The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1892-06-21
RAILROAD NEWS.
SENATOR CAL BRICE TALKS ABOUT
THE SITUATION.
A Good Plan of Reorganization is Already
Prepared and Will Probably Be Of
fered to Drexel Morgan s. Co.


Mr.. Samuel Spencer will put his report
In the hands of Drexel, Morgan & Co. very
shortly now.
What the banking house will do or say
10 one can tell, but it is expected that the
bankers will express a Willingness TO ul-
dertake the reorganization on sui terms.
Some large fee, possibly $10,00O,OOO, will
be one of the conditions. Then absolute
control of the properties during the reorgan-
ization will be demanded. How much time
will be required 10 formulate plan no
one can tell Possibly one can be put tor
ward in an unexpectedly short time.
There is at least one plan III existence
which mas never been acted on. III was pre-
pared several months ago and nled away
in safe. This plan was prepared WIN
great care and takes in every security III
the Terminals properties. SellueiIi,,n
who has seen it and examined II tnoroughlv
says that it is a good plan, , T;.olcal, per
nn na 'thot This nlap will be rendered to
nrexel. MORAN & Co. for their consldera-
lion. ,,,u. &c .o1-oro1
of the lines are ready 10 J'tihp ~ ' hnld;DcS
to any, scaling down OF their noieiihss.
These security holders are IN poS''lol ~
make their own terms, but the o'helS VIII
have to give and take. Ill, :; A.
SnpncprS
,onta ;ndicoted that he favored preserving
+bn Richmond and Danviile and the East
Tennessre systems about as they are as 10
subordinate lines. .:-, with
In this connection an interview WIN
sonato ,r.' Cal Rrice. of the Terminal. which
vas nublished in Sundays New York her
Md is timely. Senator Brice sad Ihi'C ne
thinks the DAY for great railroad dGNciop
mont in the Iuitcd States Is past. nc pl9
nonnced the south the best field Tor eever
n norern Here is an extract from the inter-
view: - ,,,oro ,rroat trunk lines
Cor rho country has all of these II can cur
Tha hrildinr VII be in lateral lines ana III III
the eatcnsion OF the present SYSTEM de pI,s
- e the Great Northern, Which Is to run
from st. Paul and Duluth TO ogi ST. tbn ,
tooextend orth to Nancon'f this l raa6 and it
win h. put through very so2u' u 80 go
Though a sfch country and thoHsn noDts #
the Northern Pacific n one or two polus a. !.
mas lbs own territoay aad 1t viii have Il trace
A railroad Trust Impossible.
..IIovy about great railroad consolidation,
ee3ator RrfSe? WIN we ever have a vast
railroad trnss which viii control all the rail-
roads Of the: United Statest s,a4or az do
NE replied the railroad senator, uo
rot think such q thing possible and II lt We're
pcss.ble, the people would really cohlrol II
tcday as h'sr.,, public opinion, and that rcaa,
II ..es.ot ire railroads Of today. Railroad
pres!G -. sud railroad managers realize thar
me pe0pie and fine railroads are coming
closer together every year me toaoS 4 ta
people than they have ever been, and their
warts are studied by the managers. AS to
CONSTITUTIONS these occnr only along the nat
uraI lines of business, and combination upon
any ether principle would result IN an I'M
witidly mass AMI would break Of Itself
What are the prospects for the lntercon-
tincntaI railway"
II have no doubt that it will be built" re-
Piled MIR. Brice, and that You Will see 1t a
IN. ATTIC half
already constructed. and we will some day go
b. rail from the Mckenzie river to Buenos
.seritish Columbi. 10 below the City Of Mexico
Wy railroad, and there are more than one thon-
America in operation right along this line;
The Nicaragua canal will lie completed, and
this and the Inte"cortinental railway will
tie the two continents together.
''The south is the great coming field for de-
veloIHeg and heeve : is rt the b bes ,,la ye st
now, ard from now on, the tide of enigr.t'on
viii be southwark. The soIth is f;ll of re,
sources. 1t has vast areas OF good land, and
Yes, / look for an immense development all
over tie south"
Railroad Rates.
'Do YOU think that the rates Of our freight
and passenger fare viii he lower in the flu
ture than they are now
past twenty-five years" replied senator
lirce. and it would seem to NE that they
had about reached he GCttom Take two
thirds of cent a for freight, and two
CENTS Il mile for passengers and this would
seem 10 be about the minimum. We have
now as low rates any country in the
world ana We nave only small margin on
NO. [ think not was the reply, though
it is Is wonael1ul what an immense shipping
IS more shipping through the Detroit river
in eight months than there is Mt Liverpool the
whole year. and the tonnage which passes
great as that which passes through the Suez
canal. : great part OF this tonnage consists
o. iron from the Lake Superior regions which
IS carried down TO the Ohio lake towns. and
of coal from the OHIO coal fields. which is
carried back. The iron of these Lake SUPERIOR
regions Les rlElt near the water. and the
In'n"s are on hills near the shore. so that the
oar can be run down on railroads by gravity
and loaded on the ships. This iron is carried
down the lakes il big steel steamers, which
travel almost as fast as the ocean steam
ships, and millions of dollars are invested in
Docks all along the lakes, and great cities are
growing up from tn effect of the trade All
the northern Ohio fowns are growing ard
there is rapid increase in the population and
business of Toledo, Cleveland, SaHduslly. Ash
taaui2 and orr other northern Ohio towns
. ne cry OF Youngstown mas today freight
tonnage eve! var greater than the whole
cotton crop of the south. and Cleveland. which
had Only 10000 peopia a few years ago, bad
2G9,@o ut the last ce}lsgt and has more than
100000 people now. Speaking of freight ri as
those which prevail on The lakes are so low
that the railroads cotld not touch them in
such matters iron and coal, and il is only
~ these low rates that it pays 10 work The
milcs"
Good Times Ahead.
"What sort of times are ahead for this
countr, i'll YOUR estim2tion:"
- think the outlook is very good was the
reply. The United States viii be prosper
all our lifetime, at least. Ii is the rich
est country ON the face or the globe, and it
I the cGeatest IN lis resources and IN its pos
Utilities. Ne can't help being rich MS long
: as have as much OF UndeyeIopeI material
exists here and at the same time the nerve
and energy to turn this into money. ! would
like to see our shipping extended. however,
and believe in encouraging all trade reia-
lions with other nations which Will tend to
i,-if:s this about. The United States Will be
the gre st ENGLAND of the future. 1t Will nj
some time do The manufacturing for Il great
part OF the world, and its Ships will sail 10
every part of the world carrying its
pro1UctS.
On Its Feet gain.
New Yor' June 1J.-(Sp4cial A plan
has been fn: p, arranged for the reorgan-
,xotiO,, If hpriQtt9 cnh North t.porUja