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This work examines key issues in the regulation of railroad securities, focusing on fundamental principles rather than attempting to cover the entire complex subject. It emphasizes the significant problem of stock watering, which has prompted three distinct remedies. The first remedy seeks to prevent stock watering by mandating that shares not be issued below their par value. The second allows the practice to continue but aims to mitigate its effects by ensuring full transparency regarding actual investments. The third proposes the issuance of shares without par value altogether. In essence, the first method would ensure par values reflect true investments, the second would reveal par values as mere fiction, and the third would eliminate par values entirely. Each approach has garnered support from notable authorities and has been implemented by various state governments. The study extensively discusses which of these remedies should be adopted at the federal level. This analysis contributes to a better understanding of the regulatory landscape surrounding railroad securities. The publisher, Forgotten Books, specializes in reproducing rare and classic works, utilizing advanced technology to preserve the original format while addressing imperfections in historical texts.
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Railroad Capitalization, James C. Bonbright
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- 2020
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