The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1886-11-25
THE CHANGE IN THE DANVILLE
ROAD.
IFrom Richmond Dispatch.

For some time past the Richmond and
Danville Railroad Company and the West
Point Terminal Company the former real
ly the parent of the latter-have not been
on the most affeclionate terms possible,
and there was fear that at the annual
meeting of the Terminal Company, adver
tised to be held in this city yesterday, a
board would be elected hostile to the Dan
Vile The Terminal Company, however,
met and adjourned for a week ''fOr want
Of a quorum. The people with big blocks
of stock had absented themselves, and for
a time there was some wonder here as to
the reason why. Before the day was over,
however, kilograms came pouring in from
New York that the Logan interest, which
had gained control of the Terminal, had
also secured a majority of stock III the
Danvlle. Thus the two interests were
blended thus was the speck OF war dlssi-
pated.
For Richmond people the news had
a substantial interest, inasmuch as the
announcement was that the new purchas
crs Of the Danville were A. 5. Sully, 7. NJ.
Logan and J. b. Pacc-the latter citizens
of Richmond, and in every way identified
with the prosperity of our city, and having
us their associates here, it is said, Ma or
James H. Dooley and E. D. Christian.
Personal.
Mr. Sully is a railroad man who has
made a grand mark in recent years and
who distinguished himself for the ability
which he displayed in the reorganization of
the Reading Company.
General Logan, a native of South Caro-
lima but ever since the war a citizen of
this State was Confederate brgadier at
the age of q years. 1t was the brain and
pluck of BufOrd and Logan, and those who
tlt.lr
the Dauvillc system that made of a local
road the great power that it Is In the
crash of 1882, General Logan suffered ter
Iibly in fortune; but he kept on at work.
Latterly he has made money again. 1t
was his organization that got possession
Of the Terminal, and through it brought
about yesterdays purchase. General Logan
will now doubtless again come to the
front in the active management of the
Danville system.
Mr.. Pace is the wealthiest man in Rich
mond, and one of the richest in the State.
He is probably worth two millions of dol
lars, and is in the prime Of life, full of
''luck and pluck" He has been a valuable
citizen to Richmond, and is now in posi-
ton to be more valuable than ever before.
DanvilIe Stock.
The Danville stock consists of so, 600
shares at 800 each. Previous to yester-
day the Logan party had acquired, it is
said about Is, 600 shares, but the Scott
syndicate held $1,000 shares in a solid
block, and insisted upon selling all or
none. So Logan, Pace, and Sully, and
their associates, whoever they are, agreed
to buy the $4,000 shares, for which they
paid $3.50 share, or s., $50, 900. Thus
the Danville and the Terminal come to-
gether again in the closest possible rela
tlOnS.
What it Means.
The purchase insures the amalgamatiOn
of the stocks of the Richmond and Dan
Vile and Terminal Companies, and it is
/ believed that one common stock will be is
sued for each 1t also guarantees the
unticatlon OF the entire q, 700 miles of
/ track and avoids diSintegratiOn, which
was feared, and about which there was
! some danger if this purchase had not been
made. 1t is now hoped by all our people,
and believed by some in good position to
know, that the main office will be moved
back from Washington to Richmond.
Pace, Logan and SulIy.
Colonel Buford, Mr.. Pace and General
Logan We're all in New York yesterday,
and 1t was not possible to ascertain here
who are associated with Pace, Logan and
Sully in their purchase, but it is believed
with Northern men of great means, such
as George Stone and the Rockafelders.
1t is supposed that the new purchasers
are friends Of Colonel Buford and that
they will retain his valuable services in
some high capacity.
Terminal stock went up yesterday to 60
10! in twentyfour hours.
The Danville stock, which sold yester-
day at $3.50 that is to say, some of those
shares-were sold in 1882 at 81; the aver
age price about that time did not. indeed
exceed 65; but since that year the stock
has several times changed hands, and
generally at a steady advance.
LATER-The new officers Of the West
Point Terminal Company are Alfred Sully
President, and I. NJ. Logan Nice-Presi
dent. Mr.. Edward Lauterbach was elected
general counsel to the board, and Col. W
W. Gordon, of Virginia, general counse
| in the Southern States
THE w. Il w. RI COMPANY'S AN.
NUAL MEETING.