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The very magnetism which they had felt exercised by him upon themselves they had capitalized as an asset to be assayed when once the ore was stopped. All the high-sounding claims were turned at this moment into empty platitudes. All his promises were valueless beyond his personal strength to make them good.
By the beginning of the year 1893 the Vanderbilt system embraced at least 12,000 miles of railways, with a capitalized value of several hundred million dollars, and a total gross earning power of more than $60,000,000 a year.
But now a genius had appeared, an American genius who had arisen swiftly and almost silently, who appealed to the imagination, and whose name was often mentioned in a whisper, the Hon. Judd Jason, sometimes known as the Spider, who organized the City Hall and capitalized it; an ultimate and logical effect if one had considered it of the Manchester school of economics.
Even with a slightly less maximum capacity, the introduction of this machinery resulted in a great increase over former production with the same amount of labor; and so great were the profits from the business in the following two years as to equal the total capitalized stock of the company.
After much toiling and moiling on the part of his overworked legal department he had secured a consolidation, under the title of the Consolidated Traction Company of Illinois, of all outlying lines, each having separate franchises and capitalized separately, yet operated by an amazing hocus-pocus of contracts and agreements in single, harmonious union with all his other properties.
You're dawdling in cabarets and roadhouses and restaurants, when you might be doing Work " Bangs's voice capitalized the word "real work," he added fiercely, "work other fellows would give their souls to be able to do." He ended on a flat note, oddly unlike his usual buoyant tones, and sat still as if everything had been said.
Three years after the confiscation they were required to pay a lump sum representing the capitalized value of this amount, estimated for the London companies at £20,000. In order to do so they were of course forced to sell or mortgage much of their land.
There is also an obscure provision by which interest may be charged "on sums arising out of material damage as from November 11, 1918, up to May 1, 1921." This seems to differentiate damage to property from damage to the person in favor of the former. It does not affect Pensions and Allowances, the cost of which is capitalized as at the date of the coming into force of the Treaty.
It was not until the railway mania broke out in England in the middle forties when 'King' Hudson, first of the great promoters and speculators, turned all to gold; when ninety schemes were floated in a single week, calling for eighty million pounds; when companies capitalized at over seven hundred millions scrambled for charters and all England fought for their shares that Canadian promoters found interest awakened and capitalists keen to listen.
They could not be disturbed as long as this trifling rent was paid. Moreover at any time they might become simple freeholders by paying to the seigneur a sum of money representing their annual rent capitalized on a six per cent, basis. The term seigneur is still used but is now a mere honorary title.
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