1 Financial New York; meaning not only all that section where matters of finance are transacted (not literally Wall Street itself), but also the men engaged in the management of such matters. As one financial writer well puts it, " the business pulse of the nation."
The Southern Indiana Railway Co. (successor to the Evansville & Richmond R. R. Co.), the Illinois Southern Railway Co. (part of this system was formerly the Centralia & Chester R. R. Co.), and the Chicago Southern Railway Co.
See " Deed."
See " Watered Stock."
Of all the different purposes for which a municipality may borrow money, it is conceded that bonds issued for supplying the inhabitants with water are the most desirable for investment purposes. No public improvement is more necessary, besides which, the water plant is not only usually self-sustaining, but frequently earns enough to pay the interest on the " water bonds," and often something in addition.
When the face value of the stock issued is greater than the property value represented by it at the time of its issue. To illustrate: A certain amount of water may be put into a quart of pure milk, and a greater bulk of what appears to be milk will result, but the amount of food matter has not been increased by the process. No more will it increase the property value of a corporation to increase its stock, unless the same is exchanged for real value.
The exception to this may be when a corporation has accumulated a surplus over and above all debts and the face value of outstanding stock; then an additional stock issue is sometimes properly made not greater than the cash value of the surplus. Strictly speaking, this latter should be termed a "stock dividend," and is in no sense " watered stock."