The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-08
A NEW RAILWAY PROJECT.

9 PEI La M WIS CON Bur.C. X Min lssTsg IS
NEW RAILWAY PROJECT.
Among the important railway improvements In
progress is one which largely concerns the COM
mercial interests existing between New York and
San Francisco. company snow being organized
in London on the basis OF extraordinary grants
from the Honduras government the object of
which Is to insure, without delay, the completion
of the lnteroceanic Railroad from Porto Caballos,
on the Atlantic Coast, to the Bay OF Fonseca, ON
the Pacific Ocean. The length of the entire line Ia
900 miles, seventy OF which have been completed
and are now in operation. BY this
route it is said that the distance from
New York 10 San Francisco will be shortened
by nearly 1900 miles as compared with the
Panama route 1t ts also stated that an agent Of
the English capitalists interested In the undertake
ing will arrive In New York in q few days. for the
purpose Of comforting with the Pacific Mail Steam
ship Company, with the view OF Offering induce
ments to the same to land their steamers at Porto
Cabaos and FOnseca, on the completion OF the
road. Should this arrangement be effected 1t will
make a difference Of four days In the time required
for the transportation Of mails and freight be-
tween New York and San Francisco, as compared
with the Panama route.
GOVERNMENT BONDS
The market in these securities was not active
but strong, there being q continued inability
the part OF bankers to supply the demand. Much
OF this demand Ia traceable to the action OF the
German government in investing portion Of its
capital for the benefit OF Its Invalid Soldiers fund.-
policy, by tho way, which is exerting gratifying
influence upon other American securities A
prominent German banker, writing to his corre-
spondent in New York, says:-"Speaking OF your
railroad and other securities. upon which sus.
picion has rested in this country because Of
ma
that nothing OF American origin has sur
cred here that would not have Suffered
in New York. Nothing has ''tumbed" here that
could have been successfully placed on the New
York Bourse, and If we bankers had made special
inquiry We never would have touched them. But
the feeling Of doubt Is wearing away, and we are
glad to buy United States securities and good
railroad bonds. The following are the quota
tons day:-United States currency skies,
l141+ 1l4h; do. skies, 1881, registered, 11sI
1888; do do, do. coupon 119H q 1905;
do fve-twenties. registered, May and Novem-
Der, III a 1174; do. do 1862, coupon, do,
117,4 a 117h do. do, 1854, do, do, 117H q
117a; do. do. 1866, do, do. 119X 1l9K; do. do,
1867, registered, January and July, 117k l1s;
do. do, 1865. coupon, do, 117s. 117Z; do. do.
1867, do, do, 1l9H l19X; do. do 1868, do, do,
11sH 1l9; do. ten-forties, registered, 1927 a
1928; do. do, coupon, 1151s 1859; do. do, cou-
pon has l145S
SOUTHERN SECURITIES.
Tennessee bonds are now among the strongest
on the list Of Southern State bonds This is due to
the funding OF the past due bonds and coupons
into new ten-forties, the first coupons on which
are due in July 1874 This action has also Put life
into some Of the other bonds, notably among which
are the new Florida per cent gold bonds
which, in consequence OF their small number and
good backing, arc selling at ~. The following are
the quotations OF the day Tennessee, ex cou-
pom, S1e4 81; do, new, S1A So; Vir-
glnia ex coupon 43& Al do. skies,
consolidated bonds 53b a 53H; do. do, de.
ierred scrip, IL II; Georgia skies, OF a 70; do,
sevens, 80 a 901a North Carolina, ex coupon, % q
Is; do, to North Carolina Railroad, so a So;
DO. mndng, 1885, II IS; do do, 1868, 10 q
II; DO. new, Is a IL do. special tax, IL IA; Mis-
souri, skies, SO a 931s; do. Hannibal and st.
Joseph, 81 90; Louisiana skies, A as;
Alabama fives, As 30; do. Fights, 10 a so; South
Carolina skies, new, January and July, 145l 15k;
do. TO-, April and October % 26; Arkansas skies,
funded, IS 40.
THE STOCK MARKET
The chief and only feature OF the stock m arket
to-day was the attempted "bullu movement in
Pacific Mail. 1t met however, with less success
than yesterday, the stock opening at 39i., touch
ing temporarily 3sJs q 3sk and then receding to
steady at 921s g2k all day, closing at 92H. Erie
opened at 59Is and closed at 5s7.. without much
business or nuctuatiOn. The best price OF Wabash
during the market was ~; 1t finally declined to
~. New York Central held its own at 1861.
1854. Lake shore was firm at about 94,. a
MH 944. Rock Island showed but fractional
change from the quotations OF yesterday. st. Paul
common sold at 52a 52ys 525s a 5271, closing at
the weaker figure; the preferred stock at 10 1874,
Ohio and Mississippi sold at 800. 1917 3el c., c.
and J. c. declined about i per cent. Union Pacific
was quiet between 2sas and 20. Harlem closed at
1921. Northwestern was steady at 67s. 6,k.
Small transactions were made in Delaware Lacka-
wanna and western at 1914 1917. Morris and
Essex sold for 92i4, Atlantic and Pacific preferred
al 26sA a ?, q 27as, New Jersey Central at 1897.
RAILROAD EARNINGS IN July AND FROM JANUARY
TO JULY 81.
The returns Of railroad earnings for the past
month embrace larger number OF roads than
usual although several OF the lines have only re.
ceived their traic reports yet for the first three
weeks. The comparison of earnings with July,
1872 is generally quite favorable, sho wing an in.
crease in nearly every case and as this has been
the first month OF the operation OF the new rail-
road freight law In Illinois the actual results. as