sued
upon the same property. Thus we find among our railroads not only
first, second, and third mortgage bonds, but income bonds, dividend
bonds, convertible bonds, consolidated bonds, redemption bonds,
renewal bonds, sinking-fund bonds, collateral trust bonds, equipment
bonds, etc., until they lap and overlap in seemingly endless
confusion.

RECEIVER'S CERTIFICATES are issued by receivers of corporations,
companies, etc., in financial difficulties, to secure operating
capital; they are granted first rights upon the property and are
placed above prior lien and first mortgage bonds.

XVII. TRANSPORTATION

The most common effect of cheapened transportation is to increase the
distance at which it is possible for producer and consumer to deal
with each other. To the producer it offers a wider market and to the
consumer a more varied source of supply. On the whole, cheapened
transportation is more uniformly beneficial to the consumer; its
temporary advantage to the producer very often leads to
overproduction. It has the effect also of bringing about nearly
uniform prices the world over.

The time was when nearness to market was of the greatest possible
advantage. At the present time a farmer can raise his celery in
Michigan or his beets in Dakota and market them in New York City about
as easily as though he lived on Long Island. It is no longer location
which determines the business to be carried on in a particular place,
but natural advantages more or less independent of location. But the
railroad or the steamboat very often determines where a new business
shall be developed. It is this quickening and cheapening of
transportation that has given such stimulus in the present day to the
growth of large cities. It enables them to draw cheap food from a far
larger territory, and it causes business to locate where the widest
selling connection is to be had, rather than where the goods or raw
materials are most easily procured. It is the quick and comfortable
transportation facilities which our large cities possess that have
given strength to the great shopping centres. Shoppers for thirty or
forty miles around can easily reach these centres, and the result is
that trade gathers in centres rather than at local points. A city of a
million population in the most productive agricultural section of
country could not be fed if the food had to reach the city by teaming.
With this growth of trade centres comes the increased gain