Regarding railroads, the unethical manipulation called "stock watering," as practiced by speculators like Daniel Drew, meant:
a. issuing new securities unjustified by the railroad's earning assets
b. issuing stock to favored customers who had a "preferred" claim on company earnings
c. selling stock that could be converted by the holder into bonds
d. that controlling interests in railroads were "funneled" to capitalists like Cornelius Vanderbilt
A
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