Word: gaynor
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Dates: during 1906-1906
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...public service company, when taken for a public use, was not the stocks and bonds, nor the great profits, nor the cost of construction and equipment as reckoned by the company, but was the value of the property as a going concern. This means, according to Judge Gaynor, that these roads could be bought for one-third or one-fourth of their present capitalization, a sum not exceeding $200,000,000, for all the roads in New York City. Acquired on such a basis as this and with present annual profits of nearly $25,000,000, it is clear that...