The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-26

The week which ended yesterday was one Of
wild excitement and speculation in stocks; but yes
terday and day before there we're indications that
the excitement had reached its climax for the pre-
sent. Nearly all the leading operators-the men
who are familiar with the tides and currents, the
winds and storms Of Wall strcet-have sold their
stocks, and the present holders mostly
men, with small means and smaller experience. II
the steam can be kept up they may get rid Of
their load ut profit, without loss. But the in.
dications yesterday and day before seemed to
point to different conclusion. The fall of 10 per
cent in Harlem and Harlem preferred on Thursday.
and Of per cent in Erie Friday, was very
cminous People who bought Harlem preferred
At 80 and Erie at s. must have learned an expen.
Gye lesson, II their purchases were large and their
means small. II Tomorrow next day the Other
eight TIMBER in which II is the present fashion to
speculate-such as Southern old, Hudson River and
xolcdo-shoud have their turn, and tumble 10 per
cent, who would step in to buy the property at
che decline! There are no shorts in the market.
That many stocks are selling far beyond their real
worth whatever be the depreciation Of the cur
rency-is too clear TO need demonstration. To
take, for example, the stocks we have
mentioned, Southern old has no possible
chance Of income until 10 per cent has
been paid to the guaranteed stock, and
those who know the property best do not believe
that, under favorable circumstances the company
can ever earn more then this 10 per cent over and
above interest and expenses. How absurd, then,
70 argue that prospective depreciation Of the
currency can make stock which has no chance of
income worth $64 q share, Hudson River sold last
evening At $50, exdividend-e to 9s1s, within
~ per cent Of par. Two or three days ago it sold
NJ 49, dividend on, and a month ago IL was dull at
%. The road is well managed by Mr.. Sloan; but
enc dividend earned under exceptional circum
stances cannot assuredly make this stock. which
has staggered for years under load Of floating
debt, worth as much as roads which have always
paid dividends since they first built. Toledo,
which has always been considered fair sale at 60,
and which indeed has rarely ruled high Of late
years, is now actually selling at9t. such prices
~ these are evidences Of crazy gambling among
operators who have no idea OF the real value o.
that which they purchase, and who only buy in the
hope that greater fools than themselves may here
after relieve them Of their purchase at an advance
There are railway bonds on the list, yielding seven
per cent interest, and pretty sure Of paying that
interest, which are lower than either Hudson OF
Toledo. Sound dividend paying stocks are selling
either above par so near il that the temptation
than it Was when they were 20 per cent lower,
while IL takes much more money 10 carry them
than il did. With Central at l2l Erie preferred at
loo, guaranteed at l05, Galena and Rock Island at
SC, Michigan Central at 81, Pacific Mail at l7s and
Panama al $50. the margin for further advance
y small. They may rise as the currency falls; but
the advance will evidently be much less rapid than
Il has been. II speculation resumes its sway-as
Il will probably do after sharp reaction and a
period Of dulness-the probability IL that u will
turn on new stocks, where real value il more I'M
certain and speculative than the present fances.
3uch stocks those Of the Terre Haute and
Alton, the Chicago and Alton, the Toledo and
Wabash, the Pittsburg and Fort Wayne the bonds
e. the Chicago and Northwestern, and other rcor
yanized Western roads; such cheap stocks a.
Cumberland. Canton, Brunswick, and others OF
Ike character, may, IL they can present fair
brorpect OF income, attract the notice OF specu-
Atefs and become popular fancies. But the old
avorites OF the street may have nearly run their
ace Cor the present.
The Ct Louis, Alton and Terre Haute Railroad
company have money on hand and desire to dis.
punt their coupons which mature in MAY next.
king OF interest at the rate Of ak per cent from
.e date of payment to May l. The earnings OF
e road in ,lse2 we're M.il7.eoa, against s7s2 ,ss7