Excerpt from Railroad Capitalization: A Study of the Principles of Regulation of Railroad Securities
The present work is a study of some of these problems. It makes no attempt to cover the entire subject of security regulation - a subj ect almost as intricate and comprehensiv... e as the kindred subject of rate regulation - but con-fines i1 self to the more fundamental principles and the more im portant issues. Special attention is given to the problem of stock watering. Stock watering is an evil for which three very different remedies have been proposed. The first remedy is to prevent the practice by requiring that no shares be issued at less than their par value; the second is to allow stock watering to continue, but to render it harm less by giving full publicity to the actual investment; the third is to meet the problem by issuing shares of stock with out par value. Or, to put it in Other words, the first measure would make the par values indicate the true investment; the second would expose the par values as a pure fiction; the third would abolish par values entirely. Each of these three methods has won the support of eminent authority; each has been put into practice by various state governments, Which of the three should be adopted by the federal govern; ment is a problem discussed at length in the present study.
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