The New York herald., 1862-02-17

gratifying. IL is evident that the rebellion is |
breaking up on all sides, and that the complete |
triumph Of the government is mere question Of |
time. In all human probability victory will fol-
low victory on the Union side and the wretched |
rebels who have tried to destroy the most benef-
cent and noble government in the world, will fall
from disaster to disaster until the last miserable
remnant seeks refuge and hiding place from the
just vengeance of the people in some foreign
country. The financial policy of the government
has taken shape. Congress has followed the ex-
ample Of the banks and the merchants, and has
yielded to the arguments which, when they were
first advanced in this column were secuted almost
all sides. An issue of $50 600 Treasury
notes, made legal tender by law, is now certain,
and we have reason to believe that adequate
tax bill will be reported to the Committee OF Ways
and Means tomorrow or next day, and TO the
House this week early next. Yet in spite of all
these satisfactory events and prospects stocks ad
vance but slowly, and only at the rate Of fraction
day. One solution to this singular problem
can be found within the precincts of the board
room. The leading bear houses whose prin-
cpals have won wide notoriety by their univer-
sal dstrust of all kinds of securities, and many of
whom did not scrupe, in the darkest hour Of the
republic, to try to earn miserable profit by de-
precatng the credit of their country, have within
a few days turned tail their principles, become
buyers of stocks aud now hold among them some
fifty or sixty thousand shares of railway and other
speculative securities. 1t is not believed in Wal
street that these operators have any higher opin-
ion of Galena and Central, and Erie and Toledo,
than they had when they were selling five and ten
per cent lower than now, and when they were
eagerly offering them sellers options. Hence it
is inferred that they have only bought to sell again
at small profit, and that If any outside capitalists
should be so rash as to enter the market as buy
ers the present bulls would gladly shift their pre-
sent load to their shoulders, and would desert to
the side with which they have always been identi-
fled. For this reason the leading commission
brokers are advising their customers to hold
of, until at least Of the present bulls have
unloaded. They are fortified in this view by
the fact that the stocks have risen very considera
bly, of late. The average rise in the speculative
railway shares within the past sixty days has been
fully IL per cent, and leading stocks, such as
Pacific Mail, Erie preferred, &C., have advanced
Is to Is per cent. 1t is of course possible that
many of these stocks are still selling below their
intrinsic worth. But, after all, so per cent diyi-
dend off, seems very fair price for q per cent
| stock like New York Central, and AZ for Toledo,
| 35 for Erie, and 54 for Rock Island, cannot but
| be regarded as very high. prices for property
| which yields no income and which can only be
| purchased on the expectation of perpetual sue
| cession of sanguine buyers on speculation. Per-
haps, hereafter, when Treasury notes become very
| plentiful, and business prospects change these
stocks may command still higher prices than those
| now ruling. We believe that our railroads have
before them era of far more brilliant prosperity
| than they have ever yet enjoyed. But the imme-
diste prospect cannot fairly be regarded as very
| promising for the bulls.
| holder of "federal securities" is anxious to
| testify through our columns his gratitude to the
money editor Of the London Times for the sympa-
thetic solictude expressed in that journal for his
interests in connection with the expense of remov
| ing the "stone blockade" His gratitude is the
| more lively as the sympathy of the foreign writer
is unexpected. For the past twelve months the
money writer of the London Times has been the
most unscrupulous, the most malignant and the
most influential assaant of American credit in the
| civilized world. No calumny has been too ridcu-
ous falsehood too base, for its adoption, so long
as il was calculated to prevent the investment Of
| British capital in American securities. jour
nalist who charges the United States with repudia-
ton because the rebel State Of Mississippi has not
paid its debts, and who calls the British public to
witness that ''secessionist Virginia has provided
| the interest on her bonds held in England. while
| "loyal Tennessee" has delnuited, could hardly
have been expected to betray much concern for
| "federal bondholders'' 1t is therefore with sur
prise we'll as with gratitude that federal bond
holders" observe the new interest which this writer
has taken in their property. They take pleasure
in stating that they consider il at least az safe and
about twice as lucrative as investments in British
consols. Nor do they believe that the knot OF
| moneyed secessionists in London, who have sue
ceeded in obtaining control of so many British
journals will impair its value in any degree, though
they may perform useful Office in teaching the
American people to estimate British criticism upon
American securities at it's true value.
The earnings of the Erie Railroad for the month
| OF January were:-
.s6J5 sos 95
ieoi.... 404 50I So
|
Increase s29l ,099 43
| We beg to draw attention TO an advertisement of
Mr.. f. p. James, offering premium to holders OF
| 7.30 Treasury notes for coupons due 10th inst
| As the SubTreasurer advertises that he can
not remit the amount of coupons, and "a, in any
case, holders must submit to delay if they collect
their interest at his Office, the best plan to pursue
would probably be to sell the coupons in the man
ner suggested.
| CITY COMMERCIAL REPORT.