The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-07-29
BOUGHT BY A SYNDICATE.
A Great Southern Railroad System
in New Hands.
THE RICHMOND AND DANyILLE LINES.
A Direct Outlet Secured for all Mis-
sissippi River and Southwest
ern Points to the At
Inntic SeabOrrd.
THE RICHMOND AND DANvILLE LINES

phia Press says: The most important rail-
road transaction that has ever taken place
in the South l. reported to have been con-
summaied Friday. 1t is the purchase OF
the Richmond and DanvilIe system, or
rather controlling interest in the same,
from General Il. NJ. Logan and his asso-
ciates, by whom it has heretofore been
held. The purchasing syndicate consists
OF George /. Seney, George +. Baker, r..
ID. Fabnestock, Calvin $. Brice, William
L. Clyde, and General T.. II. Thomas.
This Is the same syndicate that is behind
the East Tennessee, Virginia and Georgia
railroad, and is the most powerful organ
ization that has ever yet taken hold OF
southern roads. Seney, Brice, and Thomas
represent the old Seney combination and
the Metropolitan National Bank. Scott is
OF the firm OF George s. Scott & Co. Baker
and Fahnestock represent the First Ma
tional Bank of New York, while Clyde is
Of the great shipping-house OF William p.
Clyde Il Co.
FOUR THOUSAND NILES 0F ROAD.
This party will control about $500 miles
OF the Richmond and Danyille and 1900
miles of the East Tennessee, Virginia and
Georgia, making in all about 1000 miles OF
road. whose gross earnings are from ten to
twelve million dollars per annum.
The property acquired perfects system
that gives direct outlet for all Mississippi
river and southwestern points to the Allan
tic seaboard at Washington, Baltimore,
aid other points. 1t extends from wash
ington ria the Virginia Midland to Dan
vile, Va, and from West Point, on the
Chesapeake, TO Richmond. 1t then conti-
nues Uid the Piedmont road, Carolina Cen
trail, and Charlotte, Columbia and Augusta
to Atlanta, Ga, and also Uia the Western
and North Carolina road through the most
picturesque country in the South. The
connections at the various southern cities
are represented to be all OF the most adyan-
tageous character.
STEAMSHIP CONNECTION.
Besides its railroad connections, steam
ship connections OF n very satisfactory
character are to be made, and the new or
ganization will embrace large steamship
line. The property is reported to be in eX-
ceptionally good condition for business,
and the new owners, who have recently
made careful trips over the system, report
that they propose putting the whole 4,OOO
miles under one head and have it kept up
in the very best shape.
1t is also stated that the purchase has
been made for the purpose OF making pro-
fits from the operation, and that no stock
jobbing scheme is TO be entered into. The
assignment OF the stock has been made in
such a manner as to assure its remaining in
the hands OF the syndicate for some time to
come. The road is to operate Pullman
ears OF the finest pattern on all divisions,
and through ears will be run from Missis-
sippi river points to Washington, Balti-
more, Philadelphia, and other eastern
cities.
WHAT Is KNOWN HERE ~ RICHMOND.
Colonel 4. s. Buford, president OF the
Richmond and Danville Railroad Compa'
nv, was in New York Yesterday, but will
Ieturn to-day.
Colonel 4. l.. Rives, second yicc-presi-
dent, was here. but knew nothing about
the sale.
The Richmond and Danvilie and tie
East Tennessee. Virginia and Georgia have
10 a considerable extent been competing
svstemS-the first having what is known rs
the Piedmont Airline and the latter the
Kennesaw route. Their road extends
from Bristol to Atlanta and Brunswick,
Ga, ION the coast,) and to other southern
points.
PROPOSED INCREASE OF CAPITAL STOCK.
At recent meeting OF the Board OF Di-
rectors of the Danville Company it was or
dered that the stockholders be called to-
gether in September to consider the adyisa'
biIity of increasing the capital stock from
5000, 900 TO S7.0O0.00O.
The New York Herald of yesterday
saws: " The Richmond and Danyillc peo-
pie held meeting Friday, at which letter
| from Mr.. George ;. Scott, the largest OF the
controlling stockholders, was read. He
proposes that Il meeting to talk over the
contemplated increase OF the capital stock
be held September 9Th. and intlmaies thai
he and his following will look after the
company's financial matters in tle future
aud make suitable provision for the pay
ment Of its floating debt"
That was on Friday-the day the sale is
said to have taken place.