Description - Investing for Profit by George Charles Selden
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ... THE SELECTION OF GROWING RAILROAD STOCKS RAILROAD stocks, under normal conditions, afford the investor for profit what should perhaps be called his best opportunity, when all the various factors in the situation are taken into consideration. In the first place, the business of a railroad Tis, of necessity, publicly performed. Its tracks and equipment are visible to everybody, its location is known, the business along its lines can be estimated and aften may be computed from current statistics, and evidences of good -or bad management are plain enough to any 'experienced railroad man, and in many cases to the inexperienced likewise. Again, the system of railroad accounting, as enforced by the Interstate Commerce Commission, is now uniform and definite, so that only a small knowledge of bookkeeping is necessary in order to judge of the prosperity or adversity of a road. An industrial company may -put its stockholders off with a brief statement 46 that the gross business for the year was so much and the net profit so much, without any further explanations or details; but the railroad company cannot do this. It is legally required to set forth an intelligible statement of its earnings and conditions in a certain definite and prescribed form. Still another advantage of railroad securities, as compared with others, is that the business of the company is so largely dependent upon growth of population and development of general industry. Even a poorly managed, overcapitalized road will make money in a rapidly growing and prosperous section, while the best and most conservative handling may not avert a deficit in a region where business is stationary or declining. This matter of population will be the first to be considered by the investor for...
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