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 to clash, and it is not right for one man to represent them both.

In the case of railways, mortgage rights are often of great value, especially when the property pledged to the bond or debenture issue is in a position that is of importance to the working of the whole property. In England, railway debenture stocks do not carry mortgage rights. But the first mortgages granted by the American railroads have been, in the past, a source of great strength to the holders of bonds issued under them, whose rights have been respected at times of most ruthless reconstruction. At the same time, it must not be supposed that because a bond has a first mortgage it is therefore a sound security. Mr. John Moody, that eminent authority on American and other investments, says that: "Another false notion regarding the genuineness of a given railroad bond is the theory that a bond secured by a mortgage is always better than one which is not so secured. Of course in the majority of cases this is true, but there are numerous instances where a debenture bond, which is a mere promissory note, is a far better security than one which is protected by a direct mortgage lien. For a case in point, one might mention the New York Central Railroad Debenture Sixes. These bonds were not secured by