The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-11-05
DALLAS, TEXAS.
FRIDAY MORNING ;i.3::::t4NOy. s.
TEXAS sEcuaIrIes IN NEW YORK

fluctuations IN the value Of Texas Sc
curities.
Prices advanced steadily during the
first half of October, and rs steadily re-
ceded during the other half until the
market Is lower now than ever during
the dull months Of August aud Sep
temher.
The demand from Investors for Tex
~ los penslon was very good and Zig
uresr rapidly rose from 0S cents to par
and interest, Mt which rates round lots
changed hands, giving good margins
for realizing sales, but the demand was
not sustained, aud under very heavy
offerings the market has steadily re-
ceded, so that we quote this bond at as
bid and 100 asked, with about $500, 600
to $780, 900 on the market.
Texas los Of 1884 We're entirely neg
lected, large bonds are duh Of sale at
100 bid, while small bonds are offered
at 100.
Texas los of 1876 are nominal at 100
--i0l bid, no transactions being re-
ported. eS EA A .E.| E
What we said in September of Tex
as Is gold has been verified during the
past month. "Some holders are sell
lingOut.p This bond has declined under
large offerings from to ~ bid, and 0S
asked, with tendency to lower prices.
The fact is, the bond ia too high III con
slderation of tens selling nc but ~ to
100. evisJ ser tslis9E 50 oH'W 4lf NH
Texas o. declined cents we quote
the 1878 at 30 bid and those of 1892 at
so cents. l
For municipal and county bonds
some inquiry exists. Travis county
bonds are In demand at 93-05 cents.
CITY of Austin los are inquired for, but
the market Is bare OF this bond. City
OF Houston los are entirely neglected
since the decision of the city council
not to accept the proposition Of the
bondholders.
1t Is reported that Collin county
EOnds have been sold at par aud inter-
est Oh the guarantee OF banking
house to cash such bonds at any time
at the same price the holder paid for
The $4,000 out OF a probable $780,
OOO Galveston county los bonds issued
to Cult, Colorado IL Santa Fe railroad
are offered alta low rate, but have
found no buyers thus far. The reason
why can be learned at our Office.
There Is more demand for City of
Dallas los. Those best familiar with
the growth OF Dallas know that with
proper management the interest on the
present debt can be readily paid, and
we believed will bo paid when due.
The City of San Antonio, Texas, en-
tiers our market as an applicant for
credit Here bonds are as yet un-
known here, and her credit has to be
established, yet the debt Is small and
her taxable property very large and
rapidly increasing.
Harrison county bodds issued to the
Texas pacitie road are offered at 40
cents. w Q consider the bonds dear NJ
that figure. The county has partially
defaulted In interest, and Is likely to
default again. IL Is the placing OF SIM
liar bonds, of which Texas, we are
sorry to say, has her share, that brings
discredlt upon good bonds ereH. g.
In railroad bonds Il good business
was done. Houston and Texas Cen
trail lst, per cent. gold, Main Line,
advanced to 40 asked and 70 bid, while
seconds per cent. consolidated are
dull OF salesat 55 cents. "a
Galveston, Houston aud Henderson
railroad, 7s,goId lst, changed hands at
as cents with small transactions.
If we consider that Texas securities
pay high rate of interest, that Texas
owes but little, that the State has al
ways paid her interest promptly, it Is
perhaps strange that her securities
should be selling ut so low figure and
should be capable Of undergoing such
rapid aud great fluctuations. We have
given this matter very careful consld-
GRAFTON, and as We are selling largely
of these bonds to private investors as
well as to savings institutions, we find
some reason for those fluctuations in
the decided opposition Of some bank
presidents and cashiers Of chartered
Institutions who, upon being asked for
their opini0n as tot value Of Texas
State bonds, at once dissuade intended
purchasers from buying.
A certain bank president of an In
stitution with u million or more capi-
tai, was asked by u friend of ours, to
whom we had sold u block OF pensions,
what he thought of Texas los, Pension
Bonds, and the answer was: "A would
advise selling them at once" Now
that president was grossly ignorant IN
regard to the debt of Texas, her re-
sources, her ability to pay, her strict
observance OF obligations incurred, her
wonderful Development; he did not
even know that Austin was the capital
of Texas; but he presumed on the
single fact that Texas ls u, Southern.
State, to throw a stigma ont a bond,
which is absolutely safe. Fortunately
the investor did not heed the un-)
scrupulous advice of that pr. sident,
aud we repeated to him facts previously
given. He was satisfied with his bonds
having bought them for investment