Year: 1863

On Monday last stocks advanced from 8 to Is
per cent So unusual an advance in 30 short time
was sure to produce reaction. Accordingly, on
Tuesday, Wednesday and Thursday, q heavy fall
took place, amounting on Erie to about Is per
cent on Pittsburg to II, and on the other active
shares to 10 a Is per cent. On Friday and yester-
day there were symptoms of recovery. The weak
holders seem to have been pretty thoroughly
weeded out, and the older and stronger class ofope
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 a specie basis A property
which can be shown to be earning ten per cent an
nuay with fair prospect of increase 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 80 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 all 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
rompletely overshadowed by the immense crowd
Df outsiders, who conceive that they can take q
phort cut to fortune by purchasing stocks. Thus
far these spectators have generally succeeded,
and they reok 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 30 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 ap.
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was accordingly superseded.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 60 the same way before
long. For five years most of the railway stocks
Of this country have been unproductive, and hold.
ers 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, and stockholders
are awaking to the prospect of income, and begin.
ming to inquire into the management of the pro.
perties. In many instances their very proper in
quries 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 s 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. II II well known that, by
disparaging the value Of the stock all the way
from 30 to 100, they frightened many bona fide
soldiers into selling; and, though II has not been
sbsolutcly proved that they or their confederates
bought The stock thus sold under misapprehen
son of the facts, II cannot be denied but the CON.
due Of the board on the occasion Of the consoli.
>lalion with the Fort Wayne, and more recently in
the matter Of the recevershp justiHes the grayest
tuspicions Though the directors refuse TO give
their receipts 10 the press-from what motive one
can only conjccture-it has transpired that they
yield the company over ten per cent annually on
the stock, besides q substantial sinking fund.
Why, under these circumstances, the receiver
has not been obliged TO surrender the pro.
perry and a dividend has not been declared.
is mystery which defles explanation. aud
we are not surprised to hear that the new parts
comprising a number Of wealthy men, who cow
control considerably over half the stock. propose
90 put in new direction within O short time. We
trust that the Eric Railway will not prove another
example OF The same phenomena. Under the old
management the property was administered. or
rather be-dcvilledh in the interest of one or two
leading directors who spcculoted in the stock.
The present President, Mr.. Nathaniel Marsh, has
never been implicated in these transactions and is
I. lensraty 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,
'bnd himself to any irregular manouvres in
- gard TO dividends. Railway stockholders have
ilsnerally dispensed with income on their property