For many years the Southern R. R. paid no dividends on its non-cumulative preferred stock or on its common. Meanwhile, with the development of the Southern states, the great Southern carrier fell heir to greater and greater amounts of freight. Profits were garnered and plowed into better equipment and right of way, with the result that operating costs fell rapidly. Presently, earnings on the common became noticeably great, and dividends were suddenly declared on the 5% non-cumulative preferred, and then, at the same rate, on the common. The rise in the latter...
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