The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-07-26
LOGAN'S LAW
leans HIM INTO RArLaoADsrocK,
And the Value OF che stock induces Him 60
Beeonie the Head OF Syndicate-I History or
the Present Interest I'm Southern Railroads.
IRON The Atlae,a t,ons,ItnIIon.l

]
General Logan. OF Richmond, the presi-
dent Of the Richmond and Danville extern.
sion company, that has the contract for
building the Georgia Pacific railroad, reach
cd Atlanta on yesterday, accompanied by
his chief engineer, Colonel Temple, and
special CORPS OF locating engineers.
In conversation with Constitution man
General Logan said
"When the bill that we nov have before
the Legislature Is passed--snd il will be
passed immediately, | presume, as there IL
no opposition TO its passage-the road will
be pushed through as fast ss possible. This
bill simply allows us to consolidate our en-.
terpriSes and organize as we think best.
When II has passed there will be nothing In
the way then between AtlIuta and the Mis-
sissippi river, and our work will proceed
steadily and swiftly"
I" You will put large force at work."
"Just rs rapidly as the line is located.
Much OF IL is how ready for the construct
ors and some 81 IL Is being graded. We
have taken charge OF the force at work for
the Georgia Western, and will add 10 this
force Immediately such hands as are avail
able. Colonel Temple will leave in the
morning for ride over the line, and viii
see that it is located rs rapidly as can be.
You may say that the money is ready, the
plans are contaminated, and the work will be
pressed TO completion as soon as we get the
technical legislation we need. AS this will
be given without delay, a road TO the coal
fields and to the Mississippi river is a cer-
tainty, and an early certainty"
Touching the enormous amount Of money
now seeking southern investment, General
Logan, who was one OF The pioneers in at
tracing capital southwark, said:
"About three years ago | went into the
first railroad movement with which | was
ever connected. had for years been pay
ing especial attention to railroad law, and
was called on for an opinion concerning
some bonds OF the Peters burg and Weldon
road, little branch enterprise in which
some Richmond men-nOtably Mr.. Stewart
had invested. | soon saw that the safest
course OF procedure was TO buy up
certain bonds, and ! thought | could
raise the money 10 do so. II only re-
quired about $4,000 and | wcnt TO New
York TO see about IT,. The bonds were
, offered for SIS on the 800, and yet | found
more trouble in getting the money 10 buy
! them, so great was the fear and distrust that
northern capitll had Of southern invest
ment, than found few weeks ago in rails
ing millions of dollars in New York with
, which TO organize the extension company
, that his the contract for building the GeOr-
gia Pacific. II is very much easier now TO
raise q million dollars in New York for
, southern investment than 1t was three years
ago 10 raise fifty thousand dOllSrs. Instead
OF the distrust aud fear bat formerly existed
there is now actual eagerness TO get south
ern investment, the e1geruesS being based
: on the belief that there Is great margin
for development in the South, and on the
success that has attended investments al
:, ready made there. To show you 10 what a
, low pitch southern securities was reduced
, through 1ck Of confidence among northern
capitalists and lack Of money in the South,
> the very bonds that went begging for
, SIS three years ago, and that | could
= hardly raise money TO buy at that figure,
have since sold at $3.50. The South
> has needed capital wofully, and has been
n calling for it for years. AT last 1t is coming,
and coming in millions. II the southern
people will only meet it in spirit OF fair
ness, give it hearty welcome rather than
: distrust and suspicion, and offer it fair
; chance rather than prescribe and outlaw 1t,
q there is decade Of development and pros
: perity ahead OF the South that she little
} dreams Of. Capital has been all that she
needed, and this she is now getting"
Touching the original scheme for build
ing the Georgia Pacific, General Logan
: said
"There is a history connected with that.
. When the lease Of the Atlanta and Char
lotte Air.L Line came up was almost alone
lin IFS advocacy. / insisted that it was the
. necessary thing for us to do. AT last my
, friends agreed that it would work out, II we
would 90 TO work as soon as we secured 1t
= and build a southern connection. This
) was an essential part OF my original idea,
I nh
lease OF the Airline ! wrote to
p, Mr. George w. Perkins, laid the scheme
of an extension from Atlanta southwark
e before bin, and urged bin TO see
General Gordon, who bad already done
, something in that direction, and arrange TO
Z ioin bands with him in the work. Mr.. Per'
! kins at once sought General Gordon, but
: he bad taken steps towards organizing a
! syndicate of his own before we could come
to terms with him, and then it looked as II
we could not trade. | had taken steps 10
, secure the Greenvile, Columbus and Blr-
mingham road, and soon secured the
: Atlanta and Alabama charter. when we
had organized under this charter and
had completed our arrangements 10
bpild we found that General Cor
! don and his associates were also ready
and anxious 10 go ahead and it looked as If
! two roads would be built. This looked
I unbusiness like and foolish, and we had
! another conference or two, agreed on
basis Of union agreeable 10 each party at in
terest and better for ali, and the Georgia
Pacific is the result Of that union OF forces.
II viii be one OF the best roads in the cOun-
trv on its own account. and will start bust
ness with a powerful corporation OF 1000
miles backing it up for business"
: In reply to a question as to Why there had
= becu such an increase in the receipts OF
some Of the Carolina roads, he said:
sit is mainly due 10 the general growth
: and development OF the country through
; which they pass. a special reason IS found
in the growth Of cOttoD-pantiDg in sections
i'm which it was never grown before. You
see we carry in the fertilizers to make the
cotton with, and get freights on 1t. we
then bring ont the cotton and get
= ireights on that, and this is better
} freight than any other crop. After
= cotton is tried awhile the farmers quit rals-
inc grain, and we then not only bau their
] fertilizers and cotton, but carry their gram.
When they quit raising grain they quit rails
} ing meat, and the next year we carry their
. hofr