Sacred Prosperity.
Divine right is still to be discovered in high finance, although not so usual as a few years ago it was. A group of minority stockholders, clamoring for an accounting from Mr. HARRIMAN, were consoled by his lawyer with the assurance that “Mr. Harriman moves in a higher world, where stockholders may not hope to enter.” The president of the Union Pacific Railroad may continue to keep stockholders beyond the battlements of his personal paradise; but the Interstate Commerce Commission, by virtue of the Railroad Rate bill, have the right to make inquisitorial entry. The rate bill became a law on August 28. The raising of the Union Pacific dividend from six to ten per cent. was effected by Mr. Harriman on August 16. If the Interstate Commerce Commission have been under embarrassment about picking a railroad which shall be compelled to lower its freight rates, the juxtaposition of dates should make them easy. A road which at once pays exorbitant dividends and charges exorbitant rates seems to need their services. It is not for the purpose of paying higher wages to his conductors and engineers that Mr. Harriman charges high rates. His operating expenses are but 52.51 per cent. of his gross receipts; whereas the average of all our railroads is 67.79 per cent. When a shipper pays Mr. Harriman one dollar, fifty-three cents goes to pay the trainmen and for the other purposes embraced under operating expenses; about two cents goes for taxes, and forty-five cents goes to paying the interest on bonds and to meeting the necessities of Mr. Harriman’s ten per cent. requirements.—Collier’s Weekly.