Adjustment of Labor's Demands During Federal Control of Railroad Operation

Capa
1918 - 11 páginas
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Página 9 - ... its property. In the Illinois constitutional debates, Judge Elliott Anthony in discussing the proposed adoption of the provision limiting the issuance of securities, said : > . I wish to explain for a moment where the evils come into the community by the increase of the capital stock. The managers care nothing about the public, but in order to keep up the stock, they raise the rates of freight in order to declare dividends upon the watered stock. It is a fact well known that the moment these...
Página 10 - The State retains the right to regulate rates charged by railroads, but it has not the power to fix tolls or charges at so low a rate as to destroy the investment or deprive the company of its right to a reasonable return on the investment. The constitution forbids the corporation defeating the State's right to regulate its charges by overcapitalization or issuing stock or bonds in excess of the value, or substantial value, of its property, and basing its tolls or charges on such over-issue...
Página 9 - ... that the proceeds are to be used for legitimate and proper improvements. In the Kentucky constitutional debates, in discussing a like provision, Mr. Clardy said : Now, it is a fact that a great many corporations in this State and elsewhere would show a much larger dividend, and the people would be able to see to what extent they had been imposed upon by these corporations, if it was not for the fact that the stock represents something which really does not exist, and this we seek to avoid in...
Página 2 - ... continental United States. This proportion of the total population is therefore more directly interested in the solution of railway problems than the rest of the entire citizenry of the country. The public paid in wages and salary to the 1,700,000 men who operated these railways, in the year 1916, the sum of $1,500,000,000. For the use of capital in the same year there was paid, in dividends and interest, the sum of $827,000,000. The owners of the money which was devoted to railway service of...
Página 9 - ... or increase it unnecessarily. After this stock is increased it must be made to earn dividends; it must make its proper interest, and the people of the Commonwealth must be taxed in the price of transportation for the purpose of raising money to pay dividends on that stock, and, therefore, it is the right of the people to know that those issues of stock are necessary and that the proceeds are to be used for legitimate and proper improvements. In the Kentucky constitutional debates, in discussing...
Página 11 - The full extent of the private interest which the legislature has granted to carriers in public highways, under such a limitation, is measured by its investment devoted to the public service, and any regulation of the use of the highways which preserves to the carrier the integrity of its investment and a fair return upon that investment secures to the corporation all of the rights which are guaranteed to it by the constitution.
Página 10 - Ohio similar provisions are embodied in that portion of the constitution authorizing the creation of the state utilities commission. In many other states in which no new constitutions have since been adopted, like limitations have been established by legislative enactment. The effect of this constitutional provision was to restore to full force and vigor the former...
Página 5 - The carriers have been strenuously contending that all of the profits which they can make under rates fixed by law are the exclusive property of the owners of the money invested in the enterprise; that the amount of such net profits represents the value of their properties; and that they are entitled to capitalize the value so determined. They further contend that they are entitled to establish such rates as will protect the value so determined. If this be true, then the greater their net receipts,...
Página 10 - ... that the corporation's right or power to tax the people by the imposition of tolls and charges should be strictly limited to such exercise of that power of delegated taxation as would procure a reasonable return upon the investment which the subscribers to such securities had made in the corporation.
Página 6 - ... railroad corporations are agencies created for the exercise of these governmental functions; (4) that no private property interest can exist in a public highway, except that which is based upon a legislative grant; and (5) that corporations cannot acquire or assert against the public any property interest...

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