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is conceived by the present writer that very large changes in European investment are likely to occur in the course of the next few years, and that a liberal transfer of capital will be made from European to American securities. Experience conclusively shows that, in the past, the casual investor has given but slight personal attention to the choice or protection of his investments in American railroads. It is accordingly thought possible that a few practical observations on salient points in the situation may be acceptable to those investors who have neither time nor inclination for any approach to exhaustive investigation of the subject.

The present notes are confined to a very limited aspect of the railroad problem-viz., that small range of conditions which affects the interest of the investor, as such. Even in a most superficial view of the subject, the conclusions of experts must inevitably be utilized as data for specific inferences relating to the interest of an investor. In this view, many conclusions contained in the valuable works above indicated have been used or referred to, and the writer's obligations to their authors are freely acknowledged.

Transportation Library HG

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