RAILWAY EMPLOYEES AS STOCKHOLDERS
Not the least interesting of the capital flotations of the past week has been the private offer to existing stockholders and employees of the Southern Railway of an issue of 5 per cent. debenture stock at the price of 99. As a matter of fact, owing to certain accrued interest, the price is a little under 99 and the yield to the investor, therefore, is well over 5 per cent., a yield which is now becoming increasingly difficult to obtain on a full trustee security. An interesting feature, however, of the issue is that employees are to rank with stockholders in the privilege of applying for the stock, and the company has spared no pains to secure publicity of the fact, the various stations being placarded with particulars of the issue. This is undoubtedly a step -in the right direction, and one which I hope will be copied by many other of our
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