New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-29
"TRUSTY" C. S. BRICE.
A VAST DEMOCRATIC MONOPOLY OF SOUTH
ERN RAILROADS.


NAL coMBINATIoN-wHAT THE MANAGER
or cI.EvELAND's CAMPAIGN HAS DONE
AND HOPES TO DosTo sTIFLE RAIL-
WAY COMPETITION IN THE
SOUTH.
Ono Of the biggest railway monopohes ever
sought to be established in this country is that
contemplated by the Richmond and West Point
Terminal Railway and Warehouse Company One
Of the biggest trusts" now in existence in tins
country is this very corporation. The leading
and controlling spirits in this railway trust and
this proposed monopoly are Colonel GAVIN D
Brice, chairman of the Democratic National Oam-
paign Committee, and John ii. lnman, VINO Is
high in the councils of the Southern lacuon
which is running" that party and the Admins
tration. These two men already exercise power
of control over the railroad system OF the
South uneoualled by that of any other two men
in the country, and their ambitions have reached
proportions which threaten with danger the best
interests and prosperity of the South. Men who
are close observers of railroad movements recog-
nize that the Democratic cry against trusts
raised for campaign purposes against the hepup-
Rcan party, needs to be lifted in real earnest
in the Southern country, if the people there are
not prepared to be delivered over, bound hand
and foot, to q vast railroad monopoly built up
on an enormous watered" capitalization
From time to time there have been recorded IN
the railway world the various acts and opera
tions of the Richmond Terminal managers, but
not until the absorption of the great railway
system controlled by the Georgia Company has
there been a realization of the magnitude and
mower of Brice and Inman's trust" Following
close upon the announcement of the lease of the
East Tennessee, Virginia and Georgia Railway
svstem 10 the Richmond and Danville, a company
owned by the Richmond Terminal, 1t brought
out with startling prominence the proportions
of the monopoly already secured by the chairman
of the Democratic National Campaign Comml''ec
and his colleague, John H. lnman- BEFORE go
ing into the details of this aggregation Oh rail-
WAYS. q few words the nature OF the brlce-
Iuman trust will not be out of place
AS MUCH TRUST AS THE STANDARD OIL
The Richmond Terminal Company is as much a
trustn as the Standard Oil Trust 1t was IN
.orporated by an act of the Legislature of Virginia.
r..sed March 8. 1880, and possesses authority to
.nouire and hold stocks and bonds of railroad
.omnanies in the States Of North Carolina, South
Carolina. Tennessee, Kentucky, Georgia, Alabama
Mississippi and other States Its president IS
John H. Inman Of No Wall-st 1t was orlglnaiiy
organized for the purpose of acquiring the coh'ro
of railroads in the interest OF the hnchinohu anu
Danville Railroad, whose charter promplted IL
from owning stock in any but connecting lines
Amendments were secured subsequently TO the
charter of the Terminal Company, permitting IL
to consolidate with other companies and TO increase
fits capital stock without limit Already the State
Of Virginia has granted pracucaly unres'ric'eu
powers to this gigantic railway trust"
Its first step was in the direction OF STOCK
watering, and by 1882 its capital stock had been
N--.orod <-oro q nominal Sum $1,000, OUO,
for which the company received only s75oO,OOo
cash Early in 1856 the Richmond and Danvllle
Railroad took leases of several important ROADS
.vbose control had been acquired by the Terminal
COMPANY. intending to draw them from Terminal S
control and build up rival trust" ms
movsment was counteracted by the Terminal man.
ayers BY the purchase of the control Of the Rich
mond and Danville, which was finally secured IN
November, 1886 The price paid for the STOCK
averaged $500 per share OF SlOO Inc payment
cslled for S6,5O0,000, Of which s5,0oo,ooo was
in cash and s1,5oo,Ooo in new common stock.
The Terminal to raise the funds, issued soOOo'ooo
preferred and $500, 600 common stock, and for
this s12.500OO0 stock it received In cash
IS. 600, 600, which, with another issue OF
81, 500 900 in common stock, was turned over 10
the Richmond and Danville sellers
The control of the East Tennessee, Virginia and
Va
&c 900. 600 of the first preferred stock of that
company. The fnanciering' required Tor TINS
transaction, well as for other smaller ones mas
brought the common stock OF the Rlcnmond Ier-
minaI I'D to $40 000 600, and the preferred suoct
to $4,000, 900, while S7,637OO0 colateral truss
bonds are outstanding, secured by the pledge OF
various stocks and bonds of par value o.. Oh
k2l Al 6, 0O0 but which may be Withdrawn from the
trust on payment of S12, 56l, 500.
GREAT SYSTEM TIGHT IN THEIR GRASP
A glance at the map of the Southern States will
show the size Of this system now in the grasp
of the Richmond Terminal. 1t ranks probably
"a the second largest railway system of the
United States, but no other system is so thoroughly
In the mastery Of two men as the Terminal IS
IN the hands of Brice and Inman. One main
line sweeps from Alexandria, Va, through Dan
vile. Va, Charlotte, n. c., and Atlanta, Ga, to
the Mississippi River at Greenville, Miss From
West Point, to Danville, Va, runs an important
stem From Bristol Tenn, another main line
II carried south to Mobile, Ala, and west from
Cleveland, Tenn, to Memphis, and southeast from
Cleveland through Atlanta to Brunswick, on the
Atlantic coast By the recently acquired control
of the Georgia Company, the Terminal secures
other i'm portant lines from Birmingham and Mont
gomery, Ala Atlanta, Ca, Greenvllle ana spar
tanburg, S. c., to Port Royal and savannah.
host of connecting lines make network OF rals
nyer the vast territory covered by the few main
routes outlined above The mighty system IN
the control of the Brice-lnman " trust covers
1t least seven Southern States; and nearly every
independent line between the Mississippi RIVER
and the Atlantic coast and south OF kentucky
Is practically reduced TO the position of dependent
mon the monopoly feeding it with traffic and
At the mercy of any rates it may dictate H.,
Here in figures is the mileage owned, controlieu,
leased or operated by or in the interest OF the
Richmond Terminal " railway trust .
Miles.
Ts; s.:s% &s.n .p q. p sSS s system system
Total Georgia Company system 1,-oo
Grand total 67ss
To this must be added about 300 miles OF
water route, also now in the control OF the Rich
mond Terminal
Nor have the ambitious schemes of Brice and