The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-08
It for the past week and month:

Last week commenced with an active and buoy
ant stock market, which gradually tapered of
and became dull and lower toward the close OF the
week. Yesterday was very dull day, though at
the close there was rather better inquiry. Erie,
which is the sbest criterion Of the MARKET sold as
high as $685. and as low as 81, last week, closing
yesterday at about 96A Pittsburg was az high
% 95, and as low as so; it closed yesterday at
about 9oH. Operators appear generally to he
holding off, partly in consequence of the opera.
tions before vicksburg, and partly because
many of them have realized large pro-
fits, and are thinking Of enjoying them.
Within q month two some Of the heavies:
operators have withdrawn from the street. Their
absence could not fail to be felt. In course OF
time new speculators will succeed them, with bold.
ness aud capacity not less than theirs but until
they arise it is natural that the volume of bushes,
should be less than it was. The general princi-
pies which govern the market have undergone no
change. Whether vicksburg falls or no, go long
a. the war is prosecuted on paper basis, and
government continues to expend ~, 0OO, 900 a day,
the inevitable tendency must be toward increased
traffic on the railways, and consequently increased
dividends on railway stocks and increased
prices for railway shares. Wall street has made
its mind up to a decline in stocks II vicksburg
falls, and the presumption is that what every one
expects will be made to come true. But the fall
Of yicksburg would not diminish the business
which has been created by the issue of paper
money. and the only effect Of a decline in prices
would he that the old street operators, who have
been out Of stocks for some time, would have an
opportunity Of buying in again Ut low figures
The earnings Of the roads for May show an increase
OF from % to so per cent. The Erie earnings
which will not be published before the 18th. will
probably show an increase but slightly less than
that Of April, and will render il certain that the
company will have considerably over million
dollars hand applicable to dividends. after nav.
Ing interest expenses and 31s per cent on the pre
ferred stock, on the LIST July There il less specn.
lation than there was in the stocks which are ala
premium. Experience teaches that in times ike
these there is more money to be made in buying
cheap stocks than high priced ones The largest
fortunes which have been realized within the past
eighteen months have been made in the stocks
snd bonds OF recognized railroads, which have
been made good by the general increase Of rail.
way traffic II may safely be taken for granted
that the stocks Of all roads which last year were
able 10 pay interest on their bonds are going this
year TO earn dividend and IL not too high now
are pretty sure 10 advance in market value
The stockholders meeting of the Cleveland aud
Plttsburg which will be held on the L., proximo.
will be one of the most important railroad meet.
inss ever held in this country. The question 20 he
submitted to the stockholders il whether or no
they will avail themselves of the railroad &C, Of the
State OF Ohio and grant TO their bondholders the
privilege OF converting their bonds into stock Az
the bonds are selling at los no. while the sto,,.
IL only 90. the privilege would appear on tho r,s,
blush to be an empty pun. But !, is no, 20 viewed
by those who know the property best Holder.
OF the first q. e., second) mortgage bonds are
earnest applicants for the right Of exchane.
ing those bonds, worth 10, for stock now
worth 10. and the opinion prevails among
the leading men in the concern that II the bonds
were made convertible the company would have
little or no funded debt on the lst Of January next
This opinion. Of 90 rse rests upon the belief Tin
whom the stockholders meet In July they will no