The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-21

in existence, and there is no present prospect OF
any increased supply. A large portion OF them
are held in Europe, and Of the remainder the bulk
is in the hands of wealthy parties here, who
are not likely to sell except at handsome
premium. The steady absorption which is
going on is likely to create scarcity before
very long. When it is remembered that just
one year ago tomorrow, ten millions of United
States fves, having only ten years to run, were
sold at a premium by the government at Washing
ton it needs but little reckoning to discover that
United States skies, with twenty years to run, can
not be very dear under par. We notice, by the
way, that the street spectators have begun 10 sell
these skies short like other stocks. few months
ago this was not allowed at the Board, as " was
considered disreputabe to try to make money
at the expense of the public credit at the
present crisis. The leading railway shares con-
tinue tolerably active. new inquiry has
arisen for the Erie securities, based mainly
on the probable increase of business which
is expected from the completion of the long
dock, and the Atlantic and Great Western
extension. This winter will in effect, afford fair
opportunity for testing the theories which have
been SO long entertained with regard to the fu-
e"~S Va WIG A~AiS AtoiAWoy NVupoHys ihO oWhSAc
Of the property have at last all that they have
ever asked for A foreign demand for breadstufis
exists which, for nine months to come, will tax
70 the utmost the carrying capacity Of every ave.
nue. of communication between the West and the
seeboard. OF all these avenues the Erie is the
only one which can take grain in bulk from the
lake and transfer it without breaking bulk or
crossing any other line into seagoing vessel Its
advantage over other lines in this respect has been
so highly rated that it has been commonly
asserted that if the long dock had
been finished four or five years ago
the concern would never have gone into the hands
Of a receiver. We shall now be able to test the
value of these opinions. Thus far the business of
the road is very large, and since the new agree
ment with the Central the rates of freight are re-
munerative. Toledo shares continue very active.
rumor was current on Saturday to the effect that
the floating debt had been funded. This we be-
ieye to be incorrect, though we should suppose
that measures to that end will be shortly under
taken. The net earnings Of the road have for
some time justified the resumption Of dividends,
and learn that at least some, and not the least
influential Of the directors are of opinion that they
cannot be withheld from the stockholders after the
LIST Of January next, if so long. Fluctuations in
the price of this and all other railway shares are
to be expected during the momentous crisis
through which the country is passing. Spectators,
in and out of the street. will make their profit out
Of them, buying when prices decline, and selling
as they advance The real owners of the properties
dealt in on the Stock Exchange should not allow
themselves to be influenced by these fluctua
tons. Our Northern interests are az sound and
likely to prove as profitable during and after the
war as they were before; the intrinsic values of
most of them do not depend in any appreciable
degree upon the hazards of military operations in
Virginia, Kentucky and Missouri.