Publisher's Synopsis
Excerpt from Railway Capitalization
The capitalization representing American railways con sists of securities of many different grades, each grade making its claim for annual returns to its owners with separate force and having its own degree of power or lack of power to enforce its demands. The highest grade of security consists of mortgage bonds which carry the right to a definite income with the property itself pledged against default. Other funded debt includes bonds based Upon income which involve no lien upon the property and equipment trust obligations, secured by liens upon rolling stock. The volume of each of the different classes of capital issues and its proportion to the mileage and to the aggregate capitalization are as follows.
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