The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-02
The following table shows the course of the stecs.
'ket during the past week and month


who have money evince no desire to buy. Specula-
ton is unusually cautious and limited. Operators
who used to buy and sell thousand shares at
single board now tremble at contract for hum
dred. This is the natural consequence of the I'M
certainty which envelopes the future of all classes
Of securities. The railroads are making no money,
and will make no dividends this year except BY
borrowing the funds to pay them. State stocks
are very uncertain indeed. The proclamation e
Gen. Fremont foroshadows the possibility of such
events in other border States as may for many
years preclude the possibility of their meeting tho
interest on their debts. And, finally, the immediate
future of the general governments stocks-which
are ultimately certan--s subject to the var ying
fortunes of war.
The national loan proves complete success.
Though tho $40 per cent Treasury notes will NOT
be ready for delivery for ten days, the public are
pouring in money at the rate of over quarter Of .
million per day into the SubTreasury in this city.
and subscriptions, are being received elsewhere -
vol. Az soon as Mr.. Chase perfects his arrange
ments and authority is given to government agents
throughout the country to receive subscriptions,
the amount contributed will be very large indeed.
In all probability the whole fifty millions taken BY
the banks will be disposed Of before the time fixed
for the second loan and thus its negotiation WIN
be rendered easy and certain Nor could it b
otherwise. No investment in the market at pre-
sent offers such security. coupled with such hand
some return in the shape Of income, as these $40
per cent Treasury notes. They are as safe and -
certain as British consols or French rentes, and
they pay their holder twice as much annual ints-
rest. They are far more secure than deposits Il
an hal ko VII 1io1 IN of
cidcnts, and they yield from 1910 to $40 more
interest annually. They are safer and yield 3-lo
per cent more interest than New York sixes which
are selling at LOT. All consideration Of patriotiam
apart. the people will take these Treasury notes
simply because they cannot do better with thsir
money.
The course Of events foreshadows graduA
withdrawal Of money from the stocks and bonds e
our great railway enterprises, and the commence
mont Of an era of speculation in governments and
State securities. People are tired of railroads;
tired of the repeated swindles developed byrs-
ports of investigation; tired of waiting for divi.
dends. waiting for traffic, waiting for economy n
management. In 1859 we were promised new
era of prosperity for railway stocks. The crisis Of
1857 and the stagnation of 1853 had we were told,
led to large economies in the working of the roads,
and at the first revival of business they were to be-
gin once more to yield large income to their
owners. Business did revive; in 1860 the West
was, all things considered, unc0mmonly thriving3
yet how was it with the railways? Hardly ons
among tho number fulfilled the most moderate sx-
pectations of its friends. The Michigan Central
did not earn dividend worth mentioning; the M
chgan Southern barely earned interest on its debts
the Cleveland and Toledo could not pay OF its float
ing debit the Illinois Central never declared that d.
yidend so confidently predicted; the Gaena earneds
mere trifc, and has no means of meeting its matur
ing bonds, which are to be thrown ahead by SONS
financial tour de force; the Rock Island ceased pay
ing dividends altogether: the New York Central i
doing so poorly that the publication of its month";
earnings has been suspended; the earnings of NJ
Hudson. Harlem and Erie are again declining.
Everywhere the same dshcartening spectacle a
deferred debt, dishonored obligations, decreasing
traffic, and invisible profit meets the eye; and in
many quarters the unavoidable embarrassments of
the situation are aggravated by fresh outbreak
Of suicidal competition between rival roads. Can
it be wondered that the public should have sicken-
ed of the whole catalogue of railway securities.
and in view Of the forthcoming issues Of govern
ment and State paper, should be preparing to
transfer its investments from the former 70
the latter! The purchases and sales Of raB-
way stocks, which used to constitute five
sixths Of the business of the stock board,
row constitute only about one third of it's
transactions and are growing scarcer and rarer
daily. The time is evidently fast coming whom
speculation will concentrate upon government and
State securities, and people who want to sell
hundred shares Of Galena or Rock Island will On.
perience rs much difficulty in finding a customer
1t any price-as holders Of Western city bonds Or
canal rights do at the present time.