the properties from entirely disintegrating could not be successfully
accomplished.

In the dark days of 1893, after Olcott and the Central Trust Company had
failed to effect a reorganization of the Richmond Terminal system, a new
interest came to the rescue, represented by the firm of J. P. Morgan and
Company, whose growing reputation was due to the unusual personality
of J. P. Morgan himself. He was essentially an organizer. The railroad
properties which had become more or less identified with the Morgan
interests had for the most part prospered. It was felt that Morgan's
banking-house was the only one in Wall Street which might be equal to
the task. The proposal was made to him; he did not invite it. In fact,
it is said that for some time he was much opposed to taking hold of this
disintegrated and broken-down system of railroads operating largely in
poor and unprogressive sections, populated for the most part by negroes.
Said Morgan, "Niggers are lazy, ignorant, and unprogressive; railroad
traffic is created only by industrious, intelligent, and ambitious
people."

After months of discussion, however, Morgan finally agreed to undertake
the task, and out of the previous chaos there emerged the Southern
Railway Company, which has been closely identified with Morgan's
name ever since. Probably of the many railroad systems which Morgan
reorganized from 1894 down to the time of his death, no system has
become more distinctly a Morgan property than the Southern Railway
Company.

The plan of reorganization whereby this great aggregation of loosely
controlled and poorly managed Southern railroads was welded together
into an efficient whole was a very drastic one in its effect on the old
security holders. Debts were slashed down everywhere, assessments
were levied, and old worthless stock issues were wiped out. Valueless
sections of mileage were lopped off, and an effort was immediately made
to strengthen those of real or promising value. Millions of dollars
of new capital were spent in rebuilding the main lines; terminals
of adequate scope were constructed in all centers of population; and
alliances were made with connecting links with a view to building up
through traffic from the North and the West.

The first ten years of the Southern Railway system under the Morgan
control were practically years of rebuilding and construction. While
after ten years of work the main system still radiated through most
of the territo