[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-325742-105":59,"doc-detail-325742-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","before-the-interstate-commerce-commission-argument-of-moritz-rosenthal","BEFORE THE INTERSTATE COMMERCE COMMISSION - Argument of Moritz Rosenthal","","Argument presented to the Interstate Commerce Commission by Moritz Rosenthal on behalf of the Investment Bankers Association of America regarding proposed changes to railroad rates. The statement addresses the Commission’s considerations for rate-setting beyond railroads and shippers, emphasizes the public interest and broader financial welfare, and argues that investment bankers should be heard due to their role in extending credit and financing railroad capital obligations. It also references wartime conditions as supporting urgency for relief through a rate increase.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/before-the-interstate-commerce-commission-argument-of-moritz-rosenthal/325742/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/before-the-interstate-commerce-commission-argument-of-moritz-rosenthal/325742.png","ImageObject",300,407,{"name":92,"@type":93},"Riley","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-23","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Who is Moritz Rosenthal, and on whose behalf does he speak?","Question",{"text":112,"@type":113},"Moritz Rosenthal speaks on behalf of the Investment Bankers Association of America and asks to be heard in support of the pending application regarding railroad rates.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What justification does Rosenthal give for the bankers being heard?",{"text":117,"@type":113},"He argues that investment bankers extend credit and provide capital, and he points to their broad composition within the responsible dealers in corporate securities.",{"name":119,"@type":110,"acceptedAnswer":120},"Does Rosenthal limit the Commission’s considerations to railroads and shippers?",{"text":121,"@type":113},"No. He challenges limiting the rate inquiry to railroads and shippers and argues the Commission should consider the public interest and wider financial welfare affected by railroad securities.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},325742,1790188663,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":52,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},1374391975076,"https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051","97-84052-9Rosenthal,Moritz  \nBefore the InterstateCommerce Commission  \n[n.p.]  \n[191-?]  \n# COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET\n\nORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD  \nRESTRICTIONS ON USE:  \n  Reproductions may not be made without permission from Columbla University Librarles.                   \nTECHNICAL MICROFORM DATA  \nFILM SIZE:            35REDUCTION RATIO:      /1./  \nMAGE PLACEMENT:IA  \nINITIALS:                  因  \nDATE FILMED:                    3-2597  \nTBACKING\\#:                                                                                              22801  \nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n…  \n308  \nz  \n13g  \nBEFORE THE INTERSTATE COMMERCE COMMISSION  \nRevenues of Rail Carriers in OfficialClassification Territory  \non Petition for Modification of Order  \nArgument of Moritz Rosenthal  \nfor  \nInvestment Bankers Association of America  \nOt*\"17a3  \nMR.CHAIRMAN AND GENTLEMEN OF THE CoMMISSION:  \nI appear here,on behalf of and as one of the Investment Bankersof the United States and wholly independent of those representingthe railroads in the territory affected,ask that the bankers bebriefly heard upon the pending application.I shall undertake todemonstrate the justification for that appearance by pointing outto you:  \nFIRST—That it appears from your opinion that the total capitalobligations of the 112 railroads involved in this application outstand-ing in the hands of the public in 1913 amounted to $6,389,535,638;that their gross operating revenues for that year were $1,424,119,-991;that“great mining and manufacturing enterprises and otherwidely diversified industries are located”in the territory coveredby these roads,“a large proportion of our population resides thereand the routes over which fows the vast commerce interchangedbetween the Atlantic Seaboard and the Mississippi Valley passthrough it.The carriers in that territory move more than half thetonnage of the entire country.\"The total capital obligations of allthe railroads of the United States outstanding in the hands of thepublic are over $15,000,000,000 of which about $10,000,000,000 arebonds.  \nSECONDLY—It appears from the contention made by therailroads that unless the rates are increased \"their credit will sufferso that they will be unable to secure additional capital required forextending their lines and for enlarging their facilities in order tomeet the present and future needs of shippers;and that it will beimpossible to pay to the present owners of these properties a fairreturn upon their investment.  They also assert their need ofincreased revenues is urgent.”If this is a logical reason for an in-crease of rates,then it follows that we should be heard,because itis we that extend the credit and secure and furnish the capital.That leads me directly to the question—Who are the InvestmentBankers of America?  \nIt appears from the hearing what the composition of the Associa-tion is,its ramifcations in the financial world,not only in this country,but in Europe,from all of which it appears,among other things,thatthe Investment Bankers Association of America comprises in itsmembership practically all of the responsible dealers in corporatesecurities doing butsiness in the United States;that the investmentbanker is not a broker but that he is a security merchant who buysbonds and shares at wholesale and retails them to his clients,andthat it is through the investment banker that a large proportion ofthe savings of this nation and,prior to the outbreak of the war,asubstantial portion of the savings of Europe have been convertedinto productive enterprise.It is the function of the banker to ex-change securities for surplus funds in the hands of his client andthus to put idle capital to a bencficial use.  \nWhile the majority opinion does not say so in terms,I get theimpression that the Commission has indicated that,it being anadministrative body with quasi judicial functions but","cbCaiu1fKc7o5uSQ","https://ap.wps.com/l/cbCaiu1fKc7o5uSQ","pdf",410366,"English","# Before the Interstate Commerce Commission\n## Revenues and capital obligations in official classification territory\n## Investment bankers’ role and why they should be heard\n## Scope of Commission considerations: public welfare and investors","[{\"question\":\"Who is Moritz Rosenthal, and on whose behalf does he speak?\",\"answer\":\"Moritz Rosenthal speaks on behalf of the Investment Bankers Association of America and asks to be heard in support of the pending application regarding railroad rates.\"},{\"question\":\"What justification does Rosenthal give for the bankers being heard?\",\"answer\":\"He argues that investment bankers extend credit and provide capital, and he points to their broad composition within the responsible dealers in corporate securities.\"},{\"question\":\"Does Rosenthal limit the Commission’s considerations to railroads and shippers?\",\"answer\":\"No. He challenges limiting the rate inquiry to railroads and shippers and argues the Commission should consider the public interest and wider financial welfare affected by railroad securities.\"}]","BEFORE THE INTERSTATE COMMERCE COMMISSION - Argument of Moritz Rosenthal | PDF",1789971301,25]