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allowance amended amount appeal approved asked average bankruptcy basis believe bill bonds capitalization cash Chairman Chicago Commissioner committee common stock companies Congress consideration considered corporation course creditors debt debtor depression determination district dollars earnings effect equity estimated fact fair filed fixed charges Frisco further future give Government hands hearings HOBBS holders income increased interest Interstate Commerce Commission investment issued Judge Justice legislation letter million Milwaukee mortgage North Western operating opinion Pacific paid parties percent period position preferred present proceedings protect question railroad Railway rates reason received record REED Reed bill reorganization represented result roads Rock Island section 77 securities shares situation SMITH statement stockholders Supreme Court taken testimony thing tion trustees United valuation WALTER wiped York
Page 184 - State must provide a fair opportunity for submitting that issue to a judicial tribunal for determination upon its own independent judgment as to both law and facts; otherwise the order is void because in conflict with the due process clause, Fourteenth Amendment.
Page 183 - We have repeatedly held that as between two possible interpretations of a statute, by one of which it would be unconstitutional and by the other valid, our plain duty is to adopt that which will save the act. Even to avoid a serious doubt the rule is the same.
Page 180 - The cost of reproduction method is of service in ascertaining the present value of the plant, when it is reasonably applied and when the cost of reproducing the property may be ascertained with a proper degree of certainty.
Page 167 - The criterion of earning capacity is the essential one if the enterprise is to be freed from the heavy hand of past errors, miscalculations or disaster, and if the allocation of securities among the various claimants is to be fair and equitable.
Page 179 - This conclusion does not, as claimed, require the impossible and make it necessary to pay an unsecured creditor in cash as a condition of stockholders retaining an interest in the reorganized company. His interest can be preserved by the issuance, on equitable terms, of income bonds or preferred stock.
Page 94 - The end in view, as we have stated, is the maintenance of an adequate national railway transportation system. Such a system, so long as it is privately owned, obviously can not be provided and maintained without a continuous inflow of capital. Obviously, also, such an inflow of capital can only be assured by treatment of capital already invested which will invite and encourage further investment.
Page 183 - Constitution, the rule plainly must mean that where a statute is susceptible of two constructions, by one of which grave and doubtful constitutional questions arise and by the other of which such questions are avoided, our duty is to adopt the latter.
Page 188 - It complies with the provisions of subsection (b) of this section, is fair and equitable, affords due recognition to the rights of each class of creditors and stockholders, does not discriminate unfairly in favor of any class of creditors or stockholders, and will conform to the requirements of the law of the land regarding the participation of the various classes of creditors and stockholders...
Page 181 - If it shall be necessary to determine the value of any property for any purpose under this section, the Commission shall determine such value and certify the same to the court in its report on the plan.
Page 167 - meticulous regard for earning capacity", (Consolidated Rock Products Co. v. DuRois, supra, p. 525) can afford the old security holders protection against a dilution of their priorities and can give the new company some safeguards against the scourge of overcapitalization. Disregard of that method of valuation can only bring, as stated by Judge Evans...