Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-08-20

sition has been made to the Memphis and
Charleston stockholders as publisne ed some
days ago. The only proposition ever IN ade
by this company was with reference to The
consolidation Of the properties.
L. N. sCHwAE.
Secretary E. T., Va. & Ga. r Il.
THE FACTS OF THE CASE.
Nashville American, 18th.
We have learned from Mr.. Colyar, who has
returned from New York, the following facts.
in substance, in reference TO his trip. They
are of such general interest, not only 10 the
stockholders Of the Alabama and Tenn rssee
Coal aud LION Company, Of which he is
president, and in whose interest the trip was
made, but also to the public generally, that
we have obtained his consent TO their
publication: The object of the com
pany is 10 reach Its immense coal
field in Alabams, known as the
Black Warrior coal field, and then, il pos
sible, connect by a coal and iron railroad
this coal with the ore beds in Tennessee w.
ing in Hickman, Lawrence, Wayne aud
other counties. Mr.. Colyar found the main
difficulty in the way to be the threatened lit
igation between the East Tennessee, Vir-
ginia and Georgia Railroad Company Tor
Seney syndicate), which has a lease ef the
Memphis and Charleston road, and the ste ck-
holders in the latter. Upon looking into the
question presented, of connecting by
branches from the main line, both the coal
and the iron. and the magnitude of it, as a
part of the system, all parties in interest
agreed it must be done, and that it was the
interest of al parties to compromise the liti-
cation. This will probably be done in a few
days at the sto~ckholders' meeting at Hunts
vile. G neral Thomas, the head of the Ssney
syndicate, having submitted a new PROPOSE
ton, which nearly all the stockholders in
New York seemed pleased with. Mr.. Colyar
says, however, it may be uncertain about the
Memphis and Charleston people being al
lowed 10 bui.d The road desired, az the Cor
dous have a charter and have been for a scar
or more working up a scheme to build this
road connecting the coal and iron aud cross
ing the river at Florence. General Gordon
is now in Europe for the purpose OF selling
the bonds and stock of a construction COM
pany organized to build 100 miles of road,
connecting this coal and iron by a railroad.
All the information about this coal and iron
recently collected was forwarded 10 General
Gordon from New York after Mr.. Co'yar
reached there, and on last Friday he sue
ceeded in selling in London the bonds and
stock of the constructing company. Mr.. Col
var saw the telegram to his brother, Msjor
e. G. Gordon, on Saturday.
WHEN THE woRK WILL BEGIN.
TIE work will be commenced in a short
time, AID doubtless 10 such a way as 10 be
satisfacto,v 10 the Memphis aud Charl sslou
people. That this road will now be built
there can be NJ doubt, and Mr.. Colyar il of
opinion tina the road from Corinth TO Bir-
minQham will aiso be built, and which
masses through the middle of the coal field
lately purchased by the Alabama and Ten
nessee Coal and Iron Company. Mr.. Coiyar
caused a map 10 be made in New York
showing The coal lands of Alabama and the
iron lands OF Tennessee, with the roads in
operation, as we'll as the projected roads, and
which he lays favorably impressed capital
ist-, many of whom are willing to put money
into these lands, aud, if necessary, furnish
all the capital needed to build a road to
them. Land in Tennessee and Alabama,
easy Of access by railroad, aud with = navi-
gable river running between them, at a
few dollars per acre, which IN Pennsyl-
vauia wonl1 be worth as many hun
dreds, strikes the w~ide-swake money
making New Yorker, or even the
slow and steady-going Bostouiin, as
an inviting field for investment.
We have hammered into the heads OF
many Eastern people what at first they we're
slow TO b~elieve, that we have in the South a
good coking coal, and that we are sctually
making iron from s. to 81 per ton cheaper
than thew can make it in Pittsburg, and
these facts are making an impression on the
wild awake men in all paris OF the North
and East. Mr.. Colyar saysif We can be freed
from the perpiexities OF our State finances,
in his opinion the next ten years will develop
our coal and iron interests 10 such am extent
that the most sanguiue man will be aston
ished at the result. There is now no difficulty
in irducing capital TO take mold of Southern
enterprises which look to manufacturing on
a solid hSsis, or t. develop our coal fields.
The people ju the North are waking up espe-
ciaIly to our iron interests, and the vast
bodies OF iron ore are passing into the hands
OF concentrated capital much more rapidly
than ANYBODY supposes EhO has not kept up
with it.