L.M.S. AND SOUTHERN DIVIDENDS Not to be outdone by Paddington,
Euston and Waterloo have both fulfilled the most optimistic estimates in their 1939 dividend payments. Net revenue on the L.M.S. rose last year by nearly £3,000,o0o to £14,311,00o, or just below the 1937 level, and ordinary stockholders are to get r per cent. On the Southern net revenue, which, of course, in- cludes an estimated amount for the September-December period under the new pooling scheme, rose by £800,672 to £6,742,576. Not merely is the full 5 per cent. on the preferred stock covered with a fair margin, but there is It per cent. for deferred holders. These are good figures, but the market has been cautious in translating them into any further rise in quotations. What it wants to know is the level of net revenue now and whether the railways are going to find it easy or difficult to cover rising costs by higher charges.
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