"NEW YORK, _Feb'y 22, 1873_.
"DEAR MRS. CASSIDY,--I regret that any delay should take place in
sending you a statement of the results of the investment made by me
for your benefit. But the computations were somewhat long, and needed
either help or instructions from me to enable Mr. Smith to complete
them, which, until now, I was not able to give.
"I had hoped before this time to see you and be able to say that, if
there is anything in your affairs in which I can offer you suggestion
or counsel for the benefit of yourself and your little ones, I shall be
glad to be of service to you.
"About the time--indeed, a little before I recd. the $10,000
remittance--when Mr. Cassidy had told me it would be sent I invested
some $15,000 for you. I sold enough the other day to pay the balance
due me for allowances.
"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."