Federal Operation of Transportation Systems; Hearings Before the Committee on Interstate and Foreign Commerce of the House of Representatives, Sixty-fifth Congress, Secon Session on H.R. 8172, January 8 to 29, 1918. Washington, Government Printing Office, 1918 |
Common terms and phrases
acquire acts aggregating amount appear attorney bill board of directors bonds capital stock carriers cent consolidation construction cost of road counsel D. G. Reid deficit disclose dummy E. H. Harriman earnings England Navigation Erie Erie Railroad Co executive committee expenditures extravagant fact fixed charges Francis Lynde Stetson H. B. Hollins Hartford Railroad Haven & Hartford Haven stock holding companies illegal income increased interest Interstate Commerce Commission investigation investment J. P. Morgan June 30 legislation lines Louisville & Nashville miles Nashville Railroad October 20 official report paid pany par value payments Pere Marquette Pere Marquette Railroad Pizarro President Mellen public ownership Public Ownership League purchase purpose question railroad system railway company railway systems received receivership records respecting result Rhode Island trolleys road account Rock Island salaries securities shares statement steamship stock dividend stockholders syndicate testimony tion transactions transportation voucher Westchester York
Popular passages
Page 918 - The extent of the compensation to be paid by the Government for the use of the railroads during the period oj private ownership and Government operation.
Page 924 - Stetson?' Mr. Mellen admitted he did not, and apparently acquiesced, but took the precaution to write upon the back of his report, while still smarting under the humiliation of the interview with Mr. Morgan, the following words: " 'The trouble with this is there is nothing to show who got the money for the truck turned over. I don't like the looks of it, but I don't see why the matter should not be made plain.
Page 930 - To achieve such monopoly meant the reckless and scandalous expenditure of money; it meant the attempt to control public opinion; corruption of government; the attempt to pervert the political and economic instincts of the people in insolent defiance of law.
Page 930 - ... how public opinion was distorted ; how officials who were needed and who could be bought were bought; how newspapers that could be subsidized were subsidized; how a college professor and publicists secretly accepted money from the New Haven - while masking as a representative of a great American university and as the guardians of the interests of the people; how agencies of information to the public were prostituted wherever they could be prostituted in order to carry out a scheme of private...
Page 927 - Purchases of cars and coal are two large expenditures that railroads make. The New Haven purchased cars almost exclusively from James B. Brady without competition and to the extent of some $37,000,000. Mr. Brady, as a witness, made no secret of his generosity to the officials with whom he had business. His methods were justified by him on the ground that the officers of the New Haven were old friends.
Page 928 - A corporation as such has no political principles to maintain and no political candidates to support. The revenues of a public-service corporation are for the most part derived from the exercise of the right delegated to it by the sovereign power to tax the public by fixed rates established in accordance with law. Shippers and the traveling public may be presumed to be divided in political opinion. Corporate revenue derived by public tax from men of one political conviction can not be used to support...
Page 923 - Chester franchises ; the domination of all the affairs of this railroad by Mr. Morgan and Mr. Mellen and the absolute subordination of other members of the board of directors to the will of these two; the unwarranted increase of the New Haven liabilities from $93,000,000 in 1903 to $417,000,000 in 1913 ; the increase in floating notes from nothing in 1903 to approximately $40,000,000 in 1913; the indefensible standard of business ethics and the absence of financial acumen displayed by eminent financiers...
Page 922 - In the 10 years from June 30, 1903, this capitalization was increased from $93,000,000 to $417,000,000, exclusive of stock premiums, or an increase of $324,000,000. Of this increase approximately $120,000,000 was devoted to its railroad property and was expended for betterments and equipment. This leaves the sum of $204,000,000, which was expended for operations outside of its railroad sphere.
Page 933 - Answer. As in their judgment seemed right; yes. " 'Question. Did it ever occur to you that the money in the treasury of the railway company was the result of taxation of the public in passenger and freight tariffs, and that the public had an interest in the funds in the treasury? " 'Answer. I don't know that I ever thought of it particularly. " 'Question, And that the public had a concern in the funds of the railway company not being dissipated in order that they might be applied to improvements...
Page 927 - Corporate economy is not practicable where gifts and obligations arising from friendship tend to obscure official duty.