Savannah morning news. [volume] (Savannah) 1868-1887, 1881-05-18
THE GIGANTIC SYNDICATE.
The Damaging Effects of Hasty and
UnWIse Legislation.

SAVANNAH, May 17-Bdtt0r Morning
NeUs: In the telegraphic columns of
this mornings News appeared the fol-
lowing startling dispatch:
"NKw YORK, May 16.-Colonel f. W. Cole, of
Tennessee formed in New York to-day proha-
bly, the largest syndicate ever formed IN thlS
country for the purchase or ralToad interests.
comprehensive SYST m 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; the East Tennessee and VIr-
GINA system of roads, embracing
6I9 miles; the Selma, Rome and Dat
ton and the Memph ana Charleston Roads,
covering in all about 300 miles. Contracts
for building Of several hundred miles will at
once be let, and the various systems connected.
The syndicate has subscribed $l6,OOO,0O0 of
capital,
named in the syndicate are George F. Seney,
Samuel Thomas, Calvin Brlce, e. ID. X. Lyman
and John T. Martin.
Colonel Cole will be made President of the
whole system OF roads, and will have charge
of extensions by purchase and building"
This announcement is very significant,
and illustrates in a very forcible man.
ner the great wrong that has been done
to the railroad companies of our State by
hasty legislation. The law authorizing
the sale of the Macon and Brunswick
Road excluded certain parties from the
privilege of bidding for the property
among others, the Central Railroad and
Banking Company of Georgia, while syn
dicates in New York or elsewhere could
become the purchasers. Now forsooth,
it appears, that the Brunswick Road has
passed into the hands of capitalists out
side CT Georgia, who have combined in
great strength to divert The rich pro
ducts of our fertile fields from Georgia
and Carolina ports to Norfolk, Rich
mond and Baltimore. This means death
to our cities and to the railroads leading
to them.
The Gigantic syndicate" means the
practical union of the Richmond and
Danville combination with the Vir-
ginia, East Tennessee and Georgia Road
and dependencies union of tremen-
dous strength; one that can do much in
jury to our home enterprises and honest
investments. The Richmond and Dan
vile Line has already reached Atlanta,
and the East Tennessee and Georgia
Line passes through Dalton and thence to
Selma, Alabama. Controlling now the
Brunswick Road, as this great cOmbina-
ton does, the extension will be soon
made from Macon to Atlanta, thus in
PRODUCING them at once to the great cot
ton section of our State This will be
perfected by extending the Hawkinsville
branch to Americas, near the centre of
Southwestern Georgia. The bountiful
productions of our lands will then be
carried to Salisbury, North Carolina,
either by Dalton, Knoxville and
Ashville, or by Greenville, Spartanburg
and Charlotte, and thence on common
road through Greensboro, n. c., Dan
vile and Richmond, to the York river.
all this threatened ruin has been court
ed-encouraged by the hasty legislation
forbidding Georgia corporations from
purchasing the Brunswick Road. This
hasty legislation has indeed given "aid
and comfort to the enemy"
OBSERVER.