The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-07-21

The Knoxville Tribune OF the 10th
inst. has the following important and
interesting news in connecti with the
Norfoik and Western reorganization and
gigantic deal for developing the tim
hef and mineral resources of East Ten
nessee
A gigantic deal is now on foot, the
contamination OF which will revolution
tzs the timber and mineral resources of
Eaat Tennessee. 1t is deal connected
with the coming reorganization OF tho
Norfolk and Western railroad aud one
which has millions behind IL.
IL Is not mere idle rumos but re-
ATTY, which is COZ clusively proved by
tne iac' that certain property included
In the tchems has been purchased and
paid for in cold cash. That properlv Ia
forty.two thousand acres OF timber and
mineral land in Cooke and Sewer ooun-
ties.
The plan is this-within three months
the Norfolk and Western will be reor-
ganized; in that reorganization will be
included the South Atlantic aud Ohio
railroad, the Bristol and Elizabethton
rsilroad-all now in tho hands OF 8 re-
ceiver-also the Virginia, Tennessee
Coal and Iron Company, which owns the
great iron furnaces at Cranberry, Bris-
tol and Big Stone Gap. These gigantic
concerns will be merged into single
corporation ami the Norfolk and West-
ern will be extended from Bristol to
Knoxville, and thence via the Marietta
and North Georgia road to Atlanta.
The truth is that Newman Erb is
merely the agent for the gigantic cor
poratton which Is behind the whole
scheme. They ere the owners OF the
Marietta road, which is an important
link In the proposed system.
The distance from Bristol to Knox
Vile by the proposed new route is
about lao miles-the same a. the
Southern, but through far richer
country. James L. Brooks, OF the; firm
OF James I. Brooks s. Co., bankers and
brokers, in Boston, has been along the
proposed line Of road and has purchased
ansavallable land. thereon. This com.
pany Is behind the Reorganization
scheme and Mr.. Brooks along with
john @. Haskells receiver OF the 8. g.
& A. railroad, Messrs. Huydekoper,
receivers Of the Norfolk & Western
road, are authorities for the statement
that this line will be built and further
moro one of them made the statement
thar cars would be running from Nor
folk TO Atlanta within three years.
The striking facts about the whole
thing Ia that the reorganization board
have three agents in the feld-Mr.
Brooks being one of shem-aRd they
are paying cash for the property.
The whole thing in nutshell Is thia:
The Norfolk and Western people own
extensive coal lands in West Virgins
which are reached by their various
branch roads; these coal fields already
being developed by immense coke ovens
in. operation; the South Atlantic and
Ohio also reaches coal and iron fields i
various degrees Of development; also the
Bristol and Eiizabethton road runs
through $4,000 acres Of exhausted iron
lands, from which the three furnaces at
Cranberry, Bristol and Big Stone Gap
have drawn their supply of ores. The
Norfolk and Western is compelled to
find a southern outlet for the output of
their ovens, furnaces and mines, and q
road to Atlantis via Knoxville Is the
solution of the enigma.
The iron lands heretofore controlled
by this corporation are not sufficient to
run one furnace one year longer, &c said
a prominent member Of the reorganiza-
tion com mit.ee recently. This new road
will develop country practically mex.
haussible in minerals. timber and other
resources
The iron already prospected on the
proposed route is sufficient 20 supply sll
their furnaces for time to ccme. Con
soquently they are purchasing all min
eral, timber and unimproved property
from Bristol to Knoxville.
Newman Etb is agent Of the company,
which own 90 per cent. Of the stock in
the Norfolk and Western. and have
given notice to the small shareholders
to come and take part in the reorgani.
zition, which will be held within ninety
days.
When the reorganization OF this COM
pany Is complete, of which John II. In.
man will be one of the leading lights,
they will own the Norfolk ard Western
| and Its branches touching all the West
Virginia coal and coke properties, South
Atlantic and Ohio railroad, Bristol and
El!zabethton railroad, the Cranberry
and Big Stone Gap furnaces and iron
properties, as we'll rs newly acquired
Tim Der and miniIg properties through
Cccke and Sewer counties.
The largest iron properties will be in
| Cooke and Sewer counties, 200, 600 acres
having already been purchased from so
cents to IS per acre.
Among the properties they have take n
up are the Peck Mountain la I'd, the
Houston ard Birds eye gran,s-I2,.
| 600 acres-and other properties amount
ing to 200, 900 acres all told.
The country through which the new
,, road Is to pass is rich in timber Of