The New York herald., 1862-11-10

haA been downward. Speculation in stocks seems
60 have run it's course, and, whether the decline
which now seems inevitable be gradual OF precipi
tate, the harvest Of the commission brokers seems
over We have had in the past ninety days an
average advance Of twenty per cent IN the active
railway shares. Most OF them selling at prices
which their earnings would not justify II we we're
dong business a specie basis. IL, az seems pro-
babe, the financial policy Of the government un-
dergoes Il change at the coming session OF Con-
gress and stop be set to the issues OF paper mo-
pey, upan which the recent rise predicsted,
prices will fall TO their natural level; and from the
condition of the market and the weakness Of some
of the heaviest holders Of stocks, the transition
will probably partake, sooner or later, Of the ma
ture OF panic Independently of the prospect oi
change in the financial policy Of government,
other influences operate against an advance IN
prices The political situation, the victo.
res of the democratic party throughout the
North, and the removal of General Mcclellan
are calculated to unsettle mems minds, and create
a feeling Of upeasiness and apprehension, which
must prove fatal 10 stock speculation, at least
for time. The spectators who hold the bulk OF
the fancy stocks in the street may continue for a
time to struggle against the tendency Of the mar.
ket but sooner or later the interest account will
carry conviction to their minds. AT the West the.
progress Of railway traffic continues irregular. In
Central Illinois the wheat crop has proved a
failure, and the Galeua shows decline in its re-
cepts accordingly. The winter dividend will pro.
badly be passed The Michigan roads have done
better, the Southern showing an increase of
900 and the Central $4,000 in October. But
these large earnings are hardly likely to continue.
r., A. ynrk IA az
much business Of their own to do this winter that
they will not be able to remove much Of the stun
brought from the West by the Michigan lines; and
secondly, the opening Of the Mississippi river
which can hardly be delayed beyond the lst proxi.
mo- will divert most Of the Western produce from
the Eastern roads to q Southern outlet. We have
received communication from stockhoder in
the Michigan Southern on the subject Of the so
per cent claimed by the holders of the guaranteed
stock. He seems to think that the first
payment to the guaranteed stockholders viii
not take place till the second mortgage
bonds are paid off, principal and interest There
il ine prospect for lawyers in this concern, and
for no one else. Large quantities OF Erie are re
ported to have come from Europe within the past
few weeks. The price would probably have de-
cned but for the earnings, which are very large
and the persistence. of some OF the bears IN over
selling the stock. Central 10 dull and tending
downward, Notwithstanding the large traffic Per
sons supposed to know the intentions Of the ma
nagement report that the dividend will not be in
creased The earnings of all these roads depend
50 much upon the continuance of large export
movement that they cannot be relied upon as the
basis of stock speculation. decline in ex-
change, snch as would ensue from change in the
policy of the Treasury Department, wonld check
the demand for breadstuns, and railway traffic
would speedily fall to or below the figures OF last
year.