The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-05-08
GOVERNMENT BONDS.
Classification as to Desirability for
Investment.

Investment.
A fourth edition of Fisk u Hstch's
memoranda concerning government
bonds has recently been issued, which
contains considerable valuable informs-
ton TO investors with reference to the
probable order in which they will be
called in for reflnding. II states that
the 6per cent. bonds Except those which
will become absolutely payable at speclhc
dates.) will be called in and redeemed in
the following order, and probably within
about the periods named, viz:
~ Five-twenties of 1865 (now being
called in); in from three to twelve
months.
one TO four years.
C3.) Flve-twenties of 1868; In from
three to five years.
az Skies of 1881 Second and third
series; after all the five twenties have
been redeemed; or in from five to eight
years,
The circular further says: "Uniore'
seen events may cause the actual results
to materially vary from any estimates
tina, can now be made; but the foregoing
are the suggestions OF our best judgment
from the indications OF the present and
the experience of the past. 1t is more
difficult to conjecture IN Whist order the
two classes of 5 per cent. bonds,
viz, the l040s and the 5s OF 1851,
may be paid oil, as there is no legal re-
uuirements now existing to govern the
action of the Treasury Department IN
that respect. The custom herett fore es-
tsblished, and so far invariably pursued
in the redemption Of bonds, the redemp-
ton of which had become optional with
the government, Of redeemiog them IN
the order in which the option natures,
would point to the l0-40s as the first OF
the five per cent. bonds likely to be
called in. 1t is also difficult 10 estimate
| when the government will be in posi-
ton to commence the redemption OF either
of the issues of 5 per cent. bonds. 1t Is
not probable that by the time the per
cent. bonds have al been redeemed, II
not before, the revival OF business and
returning confidence in the stability and
productiveness of the legitimate enter
| prises Of commerce, manufactures, trans
portation and building may once more
! attract the now timid and idle capital OF
the country into these channels to such an
extent that 1t will eimpractlcabIe tor the
| Government to borrow money TO any
considerable amount at lower rate OF
! interest than per cent. We think,
| therefore that the holders OF per
cent. bonds may safely calculate
upon the continuance OF their Investment
undisturbed for u long period OF year,,
and that in estimating the relative des.
! Inability of the various issues Of govern
ment bonds for new purchases, investors
may assume that neither the 5S 1881 nor
the lO-40s are likely to be redeemed In
less than from ten TO fifteen years. From
all the indications now available, rs
guides to judgment or conjecture, we
would class The several issues, for deslra-
bility of investment at their relative
prices at this date, as follows:
Flrst--5s of 1881 and 6S Of 1881.
Second-lO-40s.
Third per cent. bonds.
Fourth per cent. bonds.
Fitth-5-2Os of 1865.
Sixth-5-20s of 1861.
Seventh-5-20s Of 1868.
The currency Is having fixed periods
to run OF seventeen to twenty,one years,
with no option on the part Of the Gov
eminent to call them in before maturity,
are for this reason especially desirable
for long investment for estates, trust
funds and banking purposes"