Report and Testimony of the Special Committee of the Assembly to Investigate the Desirability of Municipal Ownership of the Street and Elevated ... to the Legislature February 11, 1896 - Hardcover

Excerpt from Report and Testimony of the Special Committee of the Assembly to Investigate the Desirability of Municipal Ownership of the Street and Elevated Railroads of the Various Cities of the State: Transmitted to the Legislature February 11, 1896

In the development of the use of electricity as a motive power, and in making the changes above referred to and others of equal importance, the companies have expended enormous sums of money, and, as a general rule, have largely increased their bonded indebtedness; but this can by no means he said to be the true cause or reason for the stock and bond issue of most of the roads, so largely in excess of the actual cash cost of construction and equipment.

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