The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-02-13
The Reading Deal.

The demagogues we see are deter
mined to make all they can out of the
Reading deal, and some of them even
propose to enact retroactive Federal
laws to overthrow it. One of the most
remarkable propositions is to establish
Commerce and Transportation, to
regulate the traffic interests of the
country. 1t is odd that such a PROPOSE
ton should be made in a Democratic
House, which ought to be opposed to
any further development of the pater-
nal idea in our government. The
very men who make this proposal must
of necessity be the same who
thunder against State control
of railway and telegraph lines.
Just where the distinction comes in
between the Government operating
the railways itself and arbitrarily
controlling their operations, we fail to
perceive. One would suppose that
the inutility of trying to control
natural laws by the appointment of
Cabinet Ministers. would have been
sufficiently demonstrated by the case
of Jerry Rusk. For years the farmers
clamored for a representation" in
the Cabinet. They got it. We won
der if they are a dollar richer or a
bought happier than they were
before. If a Cabinet officer should
be appointed to supervise the
Railways, it must be plain to all
sensible people that he should either
be a useless guy like Rusk or a sort of
car, whose power would be SUBJ
versive Of private judgment , and
deadly to private enterprise. So far
as any danger involved in the Read
ing combination goes, his power
as a dictator of transportation
matters would be foreign to the case.
The danger, if there is any,
is not SO much in the combination OF
the roads as transportation lines, but
in their position as coal producers.
Would it be contemplated to give the
new secretary power over the coal
lands of the country, and, if SO. why
not over the iron, cotton, grain and
beef productions as we'll? The prin-
ciple is open to indefinite extension.
But, in fact, is this combination a
good or a bad thing2 Let us see. AS
soon rs the transaction was an
nounced, the stocks of the companies
involved began rising. They went up
in three days a round $50, 900, 600.
What does this fact mean2 1t means
that in the judgment of the financial
world the companies united are worth
$50, 600, 900 more than they were as
rival and hostile concerns. 1t is a
case of strength in union, and the
mere accomplishment of the union
made the country richer by fifty mil
lions In the space of three days.
1t is noteworthy that every city on
the lines of the roads sees enormous
advantages to itself in the deal and
the impetus it will give to business.
The Philadelphia papers are jubiiant
at n end. The Jersey City papers
have spoken with no uncertain voice
at the other. This morning the State
Gazette points out the advantages to
Trenton in the combination. Easton
and Phillipsburg rejoice in it. Read
ing and Scranton alike see golden Wis
ions ahead. Can a new departure
which inspires such hopes be all, or
even half a bad thing?
As for the coal production matter,
how is the situation changedg 1t is
admitted that the supply was rigidly
controlled by agreement in the past.
Can it be any more so in the future?
In fact will not a real competition be
established through the hostility