The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-02-14

dividend, the reason being that 1t has
built no new lines OF road since 1870,
| but has contentcd itself with protecting
what it had. The other lines have millions
| OF dollars of watered stock, which is a
heavy load to carry, and no one knows
| this better than Goull. lie understands
the situation and is willngto take adyant-
age OF il. lie has everything to gain and
his competitors have everything to lose,
and therein lies the history OF the failure
of all the Western aud Southwestern
presidents to sign "the gontlemen's agree
ment.'
As for the Burlington d Northern il will
not sign, because the recent meeting of
presidents refused to admit its four North
western competitors and with these out
side the territory of the agreement il
would stand no show ut ALL
CONSOLIDATION IN VIRGINIA.
A Richmond special says: There is u
| growing feeling OF uneasine,s, amounting
almost TO alarm, among the mercantile
and farming classes throughout the South
as they witness the absorption OF all their
railroad lines by the Richmond 4 West
Point Terminal Railway and Warehouse
Company. This Is the monster dovl fish
OF the South as the Western Union Com
pany is the telegraph octopus OF the coun-
Try, All competition, except by water
routes, is destroyed between the Potomac
aud the Gulf, the Atlantic Coast and the
Mississippi River. As General Manager
Fink can in his New York Office dictate
the freight rates and charges over 10000
miles OF roads so can the traffic manager
OF tho Richmond Terminal Company In
his office here regulate the rates in the
great territory south OF and including Nir.
ginia, and all east OF the Mississippi River.
The people Of this section have much 10
fear from the close consolidation OF all the
railroad lines under one management,
aud that IN Wall street, New York.
MoNoPoLIsriC CONDITIONS.
The merchants, the manufacturers, the
farmers and the travellers are beginning TO
realize and 10 make up their minds TO the
TACT that under the present monopolislic
conditions any competition or low rate oi
freight or fare is out OF the question. With
this outlook staring them in the face, some
of the merchants OF Virginia, North Caro-
lima and other States are eagerly casting
about for measures that will give them ~
lief and justice ut least In the matter oi
controlling the railroad lines that they
themselves have built At present the
outlook IN this direction IL dim aud ub.
scurc, but with the close rein which the
Terminal proposes To draw there IL certain
20 be u reaction, aud the State Legislatures
OF next year will ring with appeals from
the people 10 afford them some protection
against this monopoly.
The Richmond x Danvillo Railroad
Company, which was Incorporated in Sep.
TENDER, 1917, was prohibited 10y its char
ter from acquiring any competing lines
or from owning stocks or bonds In any
such lines. Notwithstanding this prOhi-
btiOn, the company eyadcd the provisions
OF IFS charter 10y leasing u number Oi rail-
road properties in this aud the adjoining
State of North Carolina up 30 aud inrlud
ing the year 1880. The leasing process
WIS not found 81 work quite satisfactorily,
aud on September ~, 1870, the Rich
mond X West Point Terminal q Ware.
house Company was Incorporated by the
Virginia Legislature. The charter gave
that company authority to acquire owner
ship la lines aud stocks aud bonds in rail-
road companies IN North Carolina, Icn-
neScc. Kentucky, Georgia, Alabama, Mis-.
sireippi aud other Southern States, and the
charter, which was granted In the interest
Of the Richmond X Dlnyilln system, WAS
further amended To allow the Terminal
Company 10 increase is stock without
limit 10 consolidate with other companies
aud 10 change the name at will to the
Richmond q Dinyille y Southern Railroad
Company
riiE IRA oF oonuLiy0.
From this period forward the Terminal
did line UybbIliup - and the rrpnturs las.
gan by swallowing It's creator the Rich
monl 4 nanvllc-and nll IT, leased aud
controlled lines. Tho railroad properties
now owned, leased aud controlled by the
Richmond & Danyllc aud tho Terminal
Companies consist OF four grand divisions.
aud nearly fifty roads aud their branches,