The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-10
AMERICAN RAILROAD BONDS In EUROPE.

AS showing the growing popularity in Europe OF
American railroad bonds as investments we have
the announcement in recent London papers OF the
organization In that city Of two companies, with
combined capital Of $40 900 600, whose purpose and
plans as set forth in the following extract from
the prospectus Of one OF them, are quite attering
TO this country and its enterprises. The pro-
spectus commends itself TO domestic as well as to
foreign capitalists. 1t says
The object OF the company is to afford reliable
and convenient medium Tor the investment OF
money in first mortgage bonds Of American rail-
reads, q class OF securities which, while yielding
q considerably higher average rate OF interest than
tss y
lures in this country yield from four to five per
cent, while in the United States first mortgage
railroad bonds pay from seven to nine per cent.
Such bonds take the place IN the United States
Of our debentures, are NEST convenient and nego-
cpal remaining unpaid for stated time alter pay
ment becomes due, the holders have the power TO
i1recHse and pay Of vs
liable railways, many Of these mortgage Donds are
further secured by enormous land grants or StaIe
guarantees, or by traffic guarantees OF severa co
operating lines
American railroad mortgage bends, which, on an
average, pay better than British colonial bonds,
are. like our railway debentures, pre-emnently
steady and safe. JudiciOusy selected thelr secu,
az psi Se Case Of the
the area over which It's investments WI ue uiH-
1t appears to be almost certain that specie pay
ments In the United States will be resumed within
the next four OF ye years. sna Inc ~
rency mortgage bonds to the extent Of ten to
fifteen per cent.
..n THE CITY BANK STOCKS
The following were the bids fer the city bank
snares:-New York, 1884; Merchants, 1l6; Me-
chanics', 1877 Union, 140; America, 1852; City, ESQ.,
Phenix, 100; North River, SO; Tradesmen's, $50;
Mechanics and Traders, 1856; Gallatin National,
1lsk; Merchants Exchange, 90; Commerce, 49,
Mechanics Banking Association, 107; American
Exchange, 111h; Irving, 122; Metropolitan, 1888;
East River, 112; Market, 1923; Nassau, 1861; shoe
and Leather, $50; Corn Exchange, 1875; Cont
mental, 80; st. Nicholas, ITO; Commonwealth SO;
New York County, 200; Importers and Traders
IT'S; Park, 147; Manufacturers and Merchants
100; New York National Exchange, 90; Fourth
National, ITO.
SOUTHERN SECURITIES STEADY
The Southern State bonds were steady for the
general list and frmer for the new South Caro-
linas. The following were the closing prices Ten
nessee, ex coupon, 7eH q 80; do, new, 1871 q SO;
Virginia, ex coupon, A a 4s; do, registered stock
old, 81 a 40; do skies, consolidated bonds, SO a
53A; do, deferred scrip, 13A a IA; Georgia sxes
70 IS; do. sevens, ss a 90; North Carolina, ecu
pom, 80 q 81 d. to North Carolina Railroad, So q
co. do, funding 1885, 90 a %; do. do, 1868, II
10; do, new. II a 49, do, special tax, IA ID;
Louisiana SKIES, AZ so; do, new, 40 Al; South
Carolina skies, 80 a 40; do, new, January and
July, 10 20; do. do, April and October, q a 80;
Arkansas SKIES, funded, 40 a 43.
GOVERNMENTS BUOYANT.
The government list was strong and buoyant
under further heavy purchases, the '67's rising to
49, and leaving or with no offerings, at less than
l19h. The new fives were held at lie and the skies
of 's1 at 121. The following were the closing
prices:-United States currency sixes 1857
ia; do. do, 1881, registered, 117s 117A; do.
do. do, coupon, 1909 a 121; do. fve-twentes
registered, May and November, 1877 a ia;
do. do, 1852, coupon, do, 117A a us; do. do,
1864, 1l7z us; do. do, 1865, do. do, 119X
119I; '67's registered January and July,
116X III; do. do, 1856, coupon do, 117k a
1l71a; do. do, 1867 do. do, 1857 1191S; do. do,
1868, do. do, 117k l1s; do. ten-forries, regis
tered Ill q lll1a; do. do, coupon, 11214 1928;
do. fves Of 1881, registered, lis 116; do. do.
do, coupon, 1l5k q 49,
STOCKS HIGHER AND STRONG.
The easier tenor OF the money market and the
more cheerful expectations fits immediate future
led to q stronger and more active market at the
Stock Exchange, the chief feature being an ad-
vance OF nearly tive per cent in Western Union,
which sold at se9.. Erie rose to 65h In sympathy
with the London quotation New Jersey Central
was frmer at 9s and Harlem recovered to I26
Panama advanced to 100, but fell or at the close to
1O7k. Messrs. Edwards Pierrepont and G. G.
Haven have declined the position Of directors in
Panama, to which they elected on Monday last.
The rise in stocks involved the failure Of OPERATOR
whose contracts, which were chiefly in Pacific Mail,
were settled by purchases "under the rule"
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest