Savannah morning news. [volume] (Savannah) 1868-1887, 1884-02-06

a
An important negotiation, says an At
lauta special to the st. Louis Gl00e-geD'o-
er1f. affecting the Southern railroad sys-
tenn has been closed in New York and an
organization made. 1t has been known
in some circles that the Thomas Seney
syndicate had determined to build rail-
road in the South connecting the Memphis
and Charleston with the Georgia racine.
They own the Memphis and Charlest0h
under a lease. and have conIrol OF tus
Georgia Pacific, as part OF the hlcnHouu
and 0anville system. They selected 5
the point from which to leave the Meihp
and Charleston the head Of Navigation OF
the Tennessee river, intending TO oullu
there a city which would have dlreet water
Uav IN ST. Louis, to which the iron ana
coal of North Alabama could be carried,
and from which the grain OF the west
could be returned in steamers. IL was
proposed to establish here the company 5
shODs of the Memphis and Charleston,
and have the new road built and make a
great distributing point between the IRON
section of Alabama and the grain nelds OF
the Northwest. When Mr.. Jere Baxter,
of Nashville. who represents the Ihomas
Senev syndicate. came South TO select the
location of the city, he found the lanu
already in the possession OF W. > anu L.
{. Gordon. then engaged IN organizing
fore the arrangement was concluded De-
tween the Gordons and the Thomas syn
dictate the GOrdons had organized a COM
many in Atlanta. with S5OO,OOO, OF when
they took half for the lands they owned.
| With the cash subscribed by the company
thew had completed the purchase OF such
| other lands needed on the blum OF the river
where the future town was TO be located,
and which they named Sheffield. CapltaI-
other
Southern cities were interested. Inc
GOrdons were invited TO New YORK 70
meet the syndicate people, who wanted
TO buy an interest in the town large
enough to Justify them in building
il mn. agreeing that if the owners
would sell One-half OF their stock
in Sheffield they (the Thomas Sehey
syndicate) would at once oulId road
from the Memphis and Charleston ROAD at
Sheffield TO some town on the Georgia Pa
citic to the west of Birmingham. ms
trade has been closed. n construction
/ company with S1,000,000 capital was
formed, and the stock was at once taken
! nv Mr. Jere Baxter, President of the First
| National Bank of Nashville, $4,000; Gen.
| Thomas, 500, 900; Mr.. Seney, SlOO,000; =.
| 5. Brice, Mai. NJ. Y. McCracken, MI. H.
! II. r. Lyman and other gentlemen the pal
ance. This construction company Will AT
| once buiId a road S. miles in length,
broad gauge. Jere Baxter is President OF
the company; Mr. Nat: Baxter, Treasu-
rer, and Maj. w. V. McCracken' who
built the East Tennessee Road, secretary,
and will be in control. Maj. sample mas
| already made preliminary survey OF tne
route. In order to make good certain
! titles TO the land the road must pc hnlsneo
/ to the Franklin line by the middle Oh May
! and to make good the titles to addltlonal
| lands must be finished to the Georgia Pc
cific line by the 1st Of October; WORK
will be pressed as fast as men and money money
/ can do it. The Gordons have made S2OO,-
| 600 each out of this trade.