The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-08
FINANCIAL AND CONNER GAL

FRIDAY, March 7-6 p.

Quotations for stocks continue unsettled. There
was rather quiet market at the opening this morn
ing, and there appeared to be very little disposition
to operate. At the first board Nicaragua Transit
fell off per cent? Harlem, ]; Reading, /; Cleveland
and Pittsburg, T. Virginia 6's advanced per cent;
Erie bonds, 1875, {; Michigan Southern, /. There
was more activity in Cumberland, and the advance
of yesterday was sustained. Nicaragua Transit has
fuctuated considerably lately, but the tendency is
upward. The small sales daily made of the Western
railroad stocks, such as Galena and Chicago, Mil
waukie and Mississippi, and Wisconsin Lake
Shore, show that gradual but steady investment is
going on in these roads. The prices at which these
stocks are now selling in this market is attracting
attention, and every inquiry made relative to these
works. their future prOductiveness &c, is attended
with the most satisfactory result. The Galena and
Chicago is known all over the world as one OF
the best investments of the kind in existence
The Milwaukee and Mississippi has not been
in operation SO long, and is not Of course
SO generally known, but its productiveness
has already been sufficiently great to attract new
purchasers at advancing prices. This road is not
yet completed, and its resources not, therefore,
fully developed When it reaches the Mississippi
river at Prairie du Chen it will drain one of the
most fertile regions of the West, and be connected
with hundreds of miles Of river navigation. 1t is
estimated to cost six millions Of dollars when COM
pleted to that point and properly equipped, or an
average of twenty-five thousand dollars per mile.
The Wisconsin Lake Shore road is another work of
the class. This line is entirely completed. The
construction account is Theoretically sealed, and all
future expenditures must come out of the net earn
ings. The line is forty-fve miles long, and runs
from Milwaukee to the Illinois State line connecting
at that point with road belonging to another COR
pany, continuing on to Chicago. The Wisconsin
Lake Shore road runs through the cities of Racine
and Kenosha, each Of which has q railroad penc.
tratng the interior, which are valuable feeder. to
the Shore line, bringing it large travel and
traffic. All the trade between Chicago and Mil
waukie must pass over the Lake Shore road,
competing route. We have selected the three
above named roads as offering at this moment
greater inducements for permanent investment than
any others in the country, East or West, North or
South, and believe that the same amount of capital
will net greater income per annum in either one
Of them than in any other investment now on the
market. Parties whose attention has been drawn to
these stocks, have, after making proper inquiries in
Wall street, been purchasers and we do not believe
they will ever regret SO doing.
First class railroad bonds are seldom sold in this
market to any extent. The demand is much greater
han the supply Nearly all those secured by first
mortgage are in the hands Of strong holders and we
no reason why they should not become establish
ed as first class, A No. investment. Those who
look entirely to security and fixed incomes can find
nothing better. First mortgage railroad bonds is
sued by prominent companies, will, before the Lapse
of many years, be scarce. Then they will command
high premiums. The present foreign demand is
gradually absorbing our present supply, and the
old established companies cannot add to
the present issue. Other classes of railroad bonds
can be created dd hbitum but the first mortgage
issue cannot be affected in any way by any increase
Of another class, or by additional classes Sinking
funds may be established for the payment of second
or third mortgages and they may all be provided for
at maturity; bot the security which is throughout