The New York herald., 1862-11-24


suit; but it is probable that the tightness Of
money, which rendered it very difficult for weak
operators to carry stocks, exercised more direct
influence in bringing about the result. Large
quantities Of stock have come into the street
lately, and spectators hold them. The future Of
the market appears to depend mainly on the
course which may be pursued by Mr.. Chase and
Congress in regard to the financial policy OF GO
vernment. 1t is known that a number Of leading
bankcrshave urgently requested the Secretary to
abandon the paper money policy and endeavor TO
obtain the money required for the prosecution of
the war by loans. Governments continue very
firm, with rather a strong tendency. Among the
speculative shares, the most popular at present
are Illinois Central and Harlem preferred. The
former has been advancing on the basis of the
facts which were placed before the public weeks
since. The road is doing an enormous business.
the traffic reports show an increase OF abont
Sl0O, 600 . month. Besides this the farmers who
have bought lands of the company are avang
themselves Of the present condition OF the cur
rency to pay off their debts, and the cash receipts
from land sales are SO large that the concern is
being rapidly placed in position which will
enable it to pay OF large proportion of its
debt. The theory on which the Illinois Gen.
trail was constructed was that the lands
would eventually extinguish the debt, leaving the
road. free Of debt to the stockholders. That
theory, much as it has been discredited during
she past five years, now bids fair to be justified by
The facts. There is q rumor that a dividend will
be paid on the stock. A scrip dividend Of 10 o Is
per cent would be legitimate, as it would repre-
sent debts honestly paid off; and something Of the
kind may, perhaps, he declared. Whether an ad-
dfti0nal cash dividend Of 3s4 per cent will be
simultaneously declared we cannot discover.
Harlem preferred has advanced on the passage by
the Mayor and Common Council of the ordinance
authorizing the company to lay track up Madi-
son avenue to the Central Park This will give the
company city railroad from the City Hall to the
Central Park; and it is supposed by persons who
are able to Judge that This would be the most lu-
crative of all the city railroads. The main line Of
the Harlem has seemingly seen its worst days.
Each month now proves an increase over the cor.
responding month of last year, and the increase
arises not from any accidental ephemeral cause,
but from a steady development Of local traffic. If
the main line can only do as well as it has done in
the past five years, the new city road will furnish
6as per cent for the preferred stock. II is GER
tainly worth as much as Hudson River. There
socks, notwithstanding the high price of coal.
There is fair prospect that the old fight between
the Delaware and Hudson Canal Company and the
Pennsylvania Coal Company will shortly be termi.
Eated by Judgment in the case, which is now be.
ing argued before a referee Of the Supreme Court.
The claim Of the Delaware and Hudson involves
sum Of 81 500, 900, and If established the whole
capital Of the Pennsylvania Coal would be swept
away Under the circumstances, operators appear
TO be more shy Of the stock than they were before
the fact was known.
The American West India Company have char
tered the brig Herald, Captain Wing, to make the
second trip in their new line of packets to st.
Domingo. This concern is the pioneer in trade
which, il conducted on sound business principles,
will prove profitable. The company has acquired
large tracts of land in the Spanish part of st.
Domingo, and sends out emigrants from this
country to colonize them. The lands are now
covered with tropical woods, mahogany, satin.
wood, logwood, &C., and when cleared will grow
sugar, cotton, coffee and other tropical products
Every share Of stock represents twenty acres of
land. A number Of laborers have already gone
forward, and fresh squads will follow at monthly
intervals Nothing but capital and enterprise
have been wanting 70 render the tropical islands
very productive If the American West India Com.
pany conducts its affairs judciously, 1t will do
well. The principal men in the concern are
Messrs. Caxeneau and Fabens, whose names are
we'll known in connection with Central American
and West Indian affairs.