Savannah morning news. [volume] (Savannah) 1868-1887, 1881-04-15


The excitement which prevailed in this
city yesterday In regard to railroad matters
was only equalled by that which followed
upon the announcement OF the Brown-Cole-
Wadley combination, and at different times
during the day reached fever neat. The
greatest eagerness was manifested to hear
news, and, as usual, there was a multi
plicity of reports, surmises and SUPPOSE
tions as to what would be the result of the
meeting of the Board of Directors, which 1t
was announced in the NEWS would AXE
place in the morning at the Central Rail-
road Bank.
Colonel Wadley arrived on the 7:30 train
from Augusta, accompanied by MeSsrs. j. j.
Gresham and w. B. Johnston, of Macon,
and e. |. Brown, of Atlanta, and at 10 o'clock
met with the Directors of the Central at the
banking house, there being present, besides
those named, Col. E. G. Anderson, Col.
George s. Owens, George Cornwell, ESQ.,.
and Captain w. G. Raoul, Vice President Of
the company. The session lasted until after
2 o'clock.
We learn that Colonel WadIey presented
to the board the full particulars of the ne
gotiations which resulted In the rent of the
Georgia Railroad-action which was rem
dered necessary by the efforts of the Clyde
combination to secure the legitimate bust
ness of the South Atlantic ports, specially
Savannah and Charleston. 1t was shown
that the Clyde syndicate have control
Of over fourteen hundred miles
of railway In the South, to-wit: Richmond
aud Danville, al miles; Piedmont Railroad
Ga link built by the Confederate Government
during the war between Danville and
/ Hm0nw-k1.-N an .NsIon. Nyo-kA--oEnw NJ
Carolina, % miles; Western North
Carolina, 1856 miles; North Caro-
LIMA Railroad. 283; Charlotte, Columbia
and Augusta, 100 miles; Greenville and
Columbia, 1874 miles; Spartsnburg, Union
and Columbia, go miles; Atlanta ard Char
lotte Air Line, 269 miles; Laurens Railroad,
81 miles; Blue Ridge Railroad, 43 miles;
Elberton Airline, so miles. CLYDE, in
conjunction with General Logan,
of Richmond, and other parties
forming a strong syndicate, have
left nothing undone to secure the business
of this section, with the object of building
up Norfolk, to which port thev have a fine
steamship line from New York, and in
which they are largely interested. They are
possessed of ample means, and their purpose
was to secure the Georgia Railroad at any
price. During the negotiations which
closed with the rent OF the Georgia to w.
M. Wadley ana associates, there was a rep
resentatiVe of the Clyde syndicate in Au-
gusta with Instructions, it is understood. to
go beyond any offer that might be made by
other parties. TIL Directors of the Georgia
considered the proposition made by Messrs.
VIM. M. Wadley, Moses Taylor, John H.
Fisher and Samuel Sloan, the best for the
interests of the road and the State, and &C.
cepted it, as is known, declining to entertain
any project having for its object the
building up OF a North Atlantic
mort IN the dnfrinept NJ Gnnfh
Atlantic ports. This measure was
rendered absolutely necessary to defeat the
schemes of the Clyde combination, and is
claimed, to be in the interests OF Savan-
nah and Charleston. All the details, we uu-
derstand, were fully explained by Colonel
Wadley, and the board unanimously APP
proved of the course pursued. Til rent of
the Georgia is not to the South Carolina
Road or specifically to the owners thereof,
but virtually to Colonel Wm. NJ. Wadley,
who is backed by parties having large in
terests in the South Carolina. The pur-
chasing committee of that road are In full
accord with the lessees and are working to so
arrange matters as to place the South Caro-
lima under a similar contract with Messrs.
Wadley and associates. This action will
probably be taken In a short time, as it is
thought that the obstacles which now pre-
vent the road from passing into the hands
of the firm mentioned, and a new organiza-
tion being effected, will be speedily remov-
ed. After this thorough exposition of the
motives which urge this uuifcation of the
roads, we understand that the sense of the
Directors on the subject of the Central en-
tering into such & contract was taken and
was found to be favorable to q combination
of the three roads undo one management
in a traffic agreement, without discrimi
nation in favor of Charleston or Savannah.
Further discussion followed in regard to
vcriOnS matters the nat1rn nf WhiOh Vua
were unable to ascertain. 1t was decided,
however, that the Directory would enter
tain such proposed contract as that referred
TO, and the matter was left with Col. Wad-
ley to work up the details, and in tangible
form present his proposition at a meeting to
be called IS soon as he perfects his plans.
1t would seem from this that, whilst the
Central Railroad may not be leased, that
the same parties who rented the Georgia
Railroad may contract to operate and
manage the Central for an unlimited time,
upon paying a certain sum per annum for
the right, and complying with certain con-
ditions and provisions. II may be assumed
in the event this is one that the contractors
or lessees will pay c good round sum
annually, considerably In excess of the rem
tai of the Georgia. This may or may not be
done, but it would seem from the above,
which is based on what Is reliable informa-
ton, to be very probable, Notwithstanding
the assertion that talk of a lease of the Gem
trail is absurd. The future will prove. 1t
was commended that the Central could
not lease the Georgia, and yet
we find that Colonel Wadley has
lanked ali obstacles and secured the Geor-
gia. All things point to the three roads be-
ing practically made one corporation, with
Colonel Wadley IS manager. Mr.. Quintard,
controlling the Charleston and New York
steamship lines, is In full accord with the
nrooncaI npuaD1apL ond nc eoOp &c auarv
thing is accomplished, the facilities Of that
line will be increased.
The controlling idea In the whole move
meut seems to be that Charleston and Savan-
nah, under existing circumstances, cannot
afford to be rivals and must work harmo-
niously together. This in brief, we think,
comprises the main points of the present
status of railroad affairs. Although our de-
auctions upon the results of Yesterdays
meeting may not be entirely accurate yet
they are logical.
After the adjournment of the meeting,
Colonel Wadley proceeded at once to his
rooms He has been on q constant strain,
mentally and physically, the past ten days,
and is thoroughly exhausted, and was COM
PEELED to take needed rest.
THE STOCK MARKET
was feverish and excited throughout the
day, for the reasons above stated, and
brokers and spectators were on
the qui vjge to take advantage of
every little turn. Central opened
stiff at 127 bid 128 asked, and advanced to
1879 bid aud $50 asked, at which latter figure
some sales were made. 1t was reported that
even 131 had been obtained, but this could
not be authenticated. In the after
ternoon the market became quieter, and
there were few offerings, ana closed at
1918 bid, 1913 asked. Georgia advanced to
Isl bid, 155 asked. There was also a slight
advance in Southwestern and city of Saw
annah bonds.
fwHAT COLONEL wADLEY SAYS ABOUT THE
R
We take the following from the Augusta
Chronicle of yesterday concerning an inter
view with Colonel Wadley prior to his de-
parture from that city, which is of interest
In this connection
Wednesday afternoon a Chronicle repre-
sentative called upon President w. II. Wad-
ley at his room at the Planters Hotel. The
Chronicles card was followed with a prompt
response to come up, and the reporter was
once more in the presence Of "the great I'M
interview ID"
Mr.. Wadley was lying upon his bed, worn
out with the fatigue OF three days arduous
and ceaseless labor. Indeed, we think 1t
safe to say that he had not rested since the
grand idea of punching the Georgia and
Carolina railroad system first agitated his
active brain, Fooled in Georgia, he had
turned up triumphant in Carolina beat
en- at one point, he secured another