Excerpt from The Principles of Bond Investment
But for the securities of manufacturing and industrial companies generally, investment principles degenerate in to a series of caveats, until it seems as if the only dictum of common application is the caution caveat emptor, "let the buyer beware."
It is no reflection on the class of securities called Industrial Bonds that they do not receive treatment in these pages. The inference is merely as implied above, that the conditions governing their issuance are not sufficiently uniform for safe generalization. It is felt that this statement still applies to the bonds of electric light companies, although they are strictly of the Public Utility type. Therefore no chapter on Electric Light Bonds has been included. Telephone companies are now emerging from the construction stage of development into the investment stage; but until present corporate relationships are altered a frank discussion of Telephone Bonds is invidious discrimination. It is hoped that no other omissions are of sufficient importance to require explanation.
Whatever has been accomplished in this book is due in large measure to the unstinted cooperation of many people, both friends and strangers. But no one except the writer, and no firm, is responsible for any expression of opinion or statement which is open to dispute. Mr. Walter H. Lyon has generously fulfilled the offices of long friendship by reading much of the manuscript. In certain textual matters Mr. Thomas L. Cole has lent his ripe scholarship and critical taste. In matters of law Mr. Lyon and Mr. Alfred D. Chandler have given invaluable aid by criticisms and suggestions, and by the loan of published and unpublished material. Mr. Montgomery Rollins" veteran experience in bond mathematics, literature, and practice and his kindly interest have been freely drawn upon. Mr. Charles A. Hobbs has also materially improved the chapters on mathematics, particularly the work in logarithms. In relation to prices, the help of Mr. Wesley Steele and the Financial Graphic Company has been acknowledged in the text.
Mr. F. D. Warner has contributed to the chapter on Reclamation Issues from his knowledge as an engineer and financier of irrigation projects; and Mr. Rufus Coffin, by long dealing in obsolete securities, has been able to further the discussion of default and repudiation in its practical aspects.
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