The New York herald., 1864-08-09

AZ 4o2 90 ,S9S $50
When consider that there in the loyal States
more than tweniyfour thousand miles OF railway ope
ration representing original construction
and equipment Of about nine hundred eighty-egh
millions OF dollars, tie vast Importance Of the railway
interest and the magnitude Of the depreciation value
has suffered Will be apparent This decline is the direct
consequence OF the really decreased although apparently
increased, earnings or the roads, In proportion
cost o, workings ior their income being entirely receya
bic in currency ana their rates OF fare and freight being
FOR the part either fixed by State enactment mo-
tves Of policy ii oows that railways Ia reality less
valuable properties row than they were before the
Suspension. they have experienced immense Increase
OF rac which has compensated in the aggregate The
reduced earnings each ton OF freight and single
passenger; but their substantial capital has been
suffering to extent which entirely outweishs all
Biderations arising from the increased earnings in
currency. Railway shares, therefore, selling at low
figures The additional OF maintaining md working
the roads has besn in the majority OF instances
of the Increase arising from the traffic. Had the railway
companies mad tue power aud the will to their
old rates specie basis, and the same any
Increase OF the traffic had been experienced, we
should railway shares selling at from to two
hundred per cent higher than they But unless the
earnings OF the roads increase by rise the scale OF
fare aud freight make high currency dividends
atoue deprecated value Of their rolling AID
other stock ere is probability of investors bidding
Up their present price much further than will be
sa.y keep pace with the future depreciation OF the
currency, whatever mere speculation may do. That
they viii RISE however. botL by speculation and from
other causes, almost certain; for they still cheap
But SPECTATORS just TO hesitate in opera.
ting for advance dubious looks the future, while
brokers and the tanks show decided disposition to
pursue a strictly conservative policy believing that in
safety lies their strength.
The bank statement for the week published to-day IN.
dicates this feeling, the deposits having increased
compared With re last the extent OF S349 ESQ.,
aud the loans having decreased by S2T4 9T3.
There summer calm prevailing In Wall street and
little or disposition is manifested TO add to the volume
OF business.
With an easy but nearly stagnant money market, and
foreign exchange drug and with merely nominal de.
aud Tor gold OF diminished duties large
experts foreign well native produce, and heavy
orders Tor United bonds from abroad there but
little activity be expected and that little confined
the stock Exchange. Bankers sterling may be quoted
10sA 10 1885, or gold, and 2'9 for currency.
The week opened with better feeling in the share mark.
et and attn usn the business not large the improve
nent prices gave hope OF future activity Compared with
the highest chs sales the Brokers' Board Saturday
Erie Railway advarced a. the first session Of the Stock
Exchange today Is per cent. Hudson River l. Reading
la Mich gan Centrs y, Michigan Southern IL, Illinois
Central y, Cleveland aud riltsuurg "a Cleveland and
Toledo ~ Chicago and Rock Island -, Pittsburg and
Fort WAYNE a Chicago and Northwestern y Mississippi
and Mss Grt g. Cumberland Coal 1z Mariposa Il, Della
ard Hudson Canal Central Coal i, and Ohio end
Mississippi certificates H. Quicksilver Mining sold the
same aud New YORK Ceatal dec !ned u
The ma kei IN the afternoon was dull. with very slight
varat in quotations. New York Central sold
the second beard at l3l Erie Railway ll2% Illinois Gen.
tra 1884 Michigan Southern eoG, Chicago and North
western SIX, Reading 1876, Pttsburg and Fort Wayne
lis, cumberland Coal 59h, Quicksilver Mining so and
CaEton Company 37X
There was a lively demand for government secMtes,
particularly for the nve.tweny coupon bonds, which ad
yanced 10 while the registered did not rise above
IoeL Tie .eg stered OF 1881 sold at the frst
board for l0t aud TIE for the coupons One year
certificates brought e4H essl. At the second board
the coupons of 1881 sold at 1854 the fvctwenty cou
Fons a; 1894 md tie debt certificates at s5.
Cold opeaed at 2jei4 and closed st 256A
The following table shows the totals OF the statements
OF associated banks OF this city the rst Saturday
oesch moath during the present year. with those Of the
Iast two weskss-