The morning news., 1888-10-23
GEORGIA CENTRAL SOLD
THE RICHMOND TERMINAL BUYS
THE CONTROL

-
Majority Owners of the Georgia Com
pany Outgeneraled by John II.
Inman-The Pool Stock Sold at S35
Per Share-Eight Thousand Niles
Now Under One System.
NEW YORK, Oct. %. Late this evening
several railroad magnates dispersed from
No. Wall street. where they had been at
tending an extraordinarily important meet
ing of the Richmond and West Point Term
inal Company. They ali looked happy, as
If they had just come triumphantly through
the complications of a financial deal of
unusual magnitude-and so they had, for at
that meeting they closed 6he bargain for
the entire capital stock of the Georgia COM
pany, amounting, at it's par value, to $l2,-
GOO. 900
The Georgia company's stock spredicated
upon majority of the capital stock of the
Central Railroad and Banking Company of
Georgia, the most prosperous and one of the
largest railroad syndicates in the south.
AN EXTENSIVE MILEAGE.
Hence, by tho purchase which the Termi-
nal company made this afternoon it ac-
quired absolute and perpetual control Of the
great Georgia Central, and thereby in
creased the mileage of its own already ex-
tensive system from 5000 to 5000 miles.
This big trade has been pending fer q
long time, but u lack of harmony
',in the syndicate owning the Georgia co l.
pany stock has heretofore prevented any
thing like an agreement on price at which
all parties would sell. For the last six
months the Georgia company has been
divided into two irreconoilable factions,
pDft nlxy Cf haf t,bN
called the Belmont-Leman-Ri Rice Hollins
crowd versus the Inman-C n-Calhoun-Swann-
Hartridge party.
oUTGENERALED BY INMAN.
The former contingent owned nearly two
thirds CT the Georgia company stock, and
have, therefore, all along felt themselves to
be masters Of the situation. The trade Of
to-day, however, proves that they have
been outgeneraled, despite the advantage
they had. John Fl. lnman's ma ter
hand has been plainly seen through
out the conduct of the mammoth
negotiation. About a week ago he sue
ceeded in securing from all the Georgia
company stockholders an option on their
stock at $35 per share. This option he
transferred to the Terminal company, which
gave the directors of that corporation until
3 O'Clock to-day to decide whether or not
they would make the purchase.
Although president Of the Terminal COM
pany, Mr.. Inman declined to be present at
the directors meeting to-day, stating that
AS he was interested in the Georgia COM
pany, which the directors of the Terminal
company were to decide whether or not they
were to buy, he preferred not TO participate
in the meeting. He went further, and even
rendered his resignation as president Of the
Terminal company for the same reason, but
the direcfOra vVOuld NOT baaY. Of hir xx,ifh-
drawal under any circumstances, insisting
that he was essential to the successful man
agement of the Terminal company
TWO OTHERS NOT PRESENT.
John G.. Calhoun and James Swami.
directors in the Terminal company and in
terested in the Georgia company likewise
absented themselves from the Terminal
meeting to-day on tho same ground as was
given by Mr.. Inman for his absence.
All the other Terminal directors were
present. and voted unanimously to purchase
tho Georgia company stock at the price
named, and the bond was sealed The de-
tails of the negotiation during the last week
have been intrusted mainly to President
Samuel Thomas, OF the East Tennessee, /
Virginia and Georgia; President George 8. /
Scott, of the Richmond and Danville; Hon.
w. s. Chisholm, of the Plant Investmentj
Company, and Edward Lauderbach, oil
Lauderbach, Hoadley 81 Johnson, attorneys
OF the Richmond Terminal Company, all Of
whom are directors Of the Terminal.
FULrLLsA PROPHECY.
The accomplishment of this deal is an ex-
act ful1llment of the MORNING NEWS cor
respondents prediction of nearly ten months
ago. He telegraphed then that the forma- /
ton OF the Georgia company with a major !
ity of the capital stock of the Central road
Of Georgia as the basis of its capitalization
was only an ingenious method of blocking
a controlling interest of the Georgia Central
SO that it might ultimately be sold to the
Terminal. 1t is done, and undeniably is the
biggest thing that has yet happened in
southern railway affairs. 1t points un-
mistakably to further consolidation which
is destined to 60 on until all the systems
that are In any sense natural allies shall
have been practically amalgamatsd and put
under one general management.
cALHoUN's GENIUS.
To the development Of this plan no man
has contributed more during the past few
years than Patrick Calhoun. He Is entitled
to the credit Of having literally conceived
the idea Of bringing the Richmond Terml-
nal and Georgia Central together. He was
the original mover in the syndicate that
bought control Of the Georgia Central two
years ago, and made the memorable cam
paign which resulted in Gen. e. p. Alsxt
ander's election to the presidency. From
that day to this he has been untiring In the
prosecution Of his original purpose, and has
made each step toward that end In the light
OF wisdom and with the courage OF unalter-
able conviction.
ONE OF THE FIGURES OF THE DAY.
He has won for himself distinguished
among Wall streets brsiniest
leaders, and held his own in the very midst
OF them. In working out his plans he has
evinced the most intrepid nerve as well as
heroic patience, and has shown far-sight-
edness akin TO genius.
To-day's deal is Of incalculable benefit to
10 the Richmond Terminal, and insures the
most perfect harmony between all the
southern systems which 10 now embraces.
Steel Works to Suspend.
Boston, Oct. 22-The Norway Steel and
Iron Company, with extensive works on