Over-capitalization in (1) construction, 602. — (2) Replacement of property as inviting stock-watering, 602. — Incompetence or fraud, 603. — The Rock Island and Boston & Maine affairs, 604. — (3) Division of an accumulated surplus, 606. — Indirect devices therefor, 607.— Magnitude of railway surpluses, 608. — Equitable interest of the public therein, 609. — The opposing views stated, 610. — The just intermediate opinion, 611. — The Massachusetts gas companies, 613. — Difficult to apply in practice, 614. — (4) Refunding as a concomitant of inflation, 616. — (5) Stock-watering incidental to consolidation, 617. — Financial advantage of mergers, 618. — The New Haven collapse, 619. — Connecticut trolley finance, 620. — The Rhode Island companies, 621. — The Boston & Maine road and the Westchester Co., 622. — (6) Reorganization and stock-watering, 624. — The Third Avenue Railroad case, 626. — Conclusion, 628.

The course of speculative activity since 1890, 186. — Movement of particular issues, 187. — Speculative activity of railway bonds, 189. — Pooling contracts, 194. — Speculation by "insiders", 195. — Abrupt changes of dividend, 197. — Secrecy in accounting, 198. — The Cincinnati, Hamilton and Dayton, 201. — Speculation by outsiders, 204. — The Southern Pacific pool of 1902, 204. — The Louisville and Nashville pool of 1903, 206. — The Reading and Boston and Maine episode of 1893, 208. — The Pearson-Farquhar syndicate, 1910, 209. — Publicity as a remedy, 210. — Regulation of capital issues, 212. — Taxation of transfers, 213. — The outlook for the future, 214.

Examples of anomalies, 470.—Hadley's oyster case not conclusive, 472.—Two variants: lower long-haul rates by the roundabout route, as in the Hillsdale, Youngstown, and some Southern cases, 474; or by the direct route, as in the Nashville-Chattanooga and other Southern cases, 480.—Complicating influence of water transportation, 488.—Market competition from various regions a different case, 489.—The basing point (Southern) and basing line (Missouri River) systems, 494.—Their inevitable instability and probable ultimate abandonment, 498.—Postage-stamp rates, illustrated by transcontinental tariffs, 499.