A railway issue secured by a mortgage upon a division and not upon the entire property, but, as a rule, the direct obligation of the railway company itself. A " divisional bond," however, may cover a property afterwards taken into a consolidation. In that sense the term is merely used to distinguish such a bond issue from one upon the consolidated property, and would not, in that case, probably bear the promise to pay of the latter. (See "Consolidated Mortgage Bond.") A " divisional bond" may bear the guaranty of the parent company, but an investor should not allow himself to feel secure merely on that alone, but should always consider the actual value of the property mortgaged; in other words, should judge the "divisional bond" purely upon its own merits, irrespective of the guaranty. Should the "division" not prove valuable to the main line, the guaranty might turn out to be worthless when demand for payment should be made of the " parent company" as has frequently proved to be the case.