There are some variations of this procedure but they do not affect its principle. The chief variation consists in the introduction of a financing company between the manufacturer of railroad equipment and the railroad company which purchases the equipment. The financing company takes upon itself the burden of paying the manufacturer, and receives title to the cars or locomotives. This title it may offer as security for an issue of equipment trust obligations in the form of bonds or notes.* Equipment bonds enjoy an excellent reputation for safety; In fact, it is claimed that there has been no default on them since they have been in use. Even though a railroad may go *These equipment trust obligations may be called either bonds or notes almost indiscriminately; as they generally run for 10 or 15 years, it is perhaps a little better to speak of them as "bonds." Into receivers' hands and become almost a total financial wreck, it cannot afford under any conditions to give up its rolling stock, and must therefore maintain its annual payments. For this reason it happens that the equipment trust bonds, even of railroads that are actually in receivership and that have defaulted on practically all of their other obligations, frequently sell on a basis of 5 to 6 l 2 %. The equipment trust bonds of sound railroad corporations are in great demand and sell customarily on a basis of 4 to 5%. It has been at times suggested that the same principle might be more widely applied, as for instance in selling machinery and other essential equipment to manufacturing corporations. The difficulty, however, arises that outside the railroad field, transactions which could be financed by equipment trust obligations are of comparatively small size, and could not easily be standardized in such a way as to make them appeal to the investing public. The average investor, even though he may be a bank official and well acquainted with financial practice, does not care to spend much time in analyzing and investigating propositions that are put up to him when he goes into the market to buy a security. He wants to get something that is standardized and familiar. It is only after years of active effort that a new financial method ordinarily can be introduced. For this very reason there is, perhaps, a real opportunity which some one will sooner or later seize, to apply the equipment trust method more widely and thus facilitate the sale of many kinds of machinery....

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