The Making of America Volume 4

The Making of America Volume 4

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 edition. Excerpt: ...upon five men, or three, if the five do not agree, the power to regulate the earnings of railway companies by fixing rates. This is, in effect, to give to the commission, a political body, power to make or break railway companies, to send their stocks or bonds up or down in the market, to control importations, to limit exportations, to build up or ruin cities by establishing differentials, to array one section against another. Should the commission be given rate making power it would have absolute dominion over the commerce of the country and over all interests dependent upon such commerce. It is to be feared that evils would result from the granting and exercise of such power, compared with which existing evils or alleged existing evils are as nothing. A railway corporation has only such rights as are given to it by the state in which it is incorporated. A railway company, in order to obtain money with which to construct its line and carry on its undertaking, is granted by the state a right to sell bonds and stock in the markets and to those who are willing to purchase. The ownership of stock of a railway company is a matter of interest or concern to the territory served by the railway company to the extent that it is held by those who have pinchased it as an investment and have an interest in the territory served by the line in promoting its settlement, encouraging its growth and increasing its traffic. There is a common interest between a railway company, that is, between those who hold its bonds and its stock, and the territory served by its line. The bondholder has an interest in the earnings to the extent of the interest on his bond; the stockholder to the extent of obtaining reasonable dividends upon his stock. The amount of interest and...show more

Product details

  • Paperback | 182 pages
  • 189 x 246 x 10mm | 336g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236491963
  • 9781236491961