DIFFERENT CLASSES OF CORPORATIONS 91 
panies know at all times just what service every 
customer is receiving in the form of light, and 
know that the light is of the same -brilliancy in 
every home in the city. The officers of a street 
railway company, however, do not know what their 
conductors and motormen are doing, and yet, the 
public holds the officers responsible. In other words, 
the people come into closer personal contact with 
the street railway companies than they do with 
lighting companies, a condition much more favor 
able for the lighting companies. 
It will also be noted that the Boston man, for 
some inexplicable reason, did not care to place any 
of his money in telephone stocks. He probably 
had some good reason for this, for some of the 
ablest New England investors are most heavily 
interested in the stock of the American Telephone 
& Telegraph Company. Although the supply of 
telephone securities seems almost unlimited, and 
although the government may some day take over 
these properties, yet now that the rapid growth of 
the “Independents” is reported to have been 
checked, the highest grade telephone securities 
should be attractive investments during periods of 
low prices. 
As a good illustration of the principle of con 
centrating the risk upon one locality and one class 
°f business and then watching the same, one may 
refer to the holdings of a well-known former United 
States Senator. Although this man must be very 
wealthy, yet he is reported to have his money 
Wholly in the stock of three large corporations,