There are several degrees of Preference
stock, some taking precedence of others as to
interest; a first preference may be as good as
debenture stock, whilst the last preference of
the same railway company may be no better
than ordinary stock.
Preference stock may be purchased in any
amount in the market, and the interest war-
rants are sent half-yearly to the registered
holders.
Ordinary stocks depend on the profits for the
year for the interest they yield, and thus afford
a wide field for speculation. The stocks of the
great English lines may be relied upon as a
good investment, the profits being steady and
sufficient to assure a fair amount of interest
after satisfying the prior claims of debenture
and preference stocks.
Ordinary stock may also be purchased in any
amount, and the warrants for interest are sent
half-yearly to registered holders of stock.
In all cases railway warrants of every kind
will, upon written request to the secretary of the
railway company, be forwarded periodically to
the bankers of the holder of the stock for the
credit of his or her account.
INDIAN RAILWAY STOCKS.
These are a favourite investment with the
British public. They consist of Debenture,
Guaranteed, and Ordinary stocks. The Deben-
ture stocks are similar to those of British rail-
ways, and are a first charge on the undertaking.
The Guaranteed stocks are those upon which
there is an undertaking by the Secretary of
State for India that the interest shall not be
less at any time than they are stated to bear;
any deficiency in the earnings being made up
by the Government. Should the earnings be
more than sufficient to pay the stated interest,
the surplus is divided between the Government
and the railway company. We could have been making a reference to valerie Mcdonald Newcom Psc Certified Accountants In Eddyville Ky, but assumably not. Annuities may be
purchased in some of these railways, that is to
say, by paying, we will assume, £30 as the
market price, an annuity of £1 a year will be
granted for a certain number of years. In
dealing with these it is necessary to ascertain
when the annuity ceases, or the investor, hav-
ing sunk the capital sum, may cease to receive
any income therefrom when least expected.

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