The New York herald., 1863-08-17

10
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Last week witnessed considerable excitement on
the Stock Exchange. Prices at ono time fell very
considerably, but rallied afterwards. The first
cause assigned for the fall the large decrease
of bank deposits. When it was shown that this ac-
cident had been repaired before it was made pub
lie, by the heavy disbursements of the SubTreas-
ury, the next ground given for the fall was the
commencement of great railroad war, involving
cutthroat competition and famine prices on the
leading lines Of railroad. The ground on which
this theory rested was an announcement by the
Fort Wayne road that il would carry passengers
to Chicago for SIS, the fact being that ever since
the rebel raid, the through business Of the Fort
Wayne line had fallen oil considerably that the
managers felt the necessity Of taking some unusual
step to advertise their line. The Fort Wayne was,
of course, followed in the reduction by the North
and South shore lines, and the New York roads and
the Pennsylvania Central humored the belligerents
SO far as to sell tickets for them ut the reduced
rate-takng care, however, not to prorate with
them, but charging their usual fare. These were
pretty slender grounds for bear movement. II
the through lines had all commenced warfare,
and prorated the reduction to $l8 to Chicago
the difference to the Erie, Central and Pennsyl
vana Central would not have amounted to $l5 900
month. The last great railroad war did not
really cost the belligerents any sum worth men,
toning. At this season of the year nineteen of
the railroad traffic is local. and wars on through
fares mere diversions. This, however, was
the ground upon which the bears Of the hoard and
the street sold Michigan Southern, Erie, Ccntra-
and Fort Wayne in enormous amounts. The con-
sequence has been that Southern old--the first
stock to feel the effect of the excessive sales of the
bears-rose last week from 90 to 1887. closing
yesterday at los 1851. 1t is privately under
stood that the recent purchasers Of this property
contemplate change Of management, and a con-
solidation of receipts with the four Cleveland
roads which have already massed their receipts;
and the presumption therefore is that the present
holders will not sell any considerable portion Of
their stock. But it would never have risen six.
teen per cent in two days had it not been for the
foolish short sales of the bears. In due time the
shorts in Eric and Central may be taught similar
lesson. The times arc not propitious for bear
sales of stocks. Almost without exception the
railroads are doing well. All the leading
lines are paying such dividends that as
investments they are better property
than most other securities on the stock list. Add
to this that money is 80 cheap that everybody can
carry stocks on moderate margins, and that specu-
lation is thoroughly aroused in all classes Of the
community, and it will readily be dscerned that
the short sellers can hardly succeed without
miracle being wrought in their favor. OF oil she
stocks on the list six months ago it would have
been difficult to select three which seemed less
likely to advance than Harlem, Southern old and
Prairie du CHEN. Yet they have doubled and
trebcd in market value; every one who bought
them has made money, and those who sold them
have lost. Their history may possibly be repeated
throughout the list, simply as q natural incident
of the paper money era through which we are
passing. Those who are familiar with the history
Of the British Stock Exchange during the Espo-
leonic wars, and Of she Paris Stock Exchange
during the first years Of the EMPIRE can experience
no difficulty in drawing the horoscope OF our Stock
Exchange at the present period.
On Saturday the market was very active and
prices were uniformly higher. Harlem rose from
LAT to l63I-in consequence, it is said. Of the
conclusion OF arrangements between Commodore
Vanderbilt and the Common Council by which
large new privileges are granted to the company.
Erie was firm at an advance Of 2 per cent; Central
rose !, Fort Wayne 8. Rock Islani p and so on
throughout the list. IL seemed as though the dip
Of the early par, of the week had only impaired
fresh courage 10 operators for the rise and the
market closed with very marked upward ten
dency Al short interest still outstanding Is very
large and will give some trouble II the upward
movement continues. A movement appeared TO
be inaugurated in Bucks County Lead, which has
long been inactive and neglected. Large transac-
t.ons were made at and about - Qntc a shoal Of
cheap mining and other similar stocks are being
prepared for introduction TO the board. The old
hands who manufacture such articles appear con-.
vnced that q time Is approaching when such
stocks will command o ready market, without
much regard, perhaps, to intrinsic values.
Attention Is drawn to an advertisement In
Sundays HIRALD Of new National Bank, with
&, 600 900 capital, with privilege OF increasing 10
$50, 600 900. Tie commissioners are Freeman
Clarke, of Rochester; Paul S. Forbes, Benjamin II.
Hutton, Elisha Riggs and Leonard W. jerome.
This will probably be the largest bank organized
under Mr.. Chase's act.
The books Of subscription for the capital stock
Of the Schenectady and Catskill Railroad are
now open at the Office Of II. @. stebbins a Sons.
4s Exchange place. by reference to the advertise
Judgment on the feasibility OF the enterprise.
CITY COMMERCIAL REPORT.
sArvRpAY, August 15--6 y. NJ
AsuAssales were mace Of 40 bbt. pots al o,.c 7c
| and small lots Of pearls al &C. stock 500 bbk.