Railways

Outright purchases and consolidations are supplementing thc "community of interest" in overcoming the disabilities imposed upon the transportation companies by the anti-pooling provisions of the interstate commerce law, and the anti-rate agreement provisions of the anti-trust law. This tendency is not new, but its development just now is certainly noteworthy.

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Railway Supply Institute: one year and counting - supply side - Brief Article Among all of the rumors of consolidations with which the daily papers have been filled during the past week, the only reports positively confirmed are that control of the Central Railroad of New Jersey has been passed to the Reading Company, and that a considerable amount of stock of the Lehigh Valley, formerly owned by the Packer estate and by Lehigh University, has been bought by J.P. Morgan and his associates. Floating rumors point once more to the absorption of the Delaware & Hudson by the New York Central.

That these actual and possible amalgamations involve nothing new in theory or in practice may be repeated with emphasis. Significantly, too, demagogical attacks upon the capital invested in the public service in transportation have not been for a long time less frequent or less persistent. Railroad companies have been uniting with each other ever since the beginning of railway history. Capitalists have invested without number in parallel and competing, as well as in connecting, lines. Evidence that such unions of interest have proved detrimental to society is altogether wanting. Indeed, abundant proof exists that the evolution of the railway system up to the present highly concentrated form has constantly promoted economy of service, into the fruits of which economy, as seen in the uninterrupted cheapening of the cost of transportation, the people at large have entered.