The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-04

p.c.res've.... A,e2O,45O 1s,soa475 Dec. s1e,975
RAILROAD BONDS.
| Comment has been frequently made in these
columns upon the growing strength Of this class Of
securities and their desirabilly for permanent in
vestment, and it is gratifying to observe that at
tention is also being drawn to the fact by other
journals. Ever since the close of the war there
has been gradual and steady appreciation in the
value OF railroad property. The building OF new
lines has opened new localities and developed
trade: freights and passengers have increased;
the net earnings have been larger each succeeding
year; many Of the roads have been re-equipped
with steel rails and the property generally Occu-
pies position with reference to its dividend earn
ing power second to other in out Of The coun-
try. Prejudice may have been engendered by the
TEMPORARY "PAsslNG" OF A DIVIDEND
in exceptional cases; but even among the new
roads these instances have been extremely rare,
and, as compared with the vast volume of railway
interest Of America, are too Insignificant in i'm
portance to be dangerously influential. It should
likewise be matter Of consideration with capital
lists and Others who desire to place their money in
railroad bonds, that they are securities, when
judiciOusly selected which more successfully than
any others sustain themselves during periods OF
panic and monetary depression. The tone OF the
market in this department during the past week
was unusually firm.
THE MONEY MARKET
during the past week was field OF much activity
offerings were more abundant than we're required,
and borrowers on call were supplied at 3, az aud 4
per cent the bulk OF the business bong done at
the smaller figures. The rates for time loans for
80 days were per cent; for 60 days, 5 and per
cent: for 90 days, and per cent, and for 8
months, from to per cent Ease has prevailed
IN the discount MARKET prime commercial paper
being taken at from to ~ per cent according to
the date OF maturity. Not few of the observant
men Of the street entertain the opinion that not.
wthstanding the present situation, seemingly so
full Of health, the commercial events Of the Fall
will make money very stringent. 1t Is claimed that
even now much OF that which changes hands
from day to day Is only moving around o
comparatively small CIRCLE and not in reality at.
fording that aud relief to business outside Of
the money centre which the magnitude ofthe oper-
atoms would appear to indie ate. Hence consid-
cradle caution Is shown in making loans that ex-
tend beyond the LIST OF December or January.
GOLD.
The week closed upon an uneventful market In
gold, but there was developed a decided bear in
terest during the last two days, not unattended,
however, by timidity on the part CT SPECTATORS.
The highest price OF the week was 1884, the lowest
1l5A. with late dealings at 1861 and 1l5h.
GOVERNMENT BONDS.
The demand for this class Of securities serves to
maintain the price strong: but there is scarcity
In the market, and hence the transactions are at
present comparatively Insignificant. The quota
tions are as foll0ws-Unted states currency skies,
114h 1l4X; do. sixes 1881, registered, 11Sh
11SK; do. do, do, coupon, 1l9h o 100; do. fve-
twenties. registered, May and November, 1857
a III; do. do, 1852, coupon, do, 117h nix;
do do, 1884, do, do, l17H 1171s; do. do. 1865
do, do, 1l9 1l9Z; do. do. 1867, registered Jan.
uary and July, 1861 1852; do. do, 1865. coupon
do Il7h HIS; do. do. 1867, do, do, 1lsi 10;
do do, 1865 do, do, 11sH 1881; do. tenforties,
registered, 1l2h 1927: do. do, coupon, H5h
1l5x; do ives of 1881, coupon. 114% 114%.
THE STOCK MARKET.
The daily phases OF the stock market have been
so freely commented upon during the week that
more than general remark Is unnecessary here.
strong undertone favorable to higher prices Is
manifested, and especially yesterday the feeling
prevailed that we are only in the middle OF specu-
Iation which will carry the prices of several stocks
not much discussed now to better figures. The
chief dealings have been In Western Union, Lake
Shore and New York Central, In all OF which there
was well maintained advance. Northwest COM
mon Is also lively bidder for the attention Of the
street. and is securing 1t more and more the true
condition OF the AFFAIRS OF the road become known.
The healthy earnings OF many leading railways