When the new enterprise of the railway is undertaken, its patrons often expect to force road not

When the new enterprise of the railway is undertaken, its patrons often expect to force road not only to deliver money for its building but also and to give a working capital besides. It is made by a problem of mortgages. Non-payment in interest payment throws road to receiver hands. Securities immediately fall in value and is possible syndicate of crafty speculators which allow to reorganise road and its management. It is history of many of our roads. There are unusual cases, of course, but the investor should be familiar with the facts before to buy the railway.