The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-22

The leading feature OF the stock market last
week WINS dulness and indecision. None of the
leading operators appeared to clearly foresee the
immediate future Of the market or the probable
effect of successful rebel invasion Of the North.
On one hand, successful Judgment Of rebel troops
on Northern soil might be regarded as implying an
indefinite prolongation Of the war, and conse-
quently indefinitely increased issues Of paper
money, and consequently enhanced prices for all
kinds OF merchandise and stocks. On the other
hand, rebel invasion Of the North would to some
extent interfere with the prosperous business
which Is being carried on throughout the Northern
States, especially in Pennsylvania and such other
sections of country as are exposed to rebel raids.
No one can tell how victory or defeat would affect
stocks. On one hand, q complete victory Of the
Union forces would be regarded as an indication
of approaching peace, and would probably
lead to decline in the price Of all
stocks which have been inflated by paper
money; but, on the other hand. q defeat Of
Gen. Hooker would undoubtedly depress the spirits
Of the public and would operate against any ac-
tive speculative movements in stocks. Again,
apart from these considerations the question Of in
come is exercising silent but powerful effect on
large number Of railway stocks. A copviction Is
gaining ground that well situated and well ad-
ninistered railway property Is now and Is going to
be hereafter better investment than real estate,
State, city, bank, or insurance stocks. The lead
ing roads Of the country earning nearly twice
as much as they did in the most prosperous past
| times and the enormous immigration which is
| pouring into the country from Germany and Ire
land, together with the fertilizng effect Of the
paper money issues which the war has compelled
government to make, constitutes guarantee that
| these earnings are not going to fall OF. The Erie
Railroad for instance which used to earn five TO elk
| millions, and TO be deemed fair property on such
receipts IL earning eleven TO twelve millions; and
in view Of the extension Of the six foot gauge sys
tenn In the West the development Of ts local traf-
| &c and the growth Of its coal and oil trade the
fair presumption II that lie present earnings will
proye a least an average for the future. The
Hudson River, which, until 1891. never could keep
lie head above water, ID earning about 30 per cent
on hs stock; bondholders are converting tAeiI
bonds into stock rapidly, and quarterly dividends
are announced. Cleveland and Pittsburs, which
for years has been deemed such miserable pro
perry that no prudent banker would lend on the
stock, will show on LIST Of July such an income &C.
count that the stockholders viii probably decline
q guaranteed dividend Of ten per cent FOR ter
years. This prosperity, Of course, IL not uniform
Many Western shares-as, for instance, thos'
Of the Fort Wayne and Chicago, which can
not pay interest on iss third mortgage bonds
and seems in q fair way Of getting into anothe
interminable lawsuit with It's bondholders-ar car
ried up TO high prices by sympathy with NOR
valuable stocks These securities will settl
down as the public begin TO discriminate and I,
investigate intrinsic values. Next month will
prove q touchstone for most Of our railways. Tn
} Michigan Central has led tho way with dvidcn
Of elk per cent. and the Galens with three. An