In general, it is certainly more difficult to dispose of public-utility bonds than railroad bonds.
In regard to the former, it may be said at once that public-utility bonds do not meet the necessary conditions.
As a class they yield more than government or municipal bonds, and less than public-utility or industrial bonds.
They form a class quite distinct from railroad bonds or public-utility bonds.
The term "public-utility company" denotes a private corporation supplying public needs under authority of a public franchise.
Public-utility companies include street-railway, gas, electric-light and power, and water companies.
Public-utility organizations and government departments were growing complex and extensive.