The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-12-08
MISCELLANEOUS.

DUnEerS ana DeVCeFS W.
Government Securities.
No. 8 Nassau Street, New York,
November 8, 1863.
To our Customers and Correspondents:
The surprising development OF our national re-
sources and the rapidity with which the Govern
ment is now enabled to reduce the national debt
by weekly purchases, render it apparent that the
time is approaching when the Five-Twenty bonds
may be funded at not over four or four and hal,
per cent. interest.
Meanwhile their high price, as compared with
othe classes Of securities paying an equal rate OF
interest is leading to general inquiry tor more prof
safely invested.
During the war the necessities and peril Of the
government, ana the consequent cheapness of it's
securities, rendered them SO attractive that, from
this cause combined with the patriotic faith Of the
people in their safety, they absorbed almost the
entire floating capital Of the country and diverted
attention from other classes OF securities which had
before been deemed sufficiently conservative and
sound to meet the wants of the most cautious in
vestors.
The government is no longer a borrower. 1t no
longer needs the country's capital, but desires
grateful lily and honorably to repay it.
The rapid accumulation of capital for Investment,
and the reduction OF tie national debt ana improve
ment OF the national credit-rendering it certain
that hereafter but comparatively low rate Of in
terest can be derived from investment in govern
ment bondsis compelling the search for Other safe
and well guarded channels into which capital not
employed in business may wisely flow.
The enterprises Of Peace, nc less needful in their
time and place, for the common welfare, than we're
the waste and cost Of War; now call for the capital
which the government no longer needs, and oasr
for its use remuneration which the government
need no longer pay. and In some cases, q security
as stable and enduring as the faith of the nation
itself.
The desire to capitalize the premium which may
now be realized from Five-Twenty bonds, and
which material decline in Gold toward par, and
the ability of the Government to fund them at a
lower rate OF interest may at amy time extingush,
felt by many holders who desire some satisfactory
assurance as to which Of the many iower-priced
securities in the market would afford the necessary
safety to justify an exchange.
The applications for information and advice
which are addressed to US daily, show how univer-
sal Is the desire for this assurance, as to what
forms OF Investment more profitable than Govern
ment securities at present market rates, are enti-
tied to the confidence OF investors.
The pressure OF this want has led us to feel the
importance Of directing our own attention as bank
ers, our large experience, and our facilities for
obtaining reliable information-to the work of
supplying it in some measure, and to offer the re-
suits OF our inquiries to those who may be disposed
to confide in our good faith and judgment.
public anything which according to our best judg-
ment is not as secure a. the national obligations
themselves, with which we have hitherto principally
identified ourselves.
Since closing the GREAT CENTRAL PACIFIC
RAILROAD LOAN, which meets all these re-
quirements, we have carefully examined many
others, but have found no other which would fully
do so, until the following was placed in our hands
First Mortgage ,
Six per cent. Gold Bonds
WESTERN PACIFIC R. R. CO
OF CALIFORNIA.
The Western Pacific Rail Road connecting Sac
ramento with San Francisco, furnishes the 6na
link in the extraordinary fact Of an unbroken line
Of rail from the shore Of the Atlantic to that Of tn
Pacific. 3D.. p. .-.......... .s
1t is $50 miles in length. including short br snct
and it will be the ..
METROPOLITAN Ii NE
OF THE PACIFIC COAST,
connecting its chief cties and traversing the gag
den OF the rich and growing State Of California
receiving in addition 10 an immense and lucrative
local traffic, the through business over the Union
and Central Pacific Railroads between the East
ern states and Sacramento.
1t Is completed. fully equipped, and in successful
operation and its earnings in October the first full
month, amounted to $50 900 in coin. The me-
earnings will, by moderate estimate, amount u
5000 900 per annum, in coin, while the interest OF
its Bonds will be but $i6s 0e0.
The value of the property andl franchises 10 no
less than
TEN MILLIONS OF DOLLARS,