Excerpt from The Financing of Public Service Corporations
I have written this book as the result of experience in dealing with the financing of public service corporations, gained through my work with the Public Service Commissions of New York State and also in private employment.
It has been my aim to offer in this one volume a comprehensive discussion of all the important aspects of public service corporation financing, from the inception of the enterprise and the issue of certificates of interest or indebtedness, to the expenditure of the proceeds and the permanent record thereof. I have intended it for the use of corporation officials and employees, representatives of the public engaged in the task of regulation, the bankers and brokers who are a necessary part of the financial organization, and in general for that part of the public which takes an active interest in the affairs of this most important branch of industry. In order to accomplish this purpose it has been necessary at times to dwell at length upon elementary principles and at other times to forego detailed discussion of some complicated problems. I offer the book, however, confident that these will not be considered as vital defects, since the thorough discussion of elementary principles is absolutely necessary to the placing of a proper foundation. If these principles are thoroughly understood and the possibilities of their application pointed out, the most difficult problems may be solved as they arise.
Anyone who has attempted to discuss the law of corporate finance will realize how difficult it is to avoid, on the one hand, the tedious detail of constant reference to the statutes of all the states, and, on the other hand, the inadequacy of any general statement.
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