The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1888-11-08

A BIG RAILROAD DEAL.
PHILADELPHIANS TRY TO BREAK
THE COMPACT.

THE COMPACT.
Wall Street Sharpers Working to Unite
All the Important Southern Lines
Unde. one Management.
Especial Correspondence to the Seatinel.l
PHILADELPHIA, Pa, Nov. 4, '8S
"A deal of gigantic proportions, by
which all the railroads in the south
ern portion of the conntry are to
eventually come under the control OF
a syndicate of Wall Street sharpers,
is now under way, and should the
pending negotiations reach success
full consummation, which it is thought
likely they will, there will be created
one of the greatest monopolies that
ever existed, trust that will rule
Southern industries and manufactures
with a rod of iron, and an organiza-
ton SO extensive in its ramifications
that it will eventually control the
whole section of country in which 1t
conducts its operations. This section
is south from the Ohio River to the
Gulf Of Mexico and east from the
Mississippi River to the seaboard.
NO INTEREST IN THE WELFARE OF
THE SOUTH.
The little handful of men who even
now are at work with all their shrewd-
ness and cunning on this scheme are
gamblers in railroad stock and bonds
men who have no interest whatev
er in the welfare of the country in
general, and men who would not
scruple to ruin the commercial inter
ests of the entire country if their own
private interests could be benefited
thereby. In the event of their sue
cess they will make their own rates
for the shipping of freight. They will
control the output of agricultural and
manufactured products by regulating
the amount of freight to be carried,
and, having complete monopoly, will
dictate practically what shall become
of the goods.
THE FIRST STEP IN THE DEAL.
The first step toward carrying out
the deal was taken a few days ago,
when the Richmond Terminal Rail
road Company bought up the Georgia
Central Railroad and all its connec-
tions. This bargain has already been
consummated, one-half of the s4,200,-
600 purchase money having been
paid.
AN ATTEMPT TO STEM THE TIDE.
With a view of preventing this deal,
or at least of undoing what has been
done, the Law Counselors Samuel
Dickson and Joseph [. Doran, repre-
senting Nicholas Thouron and Will
liam Barr, of this city, and other
stockholders, applied to the Chancery
Court of Tennessee, at Knoxville, for
an injunction against the lease Of the
East Tennessee Railway System to the
Richmond and Danville Railroad
Company. The Court directed the
bill to be filed, and has fixed Novem-
Der 16 for argument.
The application is made upon the
ground that the Richmond and Dan
vile is competing line both in Ten
nessee and Georgia with the East
Tennessee road; that under the laws
of those States the leasing of one road
by competing road is forbidden, and
a penalty of forfeiture of franchises is
incurred 1t is believed that the
consolidation of these syste:ns would
be very disastrous to the development
of the resources of the country about
Atlanta, Chattanooga and Birming-
ham, by making those points solely
dependent upon one line of commuEi-
cation with the outside world. By the
block given to the development of the
progressive Interests at these points it
is believed that eventually the East
Tennessee system would greatly suffer.
BIDDING FOR ALL LINES.
1t was stated yesterday by gentle
men prominent in railroad matters
that prices had been placed upon the
Norfolk and Western, Shenandoah
Valley, East tennessee and Louisville
and Nashville systems, and also upon
the steamer lines from Boston, Provi-
dence, New York, Philadelphia and
Baltimore to the South, and for the
Plant system of steamers running
from Florida to Cuba and ether West
India Islands. Realizing that they
will become involved in the meshes OF
one gigantic system that will crush
them out of existence as soon as il
shall be started, some of these con
Germs, if not all, are seriously consid
ering the advisability of accepting the
offers made to them.
SEEKING TO CONTROL 1000 MILES OF
ROAD.
By the consummation of this iInpen
| ding deal one vast monopoly will con
troll about 1000 miles Of tracks, ex
tending through at least seven South.
ern states. One main line sween,
from Alexandria, Va. through hor
vile, Va. Charlotte, N. c., f.
lanta, Ga, to the Mississippi. d'0ion :
Greenville, Miss. From -esoived :
to Danville, Va, runs &c, 1ho3Gers TO
stem. From Bristol. j. in necembe
main line is carried Z. Englebv. J. N
Ala, and west froyam,son and E. H
to Memphis, and lit, ii we're in aotend
on the Atlantic tent tha6 the director
" acquired ,~se;rn bas; 5ess end it i
company nIa tb Predicted hat VOL: .
important.f the Gae WI commence i
Montgo ms.
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