Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1883-08-09
SOLD TO A SYNDICATE.
THE GREATEST RAILROAD SALE EV-
ER MADE IN THE SOUTH.
Latest Report in Regard to the H. & d.
What the Richmond Paper Knows
About It--Superintendent Greene
PreSumes it is So.
Charlotte Journal Obse1-ver.)


Charlotte Journal Obse,uer.)
A report that the Richmond & Dan
vile Railroad has been sold again, this
time to the East Tennessee, Virginia
& Georgia road, has been canvassed
about town for a couple of days past,
and has excited a good deal of interest
among the business men Of the city. If
the transaction as reported is true, it is
an important one for this section. This
is what gave rise to the report: On the
18th inst mt the board Of directors Of
the Richmond & Danville Railroad
company ordered a meeting Of the stock
holders to be called on September II,
for the purpose of voting on the ques-
ton of increasing the capital stock Of
the company to 81 100000, it being
now S5,00O,000, in day or two after
this action Richmond and Danville
stock took a jump and advanced 10 or
- points On the 18th it was quoted
in New York at 60, and on the 23d it
was quoted at 70 1t is said that as
much as $4,000 shares changed hands,
which is about 1000 more than the
controlling interest. How an increase
of stock is to increase the value of
shares is one of those things that no
man can explain, except by the pecul-
lar and mysterious ethics of Wall
street, which does not, as general
thing, square with the philosophy of
business. It is said that a strong mi
nority in the board oppose any increase
of stock. It is also rumored that Geo.
Scott, who votes the controlling inter
est, is opposed to the action Of the
board in proposing to increase the cap
ital and that he will vote against it at
the stockholders meeting.
The Richmond State received a dis
patch from Saratoga, n Y, under
date of July 28th, which stated that
''the Seeney syndicate, composed Of
Geor5e 1. Seeney, George F. Baker,
e. d. Fahnestock, Calvin S. Brice,
William P. Clyde, and General E. T.
Thomas, have purchased the controll-
ing interest in the Richmond land
Danville road. It is to be consolidat-
ed with the East Tennessee, Virginia
and Georgia. This will give four
thousand miles of road under one
management, and is the most impor-
tant transaction that ever took place
in southern railroads"
Col. A. S. Buford, president of the
Richmond & Danville, is in New
York The above telegram was shown
to Col. A. L. Rives, second vice-presi
dent of the company, who told the
,State reporter that he knew nothing
about the matter; that the report
might be true, or it might not; it was
the first intim alton that he had of any
such transaction. The Richmond and
Danville, and the East Tennessee
Virginia and Georgia are competing
systems, the first having what is known
as the Piedmont Airline and the lat
ter the Kennesaw route which is a big
North and South line.
When the Stewarts and other capi
talists Of Richmond, says the State
were in the Richmond & Danville
pool the road was known as Rich
mond institution. But since they sole
out and their shares fell into the hands
of northern capitalists very little has
been known in that city of the inside
/ workings" of the company. The Rich
mond and Danville, like other rail
roads in the country, is now controlled
in Wall street, and is used as a football
for spectators, which makes itdifficul
to ascertain the truth of the variou
reports emenating from that quarter
The Seeney Syndicate is the sam
II L i Il y
Tennessee, Virginia and Georgia Raj
road, and is the most powerful organ
zation that has ever yet taken hold {
Southern roads. Seeney, Brice an
Thomas represent the old Seeney con
bination and the Metropolitan Nation
al Bank. Scott is of the firm of Ge
S. Scott & Co.; Baker and Fahnestoc
represent the First National Bank
New York, while Clyde is of the gre'
! shipping house of William P. Clye
& Co.
Capt. w. III. Green, superintendel
of the Richmond & Danville Rsailroa
arrived in the city yesterday and OF
pumper found him at the Central IL
tel. Capt. Green said that he did n
know anything much about it, b
presumed that it was SO, and appear,
rather inclined to believe it to be tru
The general opinion is that if t
Richmond & Danville has really pa.
. ed into the hands of the East Tenn,
/! see, Virginia and Georgia road, th
it will in. future be operated by th
road to as great an extent as possib
: as will also the Western North Cal
lima road.