Geburtenrückgang u. Sozialreform

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Monograph

Identifikator:: 1690007133

URN:: urn:nbn:de:zbw-retromon-103422

Document type:: Monograph

Author:: Mahaim, Ernest http://d-nb.info/gnd/116679514

Title:: Le secours de chômage en Belgique pendant l'occupation Allemande

Place of publication:: Paris

Year of publication:: [1926]

Scope:: XII, 322 S.

Digitisation:: 2020

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapitre XIX. Le développement successif du règlement

Collection:: Economics Books

36 NATURE OF CAPITAL AND INCOME [Cuar. IT interest often affects profoundly the value of the shares. The stock of the Chicago, Burlington, and Quincy Railroad was quoted at $132 when a certain capitalist determined to buy it. Knowing that it would be almost impossible to acquire all the stock by ordinary means, he offered instead to take over as much as should be offered to him, provided it was more than half, and to give $200 in four per-cent bonds for each $100 share, —an offer which was accepted by most of the stockholders. The acceptance added at once fifty per cent to the market value of the stock, and improved even the value of the bonds; so that the value of the system, sold virtually as a whole, was much more than of the stock and bonds before the negotiation was opened. The valua- tion of the road will thus be different according to whether it is under the control of a particular interest or whether its ownership is widely distributed, as well as according to the purpose for which the valuation is made.! But in every instance the value of the railroad is the sum of the values of the complete aggregate of rights in it. If one bears in mind the explanations which have been given, there can scarcely be any difficulty in tracing out for each property right some underlying wealth, so that we may give adherence to the general principle that wealth and prop- erty dre coextensive. That this is true as a “general fact” cannot fail to be admitted even were it necessary to reject it as a “necessary truth.” But if our definitions of wealth and property are adopted, it becomes also a necessary truth. § 10 Having seen what property is, we may now classify property rights. There are two chief classes, complete rights and partial rights. A complete, or practically complete, right, or “fee simple” to an article of wealth, is a right to all those uses of that article which are owned; a 1 The completest account of railway valuation is that contained in Bulletin. 21, “The Commercial Valuation of Railway Operating Property,” United States Census, 1905.

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