11 SEPTEMBER 1869, Page 17

RAILWAY INVESTMENTS.

[To THE EDITOR OF THE "SPECTA.TOIL") Stn,—In your article of the 28th ult., on railway investments, you say that the London and North-Western pays only 54- on its £100 stock. This is a mistake. The last dividend was at the rate of only 5, but the one before that was at 6, making an average of the two of 611, and this is the real test of value, as the first half of the year is never so good as the second. The London and North- Western consequently pays, not 4 per cent., as you think, but over 5 on the price of the stock, which is about 117.—I am, Sir,