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.