New-York tribune., 1879-12-30
.,ng Of Missouri es OF 1888 at loels. Louisiana

pensols were quoted at 45945isA
: or city bank stocks Manhattan sold C25l at l47
,S.,,ns occasional remarks recently made by THE
gpInrxr relative 10 the lack of dscernment exhib-
tied by the average investor IN railroad bonds have
ircnght MS numerous communications asking adj
vice IN regard to investing in that class Of secur
ties and information as to the comparative
,oars of certain specified bonds One correspondent
ssys: al have noticed your remarks Of December
"a relative 10 bond investors. think am in the
ist r.ferred to- and fear you have brought trouble
upon yourself In making those suggestions; have
on investment in Chicago, burlington and Quincy
"a selling now at about 12l. paying less than
per cent" ETC. ..-, -.
nation regard 10 such matters. We of course can
NOT undertake to weigh the comparative merits of
all the railroad bonds now offered for sale, nor 70
give specific information in regard to each: But
with few general suggestions. each in
VISITOR will be aba TO obtain at the proper
quarters the information which VIII enable
safety. We write of investors who desire an AS
snred income from their Investments, and not of
sneculators who look for profits from manipulations
at the stock Exchange The value OF railroad
FIRST. upon tho security which is back
Of il, to insure the prompt payment of
The interest and tho payment of the
prpcipal at maturity. What we have said upon
fbs subject was that il the security ample for
that purpose any additional security was simply
fupeTiaIty. Bat It is true that the security cannot
be measured alone by the amountof debt per mile
one road renders $4,000 per ine safe on IT.
while $4,000 per mile ON another road might be
doubtful. Therefore the earnings of the company
are to be taken into account But first mortgage
bond not rendered ANS more safe by the fact shat
jt followed by second, third and fourth and con-
s0dated mortgages
ampio and beyond doubt, II Is then
only question OF the rate of income to be derived
in comparing tho merits of different issues. or
course at maturity the bond, If good is worth ITS
face-no and less. Therefore, the true
Valne of "a bOud purchased above par yearly
dcprceiatcs, while that of purchased below par
YEARLY appreciates until II also sells above par Two
bonds. both selling above par-and equally well
secured and paying the same faie oi interest, are
not OF necessity of equal value may be due IN
1885 and the other in 1890; the bond of longer
date Of course is OF the greater value because the
eventual loss of the premium pald Is In be dlstr1b-
utea over years instead of over only five years.
Our friend who holds the Chicago, burlington and
Quincy per cents due in 1908 II satisfied with tie
Iatc OF interest winch he receives ito arrive at
which he must each wear deduct from tie 10 M
terest collected certain portion of the 2l per cent
final loss Of prrmiuinl probably can make
already. But IT Is question for eacn ln-
weston to decide for himself whether the
Quincy bonds Is worth paying 26 per cent Tor above
tAat offered by the Frankfort and kOkOmo 1S due
IN 1908, which are selling at %, and whether the
Northwest gold consolidated 7S, due IN l9uZ ana
selling at 49, are any better secured than are the
Minneapolis and sc, Louis Is due IN 1927 and sell
ing AT 100. Probably no safer Investments can be
made than IN Rock Island Gs due IN
1917, hut they sell AT III. while the first Os OF
Lake Erie and Western, due in 1919 sell at 93 !;
fr-t 6s Of Mobile and Ohio due IN 1927, at 30, and
81 Pau and Sioux City first g.. due IN 1909 sell at
gGlo. Undoubtedly tie security Tor the prompt
payment of the interest and principal OF the three
bonds Just named Is not EQUAL 20 hat M the case OF
the Rock island but If the security rs sufficient Tor
the purpose 20 10 24 per cent Is large premium 10
paw for mere sup Iiiuty.
The railroad bond market to-day was only mod,
cIacly active. but prices were strong. Erie second
C0nsols advanced 10 IS and funded 5s 10 eS'a SIS
Missouri, Kansas aud Texas hrs, consos rose
10 93. the seconds being eieady at 41@
Az; and Lehgh ana WilKesbarre consols sold mp 10
g25sd92l2. New-Jersey Central cOns0ls were l9
per oeuJ higher at lO5l2, MOBILE and ONO hfsts a
higher at 50, and Lake Erie ard Western iirsts y
higher at 94, and Morris and EsSex conSos rose To
lOGi2. There were no other notable changes;
The Sub-Ireasury to-day gained S99l,2So on
balance. made up by gains OF SGs476l currency
FRIDAY S99s797 To-days gam. in spite OF the pay
= ment OF a.. .Oo5, 900 On account Of tie January
interest, is explained by tho fact that
tbe interest payments 20 the amount of
1906, 900 we're made by checks. Which, viii appear
as 'paymeuls' only when returned to the Sub
Treasury through he Clearing House. Money TO,
usual number of exceptional cases in winch a
commission adced 20 the legal rate.
Little or 10 money was loaned u on
Government bonds at less than per cent Time
loans also are fully up to per cent and not freely
offered at that The domestic exchanges on New
York at the places named quoted follows Sa-
yannah LA Is discount; ol6a = 9lscenn,;
New-Orleans, cOmmercial $SGS2 90 bank $l %
discount: st. Louis 10 discount; Chicago,
Sld7Jc. discount; Boston, 12i2c. discount.
The Treasurer az Washington to-day received
$50 900 IN National bank notes for redemption.
The customs receipts were $3.50 600. and tie IN
ternal revenue receipts were SOZO,oOO. Inc
Clearing House statement TO-DAY Is as follows I;
Exchanges, 500, ,22l 800 balances, S1,l1EaSO.
The business at the Sub Treasury covered Tetelpts,
Sl,59l,27l payments, $GOOO3G currency BAL
auce. SO.995 AGA COIN balance, @lO9O1o,osO
The foreign exchanges continue 10 be excessively
dull and rates are weak, but the nominal quota
tons are unchanged as ioilOws: