▁annual ▁divid end . ▁C & W ▁£ 2 0 ▁shares ▁were ▁now ▁being ▁quoted ▁at ▁£ 3 6 ▁to ▁£ 4 0 ▁but ▁this ▁was ▁partly ▁due ▁to ▁a ▁w ides p read ▁expectation ▁that ▁the ▁new ▁connections ▁would ▁lead ▁to ▁a ▁take over . ▁In ▁the ▁spring ▁of ▁ 1 8 6 4 , ▁the ▁White h aven ▁J unction ▁Railway , ▁which ▁had ▁repeatedly ▁re buff ed ▁past ▁offers ▁of ▁a ▁le ase ▁of ▁the ▁C & W , ▁offered ▁to ▁le ase ▁the ▁line , ▁guarantee ing ▁an ▁ 8 % ▁annual ▁divid end ▁to ▁C & W ▁share hold ers . ▁The ▁C & W ▁direct ors ▁asked ▁instead ▁for ▁either ▁a ▁flat ▁ 1 0 % ▁guaranteed ▁or ▁ 8 % ▁guaranteed ▁but ▁divid ends ▁to ▁match ▁any ▁divid end ▁greater ▁than ▁ 8 % ▁on ▁W J R ▁shares . ▁The ▁W J R ▁were ▁not ▁prepared ▁to ▁offer ▁those ▁terms . ▁However , ▁in ▁October ▁ 1 8 6 4 ▁they ▁were , ▁it ▁being ▁understood ▁that ▁the ▁L N WR ▁and ▁the ▁North ▁Eastern ▁Railway ▁( which ▁had ▁absor bed ▁the ▁Stock ton ▁and ▁Dar ling ton ) ▁had ▁offered ▁to ▁joint ly ▁le ase ▁the ▁C & W ▁at ▁an ▁ 8 % ▁guaranteed ▁divid end . ▁ ▁Following ▁the ▁re jection ▁of ▁the ▁White h aven ▁J unction ' s ▁attempt ▁to ▁le ase ▁the ▁C & W ▁in ▁the ▁spring ▁of ▁ 1 8 6 4 , ▁and ▁the ▁passage ▁of