"But, no doubt, some bond could be found that might pay a little more. If Mr. Cassidy had lived I intended to change to something which would give more income, though I think I was rather more cautious in doing it than he inclined to be. For, after all—especially with a lady—certain security is the first consideration. We are doubtless now, as we have been for several years past, on a gradually receding scale of values, in which the attempt at large profits involves more risk than it did at an earlier period.
"I write hastily, but thus fully that you may know the whole situation. Consult with your advisers, and let me know your wishes.
"I remain, Dear Mrs. Cassidy,
"Very truly your friend,
"S. J. Tilden."
TILDEN TO N. W. PARKER
"New York, March 14, 1873.
"My dear Sir,—I have been waiting until something should turn up cheap enough and, at the same time, safe enough to warrant the reinvestment of your money. There are gold-interest-bearing bonds at about 90—7 p. c.; but I wanted something cheaper. I sometimes hesitate about taking for you what involves so much reliance on one's own judgment as is necessary, where you buy securities new and not well established in the market.
"Some time ago I bought 50 bonds on two railroads—now consolidated in Texas. One is the Houston and Great Northern R. R., the other the International R. R.
"The bonds are $16,000 per mile, and many of our best business men have invested in the stock, which is issued at $16,000 per mile. I think the lines likely to be productive, and the investment is managed with a cautious and conservative spirit. I gave 82½ and the accrued interest for these bonds. I will let you have enough of them to come to your money and interest while it has been in my hands at 7 p. c., tho' I generally have a considerable sum lying in bank at 5—say, 40 or 50,000$.
"We sold 6 of your bonds, which gave 6 per cent., or $360 in gold.