New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-27

stocks wilder than this country ever before WIZ
messed and which eliminated IN the fearful crash Oh
last September-a speculation which put to blush
any prices realized during the war; with gold at DO
II this is all that IS meant viii H. with the
changed condition of affairs prove a safe basis for
future speculation Where are the men of capital
and nerve" who have heretofore been the great
leaders in stock speculatIons' Nearly al dead or
bankrupt. And what is there in the immediate or
near future produce another class like them except
another great war attended with immense Govern
ment expenditures whereby fortunes may be made
IN day. If we correctly interpret the signs OF the
times the people slowly but surely returning 20
healthier aud sOunder views of business, when IN
vestOrs will, and spectators must. take more into
account the real values Of the securities in which
they deal Why is it that Government, State, and
iirst-cass railroad bonds are sought after by in
vestors at comparatively high prices. while good
but called second class railway bonds may be
bought at prices which would yield from 10 to y
per cent on the investment, Why except that CAPT
talists were never carefulaudp prudent, and will
either have the very best or nonei These same men
in times past were wont 10 invest il diydendpayng
stocks.yand even sometimes TO buy. when ' cheap
and low non-divdend stocks, but prefer to
lend their capital az per cent rather than take the
risk of profit and loss. 1t is therefore quite evident
that this class do not consider stocks cheap ana
low at present prices. Perhaps they are hFst
cousins TO those men who, in 1856, invested IN the
stock of the Michigan southern Railroad at ~ 10
$50 because it 10 per cent stock and had great
prospects, but who, in 1853, did not think 1t cheap
at 3j and proved 10 be correct IN their view as II
sold in 1sj9-GO ut 0. Are railroad stocks really
cheap and have they deprecated IN proper
ton TO other property are questions which we
shall leave to the judgment of our readers merely
suggesting that il might be well enough Tor them 10
investigate and ascertain if possible what is the
real value of a stock which has been unable to pay
any. or only occasional dividends during tine
good times" we have left behind us, ana what
chance has such property for dividends IN the tn-
tnre What Is the value of stock IN a company
which has borrowed money to meet its past diy-
dends and only ceases to pay any when II can Dor
row no more or its credit will not float additional
bonds on a two per cent money market except AT a
ruinous discount As an instance Of the depre-
citation OF other property-and Is not an exceptional
one-takeithe Manchester Print Works. TINS Com
pany had capital Of 81 100000 and its shares have
sold as high as 20 per cent being considered good IN
vestment at the price while recently the whole con-
Germ was sold out for Sl05O0OO barely enough 10
pay the mortgage bonds and expenses OF sale, the
entire capital stock having been sunk and lost 1t
would appear as if the lessons taught by former
ciptating another panic by attempting 10 run
while we are barely able 70 creep. Courage t. look
at facts as they are, together with prudence VIII III
time restore to this people real prosperity while
any attempt TO ignore and act without regard to
our true coyditiOn will only add 10 our present di
ficuties and postpone the day of renewed confidence
between men aud their felllow-men.
The events Of the week in financial circles have
been the new Government loan, the failure Of the
Lake Shore Railroad Company TO declare dividend
and the legal measures taken against the Ere hall-
way Company. We have not yet had any Official
information concerning the bids for the new FIVE per
cents or the action of the Treasury Department
thereon though from semi-Otclal statements when
are probably in the main accurate, II appears that
the bids so far accepted amount 10 a trife over
100000 while some S20OO0OOO bid for by New
York banks bankers and capitalists and the
State of New York were rejected IN con-
sequence of the commissions demanded for
other reasons satisfactory TO the Secretary OF
the Treasury; and that bids for S1j.0O0OOO by the
Seligmans and S4OOOO,OOO by Belmont and the First
National Bank making in ali S5j,WOOOO, mainly FOR
foreign are held in allegiance pending negoti-
atoms which are going on by cable with view to the
acceptance of the SjjO00000. should the syndicate
and the Treasury so harmonic that this bud may be
accepted then the whole amount taken Will be some
thing over sos 100000; but il Is understood that the
result Will not be made public before Monday or
Tuesday The following are among the bids rejected:
Won Hoffman q Co.. 100000; Philip Speyer & Co.,
100000 Meter IL Co., S100OO00 state of New
York. S3O0OOOO: Fisk & Hatch, 100000 Parker
Handy. 81 100000 MusCTave * Co., 100000; John
J. Cisco a. SON. Sl.520OOO; !. B. Colgate II Co.,
81 OOlOOO and Rutton q Bond Sl,O00,OOO. Among
the bids accepted are the following Fidelity Trust
COMPANY. Sl.OO0O0O; Life Annuity Company,
S5OOOOO-both If Philadelphia; Maitland, Phelps IL
Co. OF New-Yori S1OG000O; J. NJ Ceballos
of New-York. 100000; Fourth National
Bank of Ncw-York, S5O00OO; Suffolk Bank
of Boston, SjOOOOO First National Gold Bank
of California, through the Bank OF California,
81. 100000. and three Western banks, S90.WO.
Government bonds have been firm during the week,
and in spite of the lower range of gold show hand
some advance since last Saturday as will be by
our usual weekly comparative table The gold specu-
lation has been tame with OF 10. and 1925,
the closing quotation to-day being lO9 .or decline
of per cent since last Saturday. The business IN
state and railway bonds has been light without
material changes in quotations. The railway and
miscellaneous share speculation has been gem
erallv dull. with very limited transactions
and a declining tendency In prices, though
without any very marked decline. The failure OF
Lake Shore 10 declare dividend depressed that
stock from 70. 70 IL, though it subsequently rallied
and closed at Il, to-day Erie declined about per
cent on the announcement that suits had been
brought against the Company TO test the validity Of
certain acts OF the direction. Pacific Mail was weak
ened by the loss Of the steamer City OF Guate-
mala Northwest Common and Preferred were
both weak. Beyond these the variations were
very trihing. Harlem and Delaware. Lack
awauna and Western closed the same to-day
as Oh Saturday last. In all the other stocks Of the