The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-02
The following table shows the course Of the
stock market for the past week and MONTH


hast week. The week commenced with smart re-
action, which lasted till Thursday afternoon, when
the upward movement was renewed with fresh
vigor. Yesterday afternoon, as usual on Satur-
days, there were good many forced sales, owing
partly to the unwillingness Of bankers to lend
money over Sunday, and partly to the timdity of
spectators. But the undertone OF the market was
strong, and no large amount of stock could have
been purchased without causing prices to advance
materially. Among the more experienced class of
Spectators the belief in large advance in prices
appears to be more general than at any previous
period, and the banks constantly impor-
tuned to carry large amounts of stock for fixed
periods of time. The most active stock on
the list has been Erie old, which has sold as
low as 6s, and high as rs. Ten days
ago brokers quarreed for purchases at S5%.
The January traffic Of the road has been large and
the heavy holders of the stock believe that, with
the aid Of the Atlantic and Great Western exten-
sion, the Long Dock and the Pennsylvania coal
and Ohio oil trade, the receipts of the road here
after viii be fully az large as, if not larger than,
those Of the New York Central. Should this prove
the case, the common stock would become more
valuable than the preferred as the latter is limited
20 per cent income. 1t is becoming generally
believed that the Erie is at myth in the position
foreseen by its early projectors: that being the
only trunk line which leads directly from the great
lakes to the seaboard IL in effect controls the
Western trade, and is in position to dictate the
conditions of that trade to its competitors.
The regular div den'-paying stocks are be.
coming gradually scarcer. IL would be Difficult
10 buy / 900 shares Of Central without causing a
marked advance in the price, Michigan Central,
Galena, Erie preferred and Rock Island are follow
ing in the same direction with occasional reac-
tons. Army contractors and others, who have
| made money and wish to save something in the
event Of the wreck Of the currency seem to be
buying these stocks, with view to secure a regu-
lar income whatever happens The decision of the
Supreme Court on the Rock Island Bridge case in
e favor Of the bridge has impaired fresh value to
the Rock Island securities. This road has the
ony bridge across the Mississippi. In consc-
qnence of the variable character of the market
ing the past week there has been less business
than usual in the cheaper and newer class
! OF securities, which are, however, freely taken
Eby the spectators in bonds, and that class Of
operators The Terre Haute and Alton securities
are lower than they were week ago, though the
traffic of the road would seem to render the pre-
ferred stock, for instance as good as some stocks
which are selling in the neighborhood of par The
Chicago and Alton stocks and bonds, which will be
regularly called at the board in the course Of
! day or two, are expected to become active specu-
! latiye fancies. The common stock of the Chicago
and Northwestern has been introduced upon the
board, and is in lively demand. 1t will probably
become favorite with spectators when the old
Sfancies rise above par. Cleveland and Pittsburg
Ills very active again. On Wednesday next the
directors win give notice that they are prepared
to pay oil their first mortgage bonds, and that in
screst on them will cease from that date. In
! June dividend the stock is expected.
| Fort Wayne stock is lower, and seems to
! drag-from some unexplained cause. Milwaukee
\ and Prairie du Chen is likewise dull and ne
elected. These stocks, like the Harlems. old and
preferred, are probably selling above their real
value in any event. Cumberland Coal has fallen
20 Il; but spectators to be willing TO take
hold of it at the decline, on the strength Of the
price Of coal. The speculation in Canton seems to
have exhausted itself for the present. Brunswick
IL more active than it was, the strength Of pri-
vate intelligence touching the future policy Of
government in regard to the place. Pacific Mail
has fluctuated as actively az usual-fve per cent
up or down daily. The earnings Of the company
would justify higher price for the stock than
the present figure if the steamers could be guaran-
| teed against rebel privateers.