Year: 1862

The stock market was buoyant and excited all
last week. Yesterday observed as dies non
among the established brokers; but the jobbers
did a lively trade on the street corners, and the
prices Of Friday were fully sustained. The COM
mission brokers still report absence of orders,
and there is every reason to believe that the bulk
of the purchases which have lately been effected
at the board and in the street are for the account
of powerful and wealthy bull clique. So far as
we can learn, the public are selling, not buying
stocks. Their impression appears to be that sue
cesses in the field, though they naturally involve
the decay of the rebellion, do not secure the
toration of the statw quo ante beU,nn without
an intervening period Of great embarrassment If
the war were over tomorrow, questions Of no
ordinary difficulty would arise with regard to the
payment of the expenses Of the war on both sides,
and the adjustment of the new business relations
which would grow out of the peace. The prevail


ing impression at present is that the United States
will not be burthened with anything beyond the
debt now incurred and being incurred for the sup
preston Of the rebellion. But it is easy to see
that if the restoration Of peace were made to
depend upon the assumption Of part of the debt
incurred by the South during the struggle, large
and influential party at the North would be in
favor of assuming it, the shortest way to effect
a settlement In the meantime the rebels are
making stand at Nashville, and there seems to be
reason to anticipate severe and perhaps
decisive conflict near or at that city. 1t is rumored
with some semblance Of truth, that the people of
Nashville and even the authorities of Tennessee
are at variance with Gen Beauregard on the ques.
tion of fighting at Nashville. Recent purchases of
Tennessee sixes which have led to an advance of l3
INF in a hay ted tha idaaf Of
parties here, who are in communication with Nash
ville are in possession Of information that Governor
Harris and other leading Tennesseeans are prepar-
ing to desert the rebel cause. Whatever founda-
ton there may be for this notion, the public can
not be recommended to purchase the bonds of any
of the rebel States until the end of the struggle is
more certain than it is at present. Under the con-
fiscation act passed by the rebel Congress.
bonds of any rebel State held by loyal citizens of
the United States are forfeited. This act will, of
course, be pronounced nun and void by the courts
of the United States; but meanwhile buyers Of the
bonds in dispute will find that they have purchased
a lawsuit.


The advance in railway securities during the past
week has been very remarkable. Central now
stands at 81, dividend off, and spectators in the
stock predict 90 for it within thirty days. The
earnings for the last four months show increase
of one million dollars over the corresponding
months of last year. Other roads are likewise do.
Ing good business. The Michigan Southern re.
port, which will be ready in few days, will show
that the road earned between $500 900 and 800 900
during the past year over and above all expenses
and interest. At the same time the public as we
said, are not buying stocks, and the commission
| houses appear to have no faith in the market.
Foreigners selling their stocks in large quaint.
ties; the spectators the bull side are obliged to
strain both their capital and their credit to take care
of the stocks and bonds which into the market
| from this source. Great hopes are placed by the
bulls in the effect Of the Treasury Note bill, which
viii be passed this week. As, however, the metal.
lie and bank currency being reduced at least as
fast as the government currency can be Increased,
it is quite possible that the government may pay
out the whole OF the $3.50 900 900 authorized by
Congress without causing any sensible appreciation
| Of values.