Overview
Following legislation authorizing the state to lease its railroad for twenty years, Georgia awarded the first lease of the Western & Atlantic Railroad on Dec. 28, 1870. The successful bid came from a syndicate of twenty-three prominent businessmen led by former Governor Joseph E. Brown and including Alexander H. Stephens, Benjamin H. Hill, John P. King, and H.B. Plant. The winning lease was for a monthly rate of $25,000 over the 20-year period. The leasees would also return the line in top quality. Contemporary newspapers described the group as one of the strongest business combinations ever assembled in the South. The agreement established a model that continues today: Georgia retained ownership of the railroad while private companies operated the line linking Atlanta and Chattanooga.
Quick Facts
- Date
- Dec. 28, 1870