. Railway age . wise state control, ad-ministered as they are by boards of commissioners free from sus-picion of political influence or bias. It is .some of the provisions respecting a subsequent issue ofstock when a public service corporation wishes to Increase its cap-ital that are questioned. There Is, first, a requirement that no In-crease of capital be allowed except for a purpose approved by theBoard of Railroad Commissioners. Of this no complaint has beenheard, and in the judgment of the Commission it is in every respectwise. But there is a further regulation which forbids an increaseof
. Railway age . wise state control, ad-ministered as they are by boards of commissioners free from sus-picion of political influence or bias. It is .some of the provisions respecting a subsequent issue ofstock when a public service corporation wishes to Increase its cap-ital that are questioned. There Is, first, a requirement that no In-crease of capital be allowed except for a purpose approved by theBoard of Railroad Commissioners. Of this no complaint has beenheard, and in the judgment of the Commission it is in every respectwise. But there is a further regulation which forbids an increaseof stock on the terms which apply to an original issue that Isuniformly at par, and requires that if the stock has acquired ahigher value the new stock must be issued at a price correspond-ingly advanced. This requirement, which first appeared In ourlaw in 1893. is much criticised. The course of our legislation on this subject has been as follows:prior to 1S70 there seems to have been no regulation by general The Large Central Caisson Being Mounted. The two end caissons, one of wliicli ; shown in the largestphotograph, are identical. They have an elliptical internal section,the major axis of which is Sd ft. long and the minor axis 61 are to be sunk about 7G ft. beneath the street level. For Bti the height the walls consist of a double lining of steel weighingU50 tons. The 5-ft. space within this lining has counterforts andcrossbraces and is filled in with tons of concrete. Oncein place, the continuous ring thus formed will be surmounted bya masonry coping Gj ft. high. This coping will support a strongmetallic floor completely closing the work at the top. On this theroadway will be laid. Working of the Massachusetts Stock Law.* Strong comi)hiints have been niatie to the Commission concerningthe effect of the Massachusetts statutes which regulate the issueof stock by public service corporations. The opinion is widelyspread among persons familiar with fi
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