The New York herald., 1863-01-12
The following table shows the course Of the
stock market for the past week and month";

Erie. ............ elM 02 63H 90 7oA
Michigan Central. 9ix Ok OK Of 04L
MchiganSouth'n. 3SA 40x AK 85A 4SH
South. gnaranpd. s2H SO s2X stH 92X
Illinois Central. 1sn 1sA TX S2H seH
Rock isiand.. md. sof SIX sss Sax Sc.
Panama ........l60 les 17o IN $50
Hudson Rvcr.... 7oI 1oa IS SAX 00A
GoIa cos,nc man. iss isss ,ss iss ,ss ,s
scene Of unparalleled speculation and excitement
on the Stock Exchange. All classes Of securities
are considerably higher than they were week
ago; but tho most remarkable advance of the week
has been in low priced securities, such az Pitts
burg, Prairie du Chen and the like These cheap
stocks appear to have been bought by outside spe
culators simply because they seemed cheap, and
could be carried on small amounts Of money As
a general rule the condition of the properties re-
presented does not justify the advance. There
has, however, been large advance in sound divi
dend paying stocks as well, and this in view OF the
Forthcoming issues OF legal tender money, can be
more readily understood. New York Central,
which is reliable per cent stock, with large
surplus on hand, and whose income is steadily
increasing, has risen about per cent II is hardly
possible that thing within the range Of ordinary
chances can diminish the dividends Of the New
York Central below per oent. Hence capitalists
and country banks, fearing heavy depreciation
OF the currency, are induced to invest their
means in its stock. The Erie stands in the same
category. We learn from official sources that the
company earned over IL per cent on the common
stock during the year 1862, after paying per
cent to the preferred, which sufices to explain
the movement in its securities OF the same class
is Pittsburg and Fort Wayne, the third of the
three great trunk lines between the West and the
seaboard. The stock OF this linc was not long
since dull at 90; II s now in active request
at 65 q CO. SO the Galena, which is classed as
regular six per cent dividend paying stock.
Western capitalists fearing depreciation OF the
currency, invest their means in this and, similar
stocks, which at present prices promise 7 per
cent per annum in dividends. Perhaps the most
remarkable recovery among railway stocks
is witnessed in Hudson River. This stock sold
last evening at o0A. The directors have just
declared q dividend-the first ever made
Of three per cent. The earnings Of the road have
been enormous. amounting to about 10 per cent
on the stock after payment OF interest and ex-
penses, and have enabled the company TO pay of
its entire floating debt. The directors believe
that this road will hereafter pay regular semi.
annual dividends OF 2 q per cent, and that its
securities will command the favor of capitalists,
as representing in measure a city railroad.
Pacific Mail, which pays 20 per cent per annum
in dividends, jumped per cen, one day last week,
and closed last evening at l49, an advance Of Is
per cent in week. This stock, like New York
Central, ~ very scarce, and is in the hands Of a
few parties. Panama has risen TO $50; IL pays
II. lF..t1 IL.
bonds continues very active indeed, aud but few
low priced bonds Of any merit are 20 be had. All
the first class fTEt mortgages are considerably
above par; all the Erie Mortgages, for instance
rule at . considerable premium; the ffths are
selling at 1927 l0J cx.intcrcst. New
bonds are eagerly bought up by spectators at
prices which would have seemed fabulous year
ago. Thus large fortunes have been made III the
securitics Of the Fort Wayne, the Torrc Haute and
Alton, the Chicago and Northwestern, the Toledo
and Wabash and other concerns which have been
ately recognized. Considerable activity exists
in the assented bonds OF the Mississippi and Mis-.
souri road which were introduced on the books Of
the board on Saturday; el was bid for them last
evening. The new securities of the reorganized
La Crosse and Milwaukee have not yet been issued,
owing to the delay In the confirmation Of the de-
cree OF sale. The high number land grants have
advanced to 80. Coal stocks are extremely firm.
and advance steadily. Delaware aud Hudson and
Pennsylvania coal which were selling al par few
weeks since, arc now worth l22 al23. Cumber-
land which was neglected at IA . month since, IL
n active demand at y ~.
The prevailing speculative mania Il in strict
accordance with the facts, and Is a natural con-e-
quence Of well known causes. During the sus.
pension Of specie payments in Great Britain, 10 the
Napoleonc wars the business OF the London Stock
Exchange quadrupled in amount, and speculation
ran Wild II il instructive to study the scenes
now occurring in Wall street by the light Of past
history. Sir a. Alison, in hs History Of Europe
(vol 1, .. 4i7J, thus describes the effects of the
suspension Of specie payments by the Bank Of
England
Such wac the comm - paper
eyStem In Great Britai =.
duced such astonishin
the empire TO carry
SO costly a war. and
ments greater than ha
people in the zenith o
system must be ascrl
trous as the immedn
Gus: the continued
and fall in the va,.1
expenditure; the growth OF sans..-
trayagant habits In all classes OF s0cfe.y,
bounced speculation. prodigious profits and frs'
ouent disasters among the commercial rich; IN.
creased wages Ageneral prosperity and occasional
depression among the laboring poor; vaclllatlon
of prices unparalleled In any age OF the world;
creation OF property In some, and destruction Of
Il In others which eqnslled In Us ultimate cODse.
auences ell but the disasters Of o revolution.
In another place be says, alludiDg 70 paper
mopey:--
The effect Of this, Of course, was that u,
money price " all articles OF life rapidly ross
rents advanced; all persons who lived by buying
and selling found their commodities constantly
ris.na in value; credit, both public and private,
Immensely irbbtoved; industYy wss vivifsd by The
progressive rse IN the ealue Of iA produce, and
dnicultlea were overcome By che Iapid dImInutoa