The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-11-22
HOW TO BURST THE BALLOON.
The Legislature and the West Point Ter
lninal '.'..-.
From tie Norfolk Virginia.

Railroad as well as political deals
menace the prosperity of the peopleand
country when they are rash and alto
gether speculative, and without actual
financial strength. The rivalry of diff
ferent lines and interests must some
time find a level, and may involve
great diasters in a financial sense.
Whether such effects. are to flow from
the recent movements Of the West,
Point Terminal is now purely conjec-
tural, but it is wise to read and con-
slider such disclosures as are made in
the following article, which is taken
from the Baltimore Sun:
"The absorbing propensities of the
Richmond and West Point Terminal
Company are attrecting much attention
in the railway and financial world.
The Atlantic Coast Line system is be
ing made subject of negotiation just
now by this syndicate, and report has
it that they want the Norfolk and
Western, the Louisville and Nashville
and the Cincinnati Southern systems:
The Norfolk and Western, it is authori-
tatively stated, will refuse to deal for its
absorption, and the Seaboard Air Line
will also maintain its independence.
Baltimore is directly interested in
these railroad movements. The Sea-
board Line has direct connection with
! this city by the Chesapeake Bay Line
steamers from Norfolk. The Norfolk
and Western, through the Shenandoah
Valley and the Western Maryland
roads, is also directly Unidentified with
the trade of Baltimore.
tPersons who are concerned in
watching these absorptions into one
great concern, either by purchase or
lease of the Richmond and West Point
Terminal Company, argue it out as
follows: That concern has been given
by the State of Virginia such powers as
have never been granted to any other
corporation in this country. The Ter
minal Company has authority to ac-
quire control of railroads, and these are
leased to the Richmond and Danville
Railroad system. The Terminal Com
pany look for their profits in making
these acquisitions, and there is little
doubt that they secured for themselves
big stake by the recent purchase OF
the Georgia companies. The extraor-
dinary powers held by this Terminal
Company give them the opportunity to
actually control railroads without pay
ing any money for them, and of max.
ing huge profits by the transactions,
by the manipulation of stocks and
bonds. The purpose OF this syndicate
is to dominate and control the railroad
transportation of the Southern States
east of the Mississippi and south OF
the Ohio rivers. The successful accom-
plishment of their schemes would be to
deprive the South of railroad competi-
ton, and to make local station of
every Southern city and town. The
end of all this will be in the stagnation
of development and the going under of
the railroads, with their heavy loads of
debt piled on by the manipulations OF
this syndicate.
"The remedy for this lies with the
State of Virginia, which never con-
templated such results from the powers
she granted to the Richmond and West
Point Terminal Railway and Ware
House Company, with its modest title
but gigantic designs. The withdrawal
of these powers and a requirement for
| the winding up Of the affairs of this
company will save the South from the
evil effects Of this great speculative
railroad venture and will demonstrate
the hoilowness at its foundation"