Morning journal and courier., 1881-02-08

WHERE TO PUT YOUR SPARE CASH. great many people are in the melancholy condition of having nohey that they do not know what to do with The New York FI-
 'aGaaciaz Chronicle kindly comes to the help of
 these unfortunates, and gives them the bene-
 fit of it's facilities for distinguishing good in-
 vestments from poor ones. State bonds, it
 says, are high enough. Of city bonds it rec
 ommends those of Jersey City as good pur-
 chase. As to railroad stocks, New York Gen.
 tral and Hudson, paying eight per cent,
 yields to the purchaser at 15O 5.33 per cent.
 year. The road carried large surplus last
 year, but there is some talk that Vanderbilt
 may eventually dispose of the surplus by
 some rental arrangement with a connecting
 line, which will give the stockholders no ben
 eft. Lake Shore and Michigan Southern, at
 130 and 120 respectively, do not seem as de-
 sirable purchases as Central at 15O. Penn
 sylvania railroad at 65 (equal to 1S0) yields
 G.15 per cent. on investment, and if there
 were complete confidence in the management
 it would sell at 150. The Erie second consol-
 idated and second funded coupons are yield
 ing per cent. at current rates. They are
 very long gold bonds, maturing in 1869, ''and
 if they may be considered safe they are at
 tractive." The prospects of the road at
 present are excellent. Some of the Central
 of New Jersey per cent. bonds are selling at moderate prices, but nothing is known as yet of the company's business in 1880. The International and Great Northern first mort gage gold sixes, running till 1919, at 1Os4, are good investment. The Chronicle con- tinues:
 The Galveston, Harrisburg and San Anto- nio first mortgage gold sizes, due in 1910, are selling at about 102, and on the record of the earnings of the road for five years past they are one of the cheapest bonds on the list. The completion just now of an op- for the bonds not selling higher. The Louis vile and Nashville general mortgage sizes run until 1880, and sell at about 103, with interest off. To those who have great conf- dence that this company will maintain its dividends on the increased capital, these bonds should sell higher. The Metropolitan [ Elevated first mortgage sizes run till 1908, and as first mortgage on line of such largo earnings they are selling low at 105 ! Among the bonds of the two great Pacific ! railroads the San Joaquin sixes, running till 1 1900, appear to be the cheapest of the Cen | tral Pacific issues, and the per cent. sink ing funds of the Union Pacific, running till | 1893, the most profitable of the latter com | pany's issues. The Southern Pacific (of 1 California; gold bonds, maturing in 1905, as strictly first mortgage land grant bonds ap pear to be one of the cheapest, at 1O4, with ! 3 per cent. interest due in April The road is just about completed to connection with 1 the Atchison, Topeka and Santa Fe, at Fl I Paso, and also has interest guaranteed till 1885 by lease to Central Pacific. Of the St. ! Louis and San Francisco bonds, the old Southern Pacific of Missouri sizes, due in 1888, or the St. Louis and San Francisco | sixes, class "A, ,'' due in 1906, look the best. The Texas and Pacific has two old issues of bonds on which interest has been earned and 1 paid. The old road, on which these are first | mortgages will have the benefit of traffic 1 from the new extension. As an investment l the old bonds are the most desirable; the l first mortgage gold sixes, due in 1905, sell at l about 1O7, with 3 per cent. due in March. l and the consolidated gold sizes, due in 1905, ! sell at 103, carrying interest since December | 1st. Either of them ought to be good. The | St. Paul, Minneapolis and Manitoba first | mortgage per cent land grant bonds ma ture in 1909, and sell now at about 1O93 {: l they may be taken up at 105 with proceeds | of land sales they are made.
 The Chronicle is of course not infallible, l and an investor might buy some of the se- 1 curities recommended by it and 'get stuck" But it's opinion is valuable, quite as valuable | as that of the ordinary investor.