... Five Per Cent Case: Letters from the Chairman of the Interstate Commerce Commission, Transmitting, in Response to a Senate Resolution of March 23, 1914, a Copy of All Evidence Introduced and All Exhibits Received at Hearings Before the Interstate Commerce Commission in Docket Number 5860, Volume 1

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Page 691 - There is a widespread belief, based on imperfect examination of the evidence, that the amount of capital needed for the future development of our railroad system is small in proportion to that which has been required in the past; that the profits on such added investments of capital are reasonably well assured; and that we can therefore fix attention predominantly if not exclusively on the needs of the shipper without interfering with the necessary supply of new money from the investors.
Page 691 - ... will be far less rapid in the future than it has been in the past. But the capital needed for the development and the improvement of the mileage already existing is enormous, even if we built no new mileage at all. The outstanding stock and debt of the railways in the United States averages less than $60,000 a mile of line. This figure is bound to be greatly increased in the immediate future. As our population grows denser, we shall need more and more to approximate European standards of construction...
Page 691 - ... investments of capital are reasonably well assured; and that we can therefore fix attention predominantly if not exclusively on the needs of the shipper without interfering with the necessary supply of new money from the investors. It is quite possible that the building of additional railroad mileage will be far less rapid in the future than it has been in the past, but the capital needed for the development and the improvement of the mileage already existing is enormous, even if we built no...
Page 687 - TOTAL NUMBER and AMOUNT of PAID-UP CAPITAL (including AMOUNTS considered as paid on VENDORS' SHARES) of all REGISTERED COMPANIES having a SHARE CAPITAL, and believed to be carrying on BUSINESS at the under-mentioned DATES.
Page 687 - ACT, 1862," in EACH of the UNDER-MENTIONED YEARS. " Exclusive of increases of Capital after registration. No. 80. — TOTAL NUMBER and AMOUNT of PAID-UP CAPITAL (including AMOUNTS considered as paid on VENDORS...
Page 691 - ... roads, is due to other causes than the price of real estate — an item in which our companies have had a great advantage. The cost of European roads has been largely due to improvements which we have not yet made and many of which we must make in the future as population grows denser. The thousands of millions of dollars needed for these purposes must be raised by the sale of securities.
Page 691 - ... less rapid in the future than it has been in the past, but the capital needed for the development and the improvement of the mileage already existing is enormous, even if we built no new mileage at all. The outstanding stock and debt of the railways in the United States averages less than $60,000 a mile of line. This figure is bound to be greatly increased in the immediate future. As our population grows denser, we shall need more and more to approximate European standards of construction by...
Page 61 - The statement of the Baltimore & Ohio system, which has been filed and is incorporated in volume 5, includes the lines in the system as a whole; that is, all those now reported by the Baltimore & Ohio Railroad Co. direct to the commission, and the Staten Island Rapid Transit Railway Co. and the Staten Island Railway Co., both of which make separate reports to the commis sion.
Page 712 - ... in 1913. These expenditures were made for additional tracks and sidings, additions to terminals and stations, elimination of grade crossings, additions to and improvement of equipment, bridges and other structures, automatic signals and interlocking plants and other safety devices, and other improvements properly chargeable to capital account, and for the increased safety and convenience of the public and the more satisfactory and efficient handling of traffic.
Page 672 - I have given a great deal of time to the study of hydroelectric energy and have given considerable attention to the development of electricity at Great Falls.

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