Excerpt from A Plantation ExperimentWhile the privilege which is Offered at or above par cannot, strictly speaking, be said to constitute stock watering, it is, nevertheless, a very efficient method of concealing the real earnings of a railway system. In the first place the size of the returns from this source is not generally known. In the second place, since these privi leges are usually offered at or above par, the fact is lost sight of that there is, in a sense, as shown above, an unnecessary increase in the claims upon the company to pay dividends. But since, as stated above, the tendency Of this kind of privilege is towards the equalization Of the investment in the system with its capitalization, this second consideration loses importance.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.