The New York herald., 1862-03-24

Inc STOCK market, as general rule mas peen
dull during the past week. The public have been
waiting for news Of army movements, both on the
Potomac and in the West, and spectators have
begun to differ in opinion with regard to the course
of the market. The leading members of the Board
are believers in the rise. But some of the jobbers
have been getting out pretty considerable short
line in some of the Western shares, apparently in
expectation Of some disaster to the national
cause. The earnings of the leading railroads
continue 80 large as to justify the belief
that some of the non-dividend paying compa-
MES will this year be enabled to divide
something among their shareholders, and that
dividend paying concerns, like the New York
Central and Galena, viii increase their semi annual
distribution of profits. In the event of peace it
seems to be generally expected that railroad traf
fic will be further developed, as the West and
Southwest will receive large quantity of goods
by rail- and the westward movement will become
as active as the movement eastward. The most
active among the speculative shares last week were
Erie and Toledo. The former is mainly affected
by European advces. 1t is pretty well ascertained
that the clique of operators connected with the
London Times succeeded, during the dark days of
our struggle, in frightening the holders of between
two and three millions worth of Erie securities to
part with their property at sacrifice. Letters
from Europe predict confidently that some of these
victimized parties will endeavor to recover them
selves by replacing their interest at present prices
Within the past week large purchases of Erie Con
stock) and Erie bonds have been effected for ac-
count as is supposed, of foreigners. The preferred
shares dsproportiOnately high as compared with
tie common stock, which, as experience shows,
will rule the property and can make its own terms
with the preferred. Toledo has been active, mainly
in consequence of Q dispute between bulls and
bears as to the probability of dividend being de.
clared. 1t is conceded on all hands that dividend
has been armed, and it is generally understood
that the floating debt has been disposed Of and
the bonds maturing this and next year placed in
q position which renders the company master of
the situation. Whether the surplus earnings shall
be divided among the stockholders or used to
strengthen the financial position of the company
is the problem now in debate. Practically it is of
very little consequence. If Mr.. Waring was still
alive its solution might readily be predicted. His
successor is not SO well known to the street, and
what course may be adopted at the meeting on
Tuesday is matter of conjecture.
The speculative inquiry for border State stocks
has fallen OF, as might have been expected. At
present prices neither Tennessees, vrginas nor
North Carolinas are tempting purchase as no
one can tell in what condition the rebellion may
leave those States or how long holders may have
to wait for their interest. Shrewd capitalists are
transferring their means from these bonds to
United States stocks and the securities of the
better class of railways.
Nothing further has been done in the matter of
the California mails. We understand that Commo.
dore Vanderbilt on his recent visit to Washington
declined to enter into any negotiations the sub.
ject. As the case stands merchants are still send
ing their letters by passengers in the Commodores
ships, and the Overland Mail Company continues
to receive the pay for carrying the mails at the
rate of q million dollars per annum II is not
likely that the House Of Representatives will
follow the example set by the Senate in passing
the foolish resolution recommended by Mr.. Blair
We presume that the steamship lines between New
York and San Francisco would be willing to carry
the entire mails for the postages but it is certain
ly not fair to expect them to carry the mails while
the Overland company gets the pay for the work.
We notice that the Associated Press correspond.
ent at Washington corrects popular error with
regard to the use Of Armstrong guns by the rebels
Sir VIM. Armstrong is not allowed to make guns
for any one but the British government. The riied
lOO-pOunders IN tne Possession OF the reDes were
made for them, il is said, at the Lowmoor iron
works, in England. The mercantile community
are anxious to know whether these are the same
iron works which have been represented here by
an agency in Beekman street, and which have done
large and profitable business in the loyal States
The telegraphic despatch sent by Mr.. w. II. Rus
sell, Of the London Times, to his friend at the New
York Hotel, on December 81, announcing "very
good news" and requesting him to "act for you
and me-" continues to be the subject Of much
comment On referring to our files we find that
the stock market opened On December 81 with
languid feeling, but in the afternoon became buoy.
ant. We rightly ascrbed the change TO the effect
of private advices from Washington" The
public were not made aware of the surrender
of Mason and Slidsll till the afternoon of Satur.
day, 2sth. The advance in stocks caused
by Mr. Stewards despatch, and the profits
probably realized by Mr.. Russell and his
friends, may be seen by the following compsri-
SON.
so.s: Morning ssf ara Ah''"o'" Of ssa; go;
| Pacific Mail. ................soH 81
| New York Central. j........16x 7sx
| Erie.............".....21 3oK
L To- II