate have
at present In hand, SIG, 900 900, was sub
scribed. From the applications made sub
sequently, doubtless the subscription could
have been doubled il 1t had been wanted.
Major Wilson, Colonel McGhee and Mr.
Walters, among the gentlemen who sold
out, retained an interest In the new syndi-
cate, and will cooperate in the future in
the more extended development of this
very important property. The new combi-
nation has great strength, which will ne
cessarily be of advantage to the territory
through which the systems will run, as It
is our purpose to finish putting all OF our
lines, in all about 400 miles when COM
pleted, in first class order, and
speedily finish the road from Knox
vile to the State line, connecting with
to Louisville, as well as to comDlete the
road from Morristown to Paint Rock, on the
North Carolina line, there connecting with
North and South Cardinals system of rail
roads, which will give the shortest line from
the Northwest to the large territory lying
east of and between the mountains and the
seaboard. This will open up for all East
Tennessee a large local business into that
territory. The formations of new line from
Chattanooga to Atlanta, and the Atlantic at
B Bunswick and Savannah must be of great
advantage to the commercial prosperity
of the whole country as well as of Georgia.
It will be our policy not to un-
necessarily antagonize any existing iuter
ests, while developing what we believe to
be the best interest of the whole country.
Our aim will be to harmonic with our con-
nections and rival interests. We believe
that the construction of our new roads will
add to the business over our Eastern lines
and the Norfolk and Western, through the
important port of Norfolk, as well as from
the Memphis line, the natural outlet of
which is believed to be Norfolk.
Rep is not Senator Jos. E Brown Presi-
dent OF the Western and Atlantic Railroad
and pecuniariiy interested in that road?
How will he feel toward your new enter
prise, and the cementing OF your systems?
Col. Cole-SeDat0r Brown Is President OF
the Western and Atlantic Railroad. and
peculiarly interested in that property.
am also Vice President Of that road, and
own about the same amount or stock IN the
lease company as Senator Brown. l have
not had the pleasure of meeting with the
Senator since my plans have been matured;
but l know enough of that gentleman's
broad and liberal views, and his devotion
to the best interests of the State of Georgia
and the whole South, to warrant me in be-
lieving that be will not oppose what l am
proposing to do for his State. On the con-
7 ~ \ Il
cooperation. Senator Brown Is one of
the most able, conservative, fair-dealing and
far. seeing men in the whole country, and
his desire for the promotion of the interests
of the State of Georgia is not surpassed by
any Of her sons. Besides, do not think a
new line will materially affect the income of
the Western and Atlantic Road. During
the last season it had more business than
1t was possible for it to do with promptness,
and the new line have arranged for runs
for great part Of the way some distance
from the Western and Atlantic Railroad,
and will secure a very large amount OF new
business that the Western and Atlantic
Road does not now get. In very many
ways I shall add business to the new line
which the Western and Atlantic could never
secure. / shall not part with my interest In
the lease of the Western and Atlantic road.
Rep bow do you think Governor Col
quit will feel towards your new enterprise?
Col. Cole-I have not as yet had an inter
view with Governor Colquitt on this sub
ject, but expect to see him in Atlanta on
next Wednesday. The overnor is an able
man and representative of this progressive
age, and, am sure, that what we propose
to do for Georgia will meet with his hearty
approval and cooperation.
Rep.-Tbere are several very large New
York capitalists in your syndicate, are there
not, and, among them, Mr.. George / Seney?
How long have you been acquainted with
Mr.. SeDeY, and what are his general char
acteristics?
Col. Cole-Yes, there are several OF the
most prominent capitalists in New York in
the syndicate. | have known Mr. SeneY
for several years, and my acquaintance with
him has been of the most pleasant charac-
ter. While possessing immense wealth, Mr..
Seney is Christian gentleman, and most
liberal and broad IN his views. He Is also
philanthropist, having lately given away
several hundred thousands of dollars to
public institutions. He gave 800, 900 some
months ago to two colleges In Georgia He
is a very able financieT, and has the entire
confidence Of every person who knows him
or comes in contact with him. His heart is
greatly enlisted IN the enterprise have in
hand. He believes that the South has a
great future, and he proposes, next winter,
to visit the South, and look for himself par
ticularly into the interests OF Georgia and
Tennessee.
Rpp.-Most of the miles of road proposed
to be constructed at once lie In the State of
Georgia, do they not Don't you think
that capital could be secured to develop the
important agricultural and mineral interests
of Tennessee as well as of Georgia?
Col. Cole-Yes, the roads to be at once
built are almost entirely in Georgia. We
expect to have the road from Macon to At
lanta running by January, 1882, and from
Atlanta to Rome by the same time, If posi-
BILE, but there is some heavy work between
Atlanta and Rome (which may delay us a
little, but all will be built as quickly as men
aud money can accomplish it. Yes, now
that our own Tennessee has Stepped upon
the high plane Of public credit, ! have no
doubt that capital will be readily secured to
develop her immense resources, and make
her one of the greatest States Of the Fed
eral Union.
Colonel Cole arrived in Atlanta on Tues
day, and at once set about putting under
contract the construction of the new road
from Macon to Atlanta. A corps of engi-
neers is to be Immediately organized and
set to worK upon survey of the line.
COTTON CULTURE IN EASTERN CARO-
LIMA farmer subscriber in Mecklen-
burg N c. having read the repOrt of