To make favourable investments into stocks, the buyer should expect the future

To make favourable investments into stocks, the buyer should expect the future. The factory which can be the working day and at night this year, can be obliged to be closed completely next year. Business which is opened for public competition, should risk on its future success. Than income, especially indisputable competition more. Many corporations, having monopolies on the basis of the accessible rights have earned the big conditions, but always there is a possibility of new opening. The electricity followed gas; phone competes to telegraph; the cart is reduced in profit in railways. Next year the good thing in stocks not necessarily means today a good thing. Railway stocks have such various character that it is impossible to make here more than the general statements. Many of our stocks of the railway bring the prices far at a premium and pay liberal interest on investments. Some of them are so favourable, that they are really not in the market and cannot be easily bought. Others represent the roads overloaded with and other obligations so heavy, to make stock by really responsibility, instead of a resource to its owner. Stock quotations represent in the general way comparative value of these securities. From a recent stock the stock of the electric railway is the most popular and in many cases the most favourable. Electric power introduction has reduced the working expense, one half and has in most cases doubled movement without any reduction of [237] fares. The buyer should make sure, that the road is in the occupied
The community, capable to sustain it, that its privilege will protect it from dangerous competition, and that securities have been let legally out.
REPLACEMENT SECURITIES