210 
BONDS AND STOCKS 
ment and the other factors. The following sugges 
tions, however, prepared by a dealer in public util 
ity securities are of interest. 
“In selecting bonds of public utility companies, 
care should be taken to buy issues where the total 
amount of the bond issue is limited and outstand 
ing (commonly known as a closed mortgage) and 
is not excessive. The following figures or con 
stants may be safely applied in determining this 
point: For gas companies alone, the bonded debt 
should not be over $15 per capita; electric lighting 
and power companies not over $20 per capita; 
water companies not over $25; gas and electric 
combined, not over $35; gas, electric and water 
combined, not over $60.”