The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-08-04
.sTAUNTON, VIRGINIA, AUGUST 4, 1881.
The New South.


uuuuuuu..u..u--.
+ G The New South.
ONE HUNDRED MILLION DOLLARS SUBSCRIBED
+ :" TO DEVELOP HER RESOURCES. ,Iss
II e Especial in the New York Herald.l Ha4
u ATLANTA, GA, July 24AThere has been
/ subscribed in the North and in Europe in the
past eighteen months $100,00OO00 for invest
hient in the South This statement sounds
\ marvellous, and yet it can be easily shown to
I be true. 1t may be stated however. that in
ms estimate none of the vast sums invested
IN the Southwest are included. In other words,
THIS enormous sum of money covers invest
nlents and developments only in that part of
the South east of the Mississippi river and
south of Richmond Va, OF course the largest
sums have been subscribed for the purchase
and building Of railroad lines. The effect of
this has been to improve the roads already
| built, to develop new sections of country, thus
starting new currents of trade and quckening
old ones, and to take from southern hands, at
4 advanced prices, large amounts OF railroad
4 stocks. Il will briefly allude to some of the
more important movements made in the dlrec-
ton OF southern railroad investment and de-
| velopments t't' q" ''i 's'a'Ht
4 f'IRsfeThe Cincinnati and Georgia syndi-
York in May last, with capital of Sic, 900, 900,
under the auspices of George |. Seney, OF the
Metropolitan Bank; Thomas & CO., Of Colum-
+ bus, Ohio land E. w. Cole, Of Nashville, the
latter being made president. The company
purchased the Macon and Brunswick system
in Georgia; the Selma, Rome and Dalton in
Alabama; the East Tennessee and Virginia in
the States named, and lease of the Memphis
and Charleston, and will build, at cost Of ST.
| IF ha
purchased properties into one system. The
work ON these connections is now progress
ing, andswhen finished will give the syndicate
| cartWhee system. the hub being at Chatta-
nooga and the spokes penetrating the richest
sections OF the South in five directions, and
| finding termini at Bristol, in Tennessee the
Mississippi river, at Memphis; at Meridian,
where the southwestern roads end at the At
| lantic ocean at Brunswick and Savannah.
| The money subscribed by this syndicate is
| $16,000O00, but the bonds floated in the North
and in Europe raise the total to $22, 100000.
POWERFUL syNDIcATEs.
sEcoND-The Georgia Pacific syndicate, or
| gained to build from Atlanta, Ga, Birming-
ham, through the coal and iron fields of
Administrations virtually unprecedented
and the richest on the continent-and thence
| to the Mississippi river Gen. John B. Cor
don, who resigned his senatorshipto give him
self to such enterprises. is president of this
company. which contains such men az Hnuh
J. Jewett, ex-senator Barnum, of Connect
cut; q. s. Grant, iJr; George W. Perkins, of
the Mercantile Bank E. Ell Perkins, of the
Importers and Traders Bank; Senator Plumb,
ofKansas; W. P. Clyde, and several Richmond
this COMPANY is S12 900 O00 which bas al
been subscribed Work il new ,,rn,rnrS;,,l. |
on hoth ends ~ tba lina ond ~ rd = smodaS
twenty miles each vav FROM, Go1,r'h,', NJ.
and Atlanta a. Tb;S nod Iii -, 49, ~
most important development OF the past ten
TH1Rp-The Norfolk and western svnd;-
cate which purchased the At,ontic MisS;ss;n
ri and Ohio road IN VIRGINIA THIS svnd;nate
was represented nv Clarence p G1ari : of
Philadenhia and comnr;sos e,,oh ,,,o,, =; ~ ~
Baldwin IT Victor Na9yoo S i Goo sso ~ y r.
Clark and Robert M;ntnrn W. Iii ~ ~
ognized as lean, canitai;sts Of Nv "
andthe Iouisvil1e and Nasbwi,la ,,o,s,,1o NJ
capital reoured for .be Nortnll d"d Was.a no
was al 50n mn uh,nh doas ~ ~ i1 !. Sa'ein
cost of cer1on ml1m uoes nH. clade 1he
,,bout 40 O01 00) more Tha fret ao,,ital " TO- W
ever If ri 5O0 000 will, .nt3ioo fnr ti,a e
emf -'900'OO' "A'i 'u'lioe ioi 'Ae pies-
FouRTH-The Erlanoor cv,d;ooto ,,odo ~
of Frankfort can;tai;sfs a;,d .ug ~
Fred Wolfe Th,s svndicatas taIas ;ts 800, ~
from Baron Erlanger and ;s ooo as1 I'll
strong # has owned Tho Aiaha,,a ~ LEY,
Southern road fr so,,a - 1 iea a!u aieea'
chased the Rr1nsyv;c and III Los ~,
oia the WICK SHIRE ond Shna.,o,, aoo " ~
Vicksburg and Meridian roads at a cost 'n ~
rio OOO O6O This oor,s,,or Iii IL -, GHS' 900
miles of new road and has met mt ~, hloo, oS
M 500 600 on The market IN En puu WI W. VI
completed it's system VIII he q GOOD /" o nun
stretching from New Orleans IN Cbottanonnn
mort ward and coastwise from NJ 0rlooS5a
to BrunswiclS "a = WIN w" oA'o''A0
EXTENSIVE SYSTEMS.
F1FTH-Tbe Ri cbmond and Danvi1,e own.
dictate usually known as the Clvde svnd;csta
This comnany controls tho oroa1izatio, nf tho
Richmond and Danville road hv boldi,g
$4,000 of its 10000 shares. This cost them
less than S2 100000 and tboruoh if thew CON
troll $50 miles of read and are huildino zoo
miles more, besides the Georgia Pacifc in
which they are interested Tho chief
members of The syndicate are w p CIvd 90 q
w. Perkins, and E. Fl. Perkins. of New Ynrr
Gen. T. M Logan, John Branch. Mr.. Palmer
and the Stewards, of Richmond Va The
Stewards are retired tohacconists said r. no
worth probably S5,OO0OOO, The canital Of the
syndicate is represented bv its stock in the
Richmond and Danville road. but the follow
ing are its investments made within the past |
eighteen months, northern or Eur0noan Cant
tai being used, of course, for the purchases 1t
bought the Columbia and Greepvilla SvSton'
of roads, aggregating 297 miles and costing
100000; the Charlotte, Columbia and
Augusta road, costing 81 100000; the Western
North Carolina road, costing over $4,000 900
and 81 100000 to finish it (the work now TO-
ing on), and the York River road, costing,
with its extension, 81 100000. The company
is now engaged in extending the Northeastern
railroad from Athens Ca, to Knoxville, Tenn,
which will cost $4,000,00O, and for which the
money has been provided and the contracts
let. These all represent actual investments of
$17,SOo,0oO: Besides this the syndicate has
several lines leased, on which certain per
eentage is guaranteed. When its lines, pres
ent and building, are consolidated with the
Georgia Pacific, as VIII probably be done, the
Richmond and Danvle syndicate will press
the Louisville and Nashville line very close
SIXTH-The Louisville and Nashville sys-
TEN, which is now building an extension of
the Pensacola and Atlantic road, which has
been purchased at cost of about $35OO,OOO,
ana is beng finished at cost of 81 900, 600 adj
dltlohai. ms road is also building from Liv-
hgstone, ~, toward Knoxville at a cost of