The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-02-15
Highest Of all in Leavening Power-LatestU y. 5. Govt Report
Roe! B BsSdsz
ABSOLUTELY PURE
Highest Of all in Leavening Power.-Latest Y. J. Govt Rel
ABSOLUTELY PURE

II the road it represents before the
world.
We have no desire, therefore. to treat
the recent advance as speculative. to de-
cry these enormous profits made in a day,
or to treat the changes in values as
visionary. They are real. All the coal
roads are of more value mar they were
before. The public will gain as much as
the owners of the neutrality-suspicious.
rather more. We all now see that the
consolidation of the New York Central
and the Pennsylvania system twenty
years ago was profitable to the public.
In time this Will be equally clear OF the
Reading deal"
AT the same time. 1t is just as we'll to
remember that the great amalgamation
of conflicting interests which look place
seven years ago in the trunk ines has
wholly failed to work the peaceable and
profitable fruits of increased dividends
and profits which were confidently expect
ed at the end of that railroad war. The
holders of West Shore bonds made a very
pretty penny, and rave been getting their
interest ever since. The stocks of the
different trunk lines, instead of recover
ing all the distance they had fallen in the
previous three years Of strife and s,rug-,
gle, have recovered about half that loss.
Their dividends ave shown a little I'M
provement in the past year or two; but,
taking the seven years since Harmony.
Heavenly Harmony" WAS invoked by
Mr.. Piarpont Morgan and his gifted as
sociates, dividends have been far, very
far, below the figures of the years gone
before, and, we sadly ear-as far as the
trunk lines are concerned-gone forever.
No one of the trunk lines Is carrying
freight and passengers quite as cieaply
as in the fatal year 1885; but IN 1890 they
ran near iG, aud they have never been
able to get anywhere near back to their
ancient figures in 1884 and before. These,
too, are gone, never to return. Ouch
was said at the time of the amalgamation
of economies, of the abolition OF agencies,
OF commissions and the rest. We trust
these economies were made. We hate to
believe that harmony hath its extrava-
gances no less costly than those Of war,
but we regret to say that, il economies
were made. cruel fate prevented them
from showing up. Expenses have gone
on mounting year by year. The trunk
lines do more business each rear. and
each year they do it on a narrower mar
gin.
This has been the experience of all
amalgamations. 1t will be of this. The
securities concerned will be steadier.
Profts will be more evenly divided.
Lean Reading will get a portion from its
fatter sisters. They will all be better of.
Rates will be evener, and, after an adj
vance for a year or two, lower. The pub
lie Will get Its coal as cheap as ever, and,
in the case of this city, perhaps cheaper.
The gentle rain of dividends will fall on
the parched Reading as well as on the
luxuriant Lehigh. But, collectively. no
great change will come. Economics
will be offset by that memorable increase
OF expenses which is the fate of modern
~railroading. The great public will get
more and pay less, as the public has for
thirty years. and will continue to growl
more as its freight rates get lower: but
the roads will find profits narrow as capt.
taliZation SWellS.