CARRIERS: The Power to Tax . . .

From 1909 to 1931 the common stock of Central Railroad Co. of New Jersey never paid less than $10 annually. Bluest of blue chips, the rich, little (1,155 miles) anthracite road had skipped only eleven dividends since it began operations in 1848. For 25 years (1905-30) the stock seldom sold below 200. In 1912 it hit a peak of 395; in 1928 another of 375. Last week it could be bought for 5. Sic transit. . . .

And last week Jersey Central went bankrupt, joined 81 roads (over 31% of U. S....

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