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Show restrained. The same conditions would exist and affect competition botwcen Chicago and the East and Mississippi points and he East, for community of interest has proceeded to, a point where any desirable combination, and especially one whose consummation would; give increased value- to outstanding out-standing securities, can always be expected. ex-pected. Such mergers are easy to accomplish, because those who know they are to bo made can buy heavily in advance of the securities, whoso values will be increased by the merger. It is the way the great private -fortunes are now made in the transportation transporta-tion business. i " i TRANSCONTINENTAL LINE. I ! There is nothing improbable In the I rumor that the Union Pacific will sell its Southern Pacific stock to tho New York Central, taking its pay in New York Central stock to an amount which, added to that already controlled controll-ed by the Union Pacific, would give that company control of the New York Central system, which extends from Chicago to New York, says tho San Francisco Chronicle. There would bo no difficulty In getting formal owner-bhip owner-bhip by the Union Pacific of one of the lines between the Missouri river and Chicago and then there would bo a magnificently equipped line under one administration from tho Atlantic to j the Pacific. And if that were the whole story, it would be a3 much to the public interest as to the interest of tho stockholders of tho connecting roads. There is nothing in the law or in public policy which Is opposed to , the consolidation of connecting lines. The Union Pacific now owns a com peting line or a line which should ' compete between the Pacific and Atlantic At-lantic by way of Galveston. It la not an all-rail line, but it was found that tho rail and steamer lino could compete com-pete very effectively with the all-rail ! line so long as those who controlled it so desired. It is supposed, and with i good reason, that Harriman's price for it , rescuing the Gould lines was an ar- j rangemcnt which will prevent any in- J teroceanlc competition from that quar- I 'r except that which naturally results (j fem the ambition of the traffic and i I -tlng men directly connected with j j "o routes, which can always bo j - j i I I 4 |