Yet in most cases these elaborate undertakings have been largely speculative in character.

Huge issues of fictitious stock, created purely for the benefit of inner rings, have been almost the prevailing rule.

Stock speculation and municipal corruption have constantly gone hand in hand everywhere with the development of the public utilities.

The relation of franchise corporations to municipalities is probably the thing which has chiefly opened the eyes of Americans to certain glaring defects in their democratic organization.

The popular agitation which has resulted has led to great political reforms.