Excerpt from A Plantation Experiment

While 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.

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