(What is set forth under the next subject may be read in this connection.) The main point is not to judge a bond on its guaranty alone, but look upon it as the obligation of the issuing company without considering the guaranteeing company, and if that does not prove the mortgaged property of sufficient value to the guarantor to make the guaranty worth while, then it is no proper outlet for hard-earned savings. Naturally, the investor must examine into such matters as the form of "guaranty " (see that subject, and " Guaranteed by Indorsement "); the terms and conditions upon which it was given; whether the principal and interest are both guaranteed, etc.

Guaranteed by Indorsement. This is a term very frequently used. There is a distinction between " guaranteed by indorsement" and "guaranteed." An issue of bonds, for instance, has been" guaranteed " by a company other than the one issuing the same; these bonds may have been guaranteed after their issue, and the fact of such guarantee may not appear on the bonds. In case of an issue "guaranteed by indorsement " each bond bears upon it the statement that it is " guaranteed " by the corporation in question, and the signature of the proper officer of such corporation appears in the statement setting forth the "guarantee."