The New York herald., 1863-05-25
u the past week and month:

OD Mopuay last STOCKS advanced from to 10
per cent. So unusual an advance in so short time
was sure to produce a reaction. Accordingly, on
Tuesday, Wednesday and Thursday, heavy fall
took place, amounting on Eric to about Is per
cent, on Pittsburg to II, and on the other active
shares to 10 Is per cent. On Friday and yester-
day there were symptoms of recovery. The weak
holders seem to have been pretty thoroughly
weeded out aud the older and stronger class Of ope
rators to have come in again at the low quotations.
All the usual influences which govern the stock
market are in favor of further imitation. The earn
ings of the railways, as rule, would justify present
quotations even on specie basis. A property
which can be shown to be earning ten per cent an
nually, with fair prospect ofincrease in the future
cannot be considered exorbitantly dear at or near
par. Money, however stringent it may seem at
times, must, on the average, be abundant and
cheap so long as government continues to disburse
two millions per day among the people. And,
finally, the speculative spirit is fairly aroused,
and appears to pervade oil classes. Just as was
the case in France when the Credit Mobilier was
first established, every one, no matter what his
condition or his means, appears to be speculating
in stocks. The regular operators On Change are
rompetely overshadowed by the immense crowd
Df outsiders, who conceive that they can take
short cut to fortune by purchasing stocks. Thus
far these spectators have generally succeeded,
and they reck little of the day that is coming,
when fortunes made in stocks will vanish like
smoke in an hour.
The quiet manner in which Mr.. Allan Campbell
was dropped from the Presidency Of the Harlem
Railway, at the meeting last week, is an event full
of warning to railway managers. Mr.. Campbell
Is known TO be one of the very first railway men
In the country; but he had SO long had his own
way with the Harlem--the stock being apparently
worthless, and none Of the holders caring What
was done with the road--that he could not, it APP
pears, bring himself to carry ont the views Of his
constituents in the Broadway Railroad matter, and
was accordingly superseded. We judge that other
railway presidents will go the same way before
long. For five years most of the railway stocks
of this country have been unproductive, and hold
eYs have consequently been indifferent about them
and have suffered presidents and directors to do
pretty much as they pleased. The roads are
now all earning money, end stockholders
are awaking to the prospect of income, and begin
ming TO inquire into the management Of the pro.
pertes. In many instances their very proper in.
quiries and expectations are met in anything but
a proper spirit by the presidents and directors,
who have so long been lords paramount that many
of them seem to have forgotten they are the ser.
wants not the masters, Of their stockholders. The
result will obviously be pretty sweeping changes
OF direction; good railway men will soon command
satisfactory employment. One concern which Is
likely TO undergo renovation In this respect il the
Cleveland and Pittsburg. Rightly or wrongly, the
impression prevails that the directors Of
This property have been sacrificing the
interests of the stockholders to their private
speculations. IL Is well known that, by
disparaging the value Of the stock all the way
from 20 to 100, they frightened many bona fde
hoders into selling; and, though II has not been
sbsolutcly proved that they or their confederstes
bought The stock thus sold under misapprehen-
son OF the facts, It cannot be denied but the con.
duct of the board on the occasion of the consoli.
.lation with the Fort Wayne, and more recently in
the matter of the receiver-hp ustifes the gravest
tuspcions. Though the directors refuse to give
their receipts to the press--from what motive one
can only conjecture--it has transpred that they
yield the company over ten per cent annually on
the stock, besides substantial sinking fund.
Why, under these circumstances, the receiver
has not been obliged to surrender the pro.
pcrty, and dividend has not been declared.
is mystery which defes explanation. and
we are NOT surpflscu 10 near thab tue new party,
comprising a number of wealthy men, who cow
control considerably over half the stock, propose
90 put in a new direction within q short time. We
trust that The Erie Railway will not prove another
example of .he same phenomena. Under the old
management the property was administered, or
rather bedcvilled, in the interest Of one or two
leading directors who speculated in the stock.
The present President, Mr.. Nathaniel Marsh. has
never been implicated in these transactions. aud Is
generally esteemed an upright as well a. an able
? hilway manager. For his own sake, and for that
- the company, II is to be hoped that he will no.
ibnd himself to any irregular manouvres in
p gard 10 dividends. Railway stockholders have
lsnerally dispensed with income on their prororty
-. e.. $500 ri,n IL. -. --- u = -