No venture should certainly be made in these
stocks without full knowledge of the position
and prospects of the railway company and the
contingencies to which it may be subject. Any
banker would obtain for a customer all the in-
formation that could be afforded in regard to
these stocks, and indicate their market value as
an investment, apart from the fictitious value
induced by speculators, and the manoeuvres of
syndicates and wire-pullers.


FOREIGN RAILWAYS.

The capital of foreign railways consists of
obligations, stocks, and shares. The obligations
are in the form of bonds, being a first charge on
the railway. The bonds vary in amount, but
chiefly represent £100 and £20, and they bear a
certain rate of interest. Some of the Conti-
nental railways may offer a fair investment in
this way, but great care is required in the
selection.

The stocks and shares of some of the South
American railways command a high premium,
but of the whole number quoted in the official
list the large majority show a heavy decline on
the original value, many indeed being valueless.
These stocks are highly speculative and subject