Railroad Capitalization; a Study of the Principles of Regulation of Railroad Securities
The book Railroad Capitalization; a Study of the Principles of Regulation of Railroad Securities was written by author James Cummings Bonbright Here you can read free online of Railroad Capitalization; a Study of the Principles of Regulation of Railroad Securities book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Railroad Capitalization; a Study of the Principles of Regulation of Railroad Securities a good or bad book?
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In the theory of the law, that is just what it is supposed to represent; in practice, it represents nothing of the kind. This divergence between theory and practice is due in part to the lax corporation laws of several states ; but it is also due to another cause which cannot be removed ; namely, to the impossibility of issuing stock always at par regardless of the conditions of the market. Since, therefore, par value cannot serve its intended pur- pose of indicating the actual capital, it may ...better 'be re- moved instead of being allowed to remain as a source of vania (common and preference shares without par value). At least two public utility holding companies, incorporated in New York, have issued common shares without par value : the Western Power Corp. (of Cali- fornia) and the Interboro Consolidated Corp., a company holding the securities of the New York City railway companies (see p. 103, note I, supra). A number of volimtary associations, organized under the Massachusetts law to hold the securities of public utility companies, have issued participation shares without par value: e.
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