330  INVESTMENT  ANALYSIS

On  the  other  hand,  street  railways  are  relatively  new,  and
their  probable  vicissitudes  have  not  been  fully  measured,  so  that
the  same  exact  conclusions  cannot  be  made  for  street  railway
securities  as  are  possible  with  many  other  public  utilities  dis-
cussed in  this  volume.  Electric-light  securities,  though  equally
new  and  possessed  of  many  complications,  can  be  subjected  to
the  more  exact  analysis  essential  to  an  accurate  guide  to  securi-
ties. The  problems,  however,  involved  in  street  railway  opera-
.  tion  and  financing  are  more  complicated  and  must  always  be  so.
Through  the  efforts  and  guidance  of  such  organizations  as  the
American  Street  Railway  Association  and  its  Bureaus,  scientific
information  is  being  collected  which  will  be  invaluable  in  street
railway  security  analysis.
