At the time when the president of the New York Central & Hudson River R. R. Co. took the presidency of the " Big Four R. R.," so-called, and the Michigan Central l The decline in security values in 1903 was largely due to undigested securities following the era of consolidations, - 1899-1901.

R. R., both of which companies had previously been in control of the New York Central, the newspapers reported that the latter had "unified" its interests, meaning that by the presidency of the different roads being in the hands of one man there would be a more uniform system of management. Of course, the meaning is to simplify, make alike. Sometimes a mortgage on a corporate property is called a " unified mortgage," meaning that where there had been several mortgages outstanding before, and of different kinds, that these various mortgages had been, or would be paid off, and one common mortgage issued to take their places, called a " unified mortgage." " Consolidated Mortgage " has the same meaning.