The Government And the Railways

Cover The Government And the Railways
The Government And the Railways
James M James Middleton Cox
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The policy of dealing above g board with the government, public and shipper, will become the real asset of the railroads. The government is the best agency to give dignified and * effective exploitation of that plan. If a railroad corporation desires to work out a project of extension or improve- ment, and votes a perfectly honest issue of securities, with every intent to disburse them in good faith, the very essence of the whole transaction in- spires confidence which will be wide- spread if s...ome agency without the railroad organization certifies the legitimacy of the enterprise.
I introduce, therefore, entirely re- gardless of the objections that have been raised to the plan, the suggestion that ultimate relief will never come until the Interstate Commerce Com- mission passes upon the issuance of securities. Now, let us analyze this proposal.
FEDERAL SUPERVISION Suppose the Pennsylvania Railroad Company desired to issue $50, 000, 000 in bonds — and I cannot mention the Pennsylvania Railway Company with- out making this observation, that out in our country we believe that its honor has never been stained — (great applause) — and it prepares to issue these securities.


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