Savannah morning news. [volume] (Savannah) 1868-1887, 1881-05-19
RAILROAD MATTERS.
Col. Coles Grand SYndIcate-New
Roads TO be Built-An Immense
System.

~ Y Specials to Atlanta Constitution nth.
1t was my duty to telegraph to Geor-
gia about two years ago the first news of
the coup d'etat by which Colonel E. w.
Cole, the railroad king of the South, was
dispossessed of his system.
to night wire the first results of q
much vaster and more comprehensive
trade by which the liking comes into his
own again."
You will receive by press the follow
ing intelligence that Colonel Cole has,
through a syndicate, purchased the East
Tennessee and Virginia system, en-
bracing the Memphis and Charles
ton and Selma, Rome and Dalton
Roads. and the Macon and Bruins.
wick. The details of this trade
have just been closed, although the
contract was closed on Saturday
at S o'clock. The syndicate that
backs Colonel Cole is composed of strong
men, and men who have the highest
confidence in his ability and in the vast
system he proposes. Mr., Geo. l. Seney,
the philanthropist so well known in
Georgia, is one of the leaders OF the syn
dicate, and expresses much interest in
Georgia and satisfaction that he is now
thoroughly identified with her develop
ment.
Colonel Cole says tonight: You may
promise your people the road between
Atlanta and Macon will be running by
the first of January. | will have road
from Atlanta to Rome direct running by
the first of March. | could have the
road from Rome to Macon through At.
lanta running by January, except that
there is little heavy work between
Rome and Atlanta, and will show your
people, however, the fastest railroad
building all the way from Rome to
Macon that they have seen in some time"
Colonel Cole leaves New York for
Atlanta tomorrow night, and upon his
arrival will at once put the entire line
under contract, and will have number
of forces of hands at work as soon as the
bids can be received. He says he must
have the trains running in January next
and will do so. This will virtually give
Atlanta two new lines. one to Macon and
one to Rome. An immense depot for
the lines, and shops for the hands will be
built as soon as Colonel Cole can reach
Atlanta and determine on the site.
Colonel Cole is now in actual posses
sion of the entire system of roads en-
braced in the purchase, the transfer hav.
ing been made on Saturday evening.
A contract was closed to-day for eleven
thousand tons of steel rails, to be deliv-
cred at Brunswick, commencing Novem-
Der 1st.
1t is understood that Mr. Wilson, who
retains an interest in the syndicate, but
none in the management of the road,
will go to Europe for his health. Col.
McGhee will, probably, remain with the
system.
It may not be out of place to remark
that the Georgia Western is just as GER
tain to come as these roads are.
The syndicate now backing Colonel
Cole is composed largely of the same
men who subscribed thirty million dol
lars TO build the new line from New
York to Chicago. They have been in
consultation all day, closing the various
construction contracts and finishing the
details of the new Georgia railroad
schemes.
Colonel Cole leaves for Atlanta on
Wednesday night, when the work will
be started.
Col. Maddox and ex Mayor Calhoun are
due here this morning from Atlanta,
when the actual transfer will be made of
the deeds and charter of the Georgia
Western Railroad 10 General Gordon.
Gen. Gordon leaves for Atlanta next
week, and promises rapid work on the
Georgia Western.
Our roads are coming at last, and they
are coming with whoop.
President PhiniZy, of the Georgia
Railroad, is here.
He will have the stock of his road on
the Exchange list in less than two weeks.
The governing committee of the New
York stock board has approved it.
President WadleY, of the Central
Railroad, is here, and is said to be
arranging to divide the Ocean Steamship
CompanY's stock. about 100000 TO
the Central stockholders. This will be
go per cent. stock divides
A difficulty is said to be found in the
terms in the lease of the Southwestern
Railroad, which provides that whenever
the Central Road divides the stock, the
accumulation or assets to It's own stock
holders, it shall divide the same to the
Southwestern stockholders in the pro
portion of s to 10. This makes about
$12. 900 600 instead of $1,000, 600 to
divide the Ocean Steamship stock be-
tween If this difficulty can be evaded,
the stock dividend is said to be sure.