The New York herald., 1862-09-22

The course Of the market has been steadily up-
ward for the past week. II is remarked, however.
that the advance has been most marked in the
speculative stocks, and that government securities
and reliable railway bonds have not been in pro-
portion. The fact confirms the view taken more
than once Of late in this column, that the public
are not prominent buyers of stocks, and that the
recent advance is brokers' affair. There are OF
course-in the condition of the money market in
the increase in the bank deposits, IN the issues OF
paper money, in the large railway traffic. and in
the recent successes of the Union army-reasons
for an advance in stocks. But il s due to truth to
say that at the present moment neither the pub
lie nor the leading Wall street operators appear to
be swayed by these considerations. Within the
past day or two there have been very heavy sales
Of the leading speculative shares, such as Erie pre-.
fcrred, Toledo, Michigan Central, guaranteed
Reading, Rock Island DC. The sellers have been
holders mho bought at much lower prices. The
buyers, so far As we can gather, have been small
operators in Wall street who buy one day with
view of selling at profit on the next. The
opinion Of the leading Wall street men appears
to be that after the advance of the past week
a smart reaction is inevitable and, though
they may be mistaken, as they often are, ex-
perence tends to confirm their Judgment. II
is quite possible that in the course of the
coming winter the leading speculative shares may
rule at much higher prices than those which are
now current. But in the meantime there NAV be
many fluctuations and many reactions and it is ma
tural that each rise of two or three per cen,
should be followed by relapse. 1t is certain that
the truest index of the speculations Of the public
the bond markct-reveas no evidence Of outside
hrtv virun nfI Iofo Tha lao dsSrv
first mortgage bonds of the New York lines of
roads-are SO high as not to be a tempting pur-
chase. But that class of bonds which, owing 20
its newness and to the fact that il has not yet been
fairly distributed among the public, such as the
bonds Of the Pittsburg and Fort Wayne, and the
Chicago and Northwestern. are no higher than they
were fortnight or month ago. In course Of
time these securities will probably be appreciated.
and their market value will assimilate TO that of
corresponding bonds which enjoy the advantage of
being better known. But meanwhile they drag
at price which shows that for the time the in.
quiry for investments has been checked. So with
government securities, United States skies Of
1881 rule at about lo2, and 7.3O notes. convertible
into twenty year skies, at lo4A lo5. If there
were any scsIxs INQUIRY for E isvestmentss -
among the public these Securities would
be selling at very much higher prices. Pos
sibly. after the practical results of the brief
but decisive campaign in Maryland are developed,
= fresh inquiry ior investments and new demand
for interest paying securities may arise. AT pre-.
sent Wall street is rather bsiogged on military
affairs. Some operators believe that the expulsion
of the rebels from Maryland will prove the begin.
ming Of the end OF the rebellion, and that hence.
forth we are to have nothing but military successes
and steadily advancing market Others, again,
regret or affect to regret the escape Of the rebel
army, and predict an indefinite proIongaton OF
the war, with inevitable accomplishments in the
shape Of largely increased debt and still fur.
ther depreciation Of currency. Between the two
the market bids fair to halt, al least for day or
two. The advance during thu past week or two
in such active securities Erie preferred, Rock
island Michigan Central and Toledo has been un-
usually rapid and vigorous. 1t may contnas: hut
among the older operators a reaction sceins to be
generally anticipated. A decline OF three 20 lour
per cent would bring in fresh buyers, aud would
lead to the creation Of a bear interest an elo-
ment of strength which is wholly wanting in the
market at present.