"The investment has gained some $1700, besides interest compounded and quarterly. The stock would have sold for 5 per cent. more last year, which would have been $750 additional. "But investments generally show about that difference; and if you continue to want such an investment for income, it can now be made advantageously. "The Cleveland and Pittsburg stock is about 3-1/2 per cent. lower, and yields the same income. "Well-selected gold-interest 7-p.-c. bonds, if bought at 85 or a little under, will give a larger income. They should be selected with caution. Now, three courses are open: "1. If you need the _money_ the stock can at once be sold. "2. The stock can be transferred to your name if you do not wish to change the investment. In that event, it had better be put in your name; for the motive to keep the account open has ceased. "The stock is perfectly safe as can be--gives quarterly dividends, and is free from all income tax, and I think from all personal taxes in this State. The dividends have the security of the great earnings--$1,750,000 now above the cent, and the guaranty of the Penn. R. R. Co., with its $65,000,000 of capital, paying ten per cent., and worth 120. "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.