La réforme syndicale en Italie

The new industrial revolution and wages

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Monograph

Identifikator:: 174739971X

URN:: urn:nbn:de:zbw-retromon-125215

Document type:: Monograph

Title:: La réforme syndicale en Italie

Place of publication:: Rome

Publisher:: [Verlag nicht ermittelbar]

Year of publication:: 1926

Scope:: 207 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: VI. Rapport ministériel au sénat. (Le rapport ministériel au sénat est la reproduction intégrale du rapport présenté à la chambre des députés, avec la conclusion suivante):

Collection:: Economics Books

36 INDUSTRIAL REVOLUTION AND WAGES land grants to Western Railroads to aid in their con- struction, to the amount of 305,114 square miles. This is equivalent, approximately, to all the area east of the Mississippi River and north of the Ohio and Potomac Rivers, with the exception only of the States of Wiscon- sin and Michigan. The unfortunate feature of this land- grant policy was that these great subsidies were diverted from their original purposes to the enrichment of a few financial adventurers. A number of Western Railroads, such as the so-called Pacific Lines, were built in a spirit of financial corruption, by collusive construction con- tracts, stock manipulation, excess capitalization, and the defrauding of the Government and the public. The value of the extensive areas of lands granted was capitalized and distributed in the form of securities to the stock- holders. In other instances, the value or income-produc- ing power of the land was capitalized. A few Railroads, such as the Northern and Southern Pacifics, and the Atchison, Topeka and Santa Fé, retained very valuable holdings of timber and minerals, despite the stipulation that such lands be sold to settlers in small tracts. They are now among the unreported assets of these trans- portation companies. The Southern Pacific Company alone is now estimated to have oil and timber holdings ranging in value from $100,000,000 to $700,000,000, which are reported to the Interstate Commerce Com- mission at a book value of slightly more than $40,000,000. (b) During the years following the construction of the Western Railroads through Government aid, and extending into the early nineties, the greater number were characterized either by financial managements which dissipated their resources in the form of special distributions to stockholders, or by stock manipulations, or they capitalized cumulatively the expansion of trade and business, and gains in operating efficiency. The hundreds of millions of dollars of fictitious capital issued

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