The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-20
The Secret Of Their Strength Discussed
by German Money Editor.
AMERICAN INVESTMENTS IN GENERAL
Decline in Tennessee Se-
curitics.
Sharp Advance in Pacific Mail and a Strong
Market at the Stock Exchange.
WALL STREET.


FRIDAY, July 1916 p. M.
On Change to-day hour was steady and wheat
heavy. The cotton market was weak and under
went a further decline. The Liverpool cotton
market was lower
MONEY 2H A PER CENT.
Money was easier and, after lending at per
cent in some renewals and rare instances of new
business, was offered at per cent and finally
loaned at az per cent. Prime paper was quoted
a per cent discount.
Foreign exchange was steadier on the basis OF
1905 100sl as the quotation for prime sxty-day
sterling and 1lOas a 1lOH for sight bills. d.
GOVERNMENTS LOWER.
The government list was lower In sympathy with
gold, but not to the same extent. The London
market was reported steady and dull The follow.
ing were the closing prices limited States cur
rency skies, 1149s 114ss; do. do 1851, registered
1857 115si; do. do, coupon 1173{ a 11S; do five.
twentes registered, May and November, 1853 a
115a; do. do, 1902 coupon, do, 1853 115N do.
do, 1864 do. do, 1853 1854; do. do 1855, do.
do, 116 116%; do. do, 1857, registered January
and July, 1141s 114H; do do, 1885, coupon, do,
1141s 114I; do do, 1867, do do. 115,4 1857 !;
do. do, 1858, do do, 115a 1851; do. ten-fortes
registered, ii15S 11lal; do. do, coupon. 1924 q
1127S; do. 6ves 1881, registered, 112H 112X; do.
do, coupon, 113Ss 1884
We have before US copy OF the American Nesos
OF Frankfort, paper published In English for the
benefit Of Americans travelling on the Continent
and edited by natives Of Germany az we may be-
neve the evidence of their names). The money
article is quite interesting to us, because OF its dis
cusson OF American finances The following Is an
extract from this portion OF the paper
The greatest market for United States bonds Is
Amsterdam. In no ether European country have
N
such manner as in Holland; that can he proved
by the daily price current OF the Bourse Of Amstcr
only the different Southern bonds and (of sad
memory the philadelphia Bank certificates had
been negotiated by Messfs. Hope Il Co., and were
sold in Holland. Through the same certificates, as
well as through some other unsafe American stocks,
the ruin of thousands was caused. But now all the
blows are forgotten and many wounds are healed,
for the Dutch bondholders generally have doubled
and trped their wealth by their continual buying Of
the various United states bonds Russia has been Tor
long time the favorite of the Dutch capitalists but
at the present time nearly the half Of the official
States bonds, and not part, but all the great
American railway loans, the town, county and city
bonds or the American Union.
AMERICAN RAILROAD BONDS IN EUROPE.
The excellence OF American railroad bonds as in
vestments is also ingcniously argued in the same
money article, the writer's remarks having been
called forth by dsparagng reference to these &C.
curities in the London Times. What he says Is
equally interesting to at home here and very en-
couraging to domestic holders OF such bonds We
quote:-
We have taken the trouble to look into the mat
! ter little closer and have found the following to
be the lin "Po0r's Manual OF American Rail
roads" and in the official Traveller we found that
over eleven hundred railroads in running cOndi-
ton. out Of that number we find about a dozen
| deaulting ones. Among these are Des MOines Val
! ley, North Missouri second mortgage) Boston,
! Hartford and Erie; Indianapolis Cincinnati and
Lafayette and Duchess and Columbia. None of
/ these bonds are held in Europe. In addition to
these we have TO mention the Peninsuar, the Rock
| ford, Rock Island, the Brunswick and Albany
! and the Atlantic and Great Western 1.-THE
/ latter owned and built chiefly by Englishmen with
I English capitar. We cannot at the present moment
rccoliect any other defaulting bonds, but we are
satisfied that they amount to hardly one per cent
I OF the railroad bonds that have been Issued. We
doubt whether England can show such favorable
percentage, especially II we consider that in the
year ending December, 1870. there have been In
operation 49, 399 miles or railroads. The increase in
1871 was LAS miles, and the present year will show
about ten thousand miles increase The total earn
ings OF the railroads In the United States amount
to S450,0o00 600 per annum and the annual increase
may be taken at about twenty millions of dollars.
The annual increase Of wealth in the United States
perhaps amounts to one thousand million
dollars. Looking over these figures we may ask
what other country offers inducements for
good and safe investments
THE RAILROAD BONDS
The following were the bids for the railroad
! hon Iu.