Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-07-29
SOUTHERN RAILROAD DEVELOP
MENT

A letter was printed yesterday
morning in the New York Herald
and Atlanta Constitution, on South
ern railroad development, which
contains some interesting statements.
Abiding to some of the more i'm
portant investments, the letter in
question says:
The Cincinnati and Georgia syndicate
This syndicate was organized in New York
in May last, with capital of $4,000 900,
under the auspices of George l. Seney, of
the Metropolitan Bank Thomas d Co, of
Columbus, Ohio, and z. W. Cole, of Nash
vile, the latter being made president. The
company purchased the Macon and Bruins
wick system in Georgia, the Selma, Rome
and Dalton in Alabama, the East Tennes-
see and Virginia in the States named and a
lease of the Memphis and Charleston and
viii build at a cost of S7,000,000, several
lines Of road to connect the purchased
properties into one system. The work on
the,cOnnections is now progressing and when
finished will give the syndicate cart-wheel
system, the hub being at Chattanooga and
the spokes penetrating the richest sections
of the South in five directions and finding
termini at Bristol, in Tennessee, the Mis-
sissippi River at Memphis, at Meridian
where the Southwestern Roads end and the
Atlantic ocean at Brunswick and Savannah.
The money subscribed by the syndicate is
$40, 900, 900, but bonds floated in New York
and Europe raise the total to So, 900, 600.
The Norfolk and Western syndicate
which purchased the Atlantic Mississippi
and Ohio road in Virginia. This syndicate
was represented by Clarence H. Clark. OF
Philadelphia, and comprises such men a.
G.. G.. Baldwin, III. Victor Newcomb, George
G. Clark and Robert MIntum, who will bt
recognized as the leading capitalists of New
York, and the Louisville and Nashville PEG
pie. The capital required for the Norfoll
and Western was IS, 500 900, which doe
not include the cost of the eastern extern
sion, estimated to be $4,000, 900 more TIL,
first capital, however, of 81, 500, 900, vii
suffice for my present use.
The Richmond and Danville syndicate
usually known as the Clyde syndicate Thi
company controls the organization of tn
Richmond and Danville road by holdin.
$4,000 of its 40, 900 shares This cost then
less than $4,000, 900, and through it the.
control l $50 miles of road, and are build
ing about 400 miles more, besides the Geor
gia Pacific, in which they are interested
The chief members of the syndicate are "
P. Clyde, G. w. Perkins, E. Fl. Perkins, O
New York General L. NJ Logan, Johl
Branch, Mr.. Palmer, and the Stewards, O
Richmond. The Stewards are retire
tobacconists, said to be worth probably SIS.
DOC, 900, to which they have added over 81
SOC, 900 in the past twelve months tn
capital of the syndicate is represented b
it's stock in the Richmond & Danville Road
but the following are its investments mad
within the past eighteen months, norther
and European capital being used of cours
for the purchases: 1t bought tie Columbi
and Greenyille system of roads, aggregatin
297 miles and costing 100000 900; tn
Charlotte, Columbia d Augusta Road, cost
ing 81, 300, 900; the Western & North Caro-
lima Road, costing with its extension owe
81 DOC, GEO. and 81, 000,0 to finish il
work now going on, and the New Yor
River Road, costing with its extension 81
500, 900. The company is now engaged in ez
tending the Northwestern Road fror
Athens, Ga, to Knoxville, Tenn, whic
will cost 81, 900, 600, and for which til
money has been subscribed and the contract
let. These all represent actual investment
of ST., 100000. Besides this, the syndicat
has several lines leased on which a certai
per cent. is guaranteed When its line
present and building are consolidated wit
the Georgia Pacific as will probably b
done, the Richmond and Danville Syndicat
will press the Louisville and Nashville lin
very close.
The Louisville and Nashville system
which is now building an extension of IL
Pensacola and Atlantic Road which hi
been purchased at cost of about SO, 500
O00 is being finished at cost of s., 900
900 additional. This road is building frol
Arlington, KY, towards Knoxville at a co,
of over million dollars This compan,
and its friends in New York, also purchase
control of the Nashville, Chattanooga an
st. Louis Road of the Western Atlanti,
the Mobile and Montgomery and the Mobi
= and New Orleans Roads within the past tw
years at cost of many millions.
The value of these investments
summed up as follows:
1t means in railroads such an immediat