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Should we have a very important peice of th nations infrastucture controlled by private individules <br />who are acting in the intrest of profit and collecting dividends and not acting in the public intrest. <br />The right and authrity to run a railroad comes from the surface transportation board who must certify each railroads right to run. The Power to form a corperation comes from the secratary of state in the state the railroad ws incorperated(Most likely Delawere). The reason why corperations were formed in the first place was that our young country did not have the money or credit to build infrastuacture and thus turned to investors. Guilfords predesors (B&M,MEC,Massetutcets Central,Fitchburg Railroad) sold its first shares of stock to the towns along the Right Of Way that wanted and needed a railroad. The Robber Barons were able to weasal out of the public ownership and control by dilulting stock,renaming railroad to railway, changing shell companys, <br />Declairing bankruptsy and issuing junk bonds. They used tacticts that would later be used by and refined by the likes of Enron 125 years later. The Intent of the states issuing charters to railroads and giving them the power of incoperation was to atract capital but still keep some semblence of public control. The Railroads have not always acted in the public intrest exspacialy when it comes to allowing Public Passenger trains on its lines. The fact of the matter is that the public already owns the railroads thru the power that is granted or could be recinded thru the act of incoperation and the charters granted to such entitys by there respective states.
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