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

last week. The week commenced with a smart
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 unwlingness OF bankers to lend
money over Sunday, and partly to the timidity 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
low as 6S, and high rs. Ten days
ago brokers quarrelled for purchases at S5L.
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 will be fully as 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 it in effect controls the
Western trade, and is in position to dictate the
conditions Of that trade to its competitors.
The regular div den1-paying stocks are be.
coming gradually scarcer. II would be difficult
TO buy 900 shares Of Central without causing a
marked advance in the price Michigan Central,
~ Eria opI Poo Totn fnitn
! 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 regu-
| lar income whatever happens The decision OF the
Supreme Court on the Rock Island Bridge case in
| favor Of the bridge has impaired fresh value to
! the Rock Island securities. This road has the
/ only bridge across the Mississippi. In consc-
luence of the variable character Of the market
du ing the past week there has been less business
than usual in the cheaper and newer class
OF securities which are, however, freely taken
! by the spectators in bonds, and that class Of
operators. The Terre Haute and Alton securities
are lower than they were q week ago, though the
traffic of the road would seem to render the pre-
ferred stock for instance, as good ~ 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 expected to become active specu
lative fancies. The common stock Of the Chicago
and Northwestern has been introduced upon the
board, and is in lively demand. 1t will probably
become avorite with spectators when the old
fances rise above par. Cleveland and Pttsbnrg
| is very active again. On Wednesday next the
directors viii give notice that they are prepared
10 pay oil their first mortgage bonds, and that in
tcrest on them will cease from that date. In
June dividend on the stock is expected.
Fort Wayne stock is lower, and seems 10
fdrag-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
TO q; but spectators seem to be willing 10 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 il was, the strength of pr-
vate intelligence touching the future policy Of
government in regard to the place. Pacific Mail
has Huctuated as actively as usual-iive 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.