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The Situation in Georgia.

--A correspondent of the Montgomery (Alabama) Appeal, writing from Hood's headquarters, says that Sherman has three millions of rations south of the Tennessee river. Most of these are at Chattanooga. Previous to the raid of Wheeler, he had one million, but while the road was interrupted — some ten days--twenty heavy trains were prepared, which were ruined through in one day. Sherman feeds at least one hundred thousand men, including his troops and the hangers-on of the army. This is full rations for thirty days, and may be made to last sixty. With what he can gather up in the country, he may be able to feed his army ninety days. He adds:

"Most of this stuff is at Chattanooga, the road below that point having been occupied in the transportation of railroad material and quartermaster stores. It is hoped that Forrest will allow but little more to come to the latter place; and plans are on foot which will probably lock that at Chattanooga so fast that it will require the bulk of Sherman's army to unbolt it. One-third of this stuff ought to be destroyed by well-advised expeditions.

"Should Sherman advance in sufficient force to threaten seriously our cities and manufactories further south, Hood will pounce on his weakened lines and ruin his reserve stores and thoroughly destroy his railroad. There is, indeed, little to tempt to advance, as it will require long marches and heavy fighting before he can reach a point where he can do us the least mischief beyond robbing citizens.

"General Hood's base is still behind him. He can fall back, in case the exigencies of events require it, in any direction except that covered by about fifty-five degrees, of which Atlanta is very nearly the centre.

"Major Horback, of the Army of Tennessee, has been sent to LaGrange as post quartermaster in the place of Major W. F. Ayer, who has been appointed chief quartermaster of the Army of Tennessee.

"It is stated that General Hood is tearing up the tracks of the Georgia, Macon and West Point roads. Seventy miles, it is stated, of the Georgia road will be torn up, and the Macon road to Griffin, and the West Point road to Newman.

"All the cotton at Palmetto has been brought away safely. A large quantity had been stored away at that point.

"The Macon Intelligencer states, it is rumored that Hood has captured a whole corpse of the enemy, amounting to seven thousand, in the rear of Sherman's army."

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