The New York herald., 1863-10-26

years during which the concern did not earn that
ten per cent. the attempt viii be resisted, and a
litigation OF years will ensue, during which the
guaranteed ten per cent plaintiffs will not receive
one dollar on their stock This consideration will
probably induce the guaranteed stockholders to
be content with what they have got, and to snffer
the common stockholders 10 receive their fair
share of the profits of the company. A new move
ment has lately been started in New York Central,
on the old ground of the surplus in the hands
fore, to amount to four millions. II is
\ obviously unwse for any company to retain
80 large surplus as this on hand. It can only
lead to extravaganza in management and offer
temptation to dishonesty among employees.
Probably the wissst disposition Of the money
would be TO spend il in the construction Of double
tracks, and 10 give stockholders handsome scrip
dividend, as the Hudson River has done. Whether
this course will be adopted, or o cash dividend be
paid, or the maturing bonds Of the company be paid
of, we are unable to state. But in any event the
stock of the company, with surplus on hand
equal TO l6 per cent, is naturally tempting to
spectators at present prices. The old favorites
among the Western shares have been rather ne
elected of late. Rock Island and Gaena seem to be
manipulated by minor class Of operators, and for
the present they may not participate in ageneral
advance. The Rock Island has been making some
sacrifices lately for the extension of its connection
to the Mississippi and Missouri, and, though ult.
mately the policy will prove advantageous, the
immediate effect on the stock-the amount of
which is now larger than is generally understood
may be injurious. Hudson River has not declined,
taA tho ucr;v>
some of the smart speculators who deal in this
stock may have gone short Of it, and found it diff
cult to obtain it for delivery. Harlem has been
down to rs and up to 90. Nothing further has
been developed touching the decision or the pros.
poets of the Broadway Railroad. On its merits, as
at present developed, Harlem would be dear at
25 If the schemes Of the spectators are realized
it may be cheap at par. But no outsider
can safely touch it until the mystery now sur
rounding it has been lifted. Reading and Illinois
Central have varied but little of late. Cumberland
Coal has 1uctuated actively since the late decision
of the court but appears to pause again. Chicago
and Alton is neglected; the decision in the injunc.
ton case is daily expected. The earnings of the
Western roads continue to increase at an extraor.
dinary rate, and the prospect is that the January
dividends will exceed the most sanguine estimates.
CITY TRADE REPORT.
SATURDAY, Oct. N-6P. M.
ASHES trecepts 90 bb.s.) remain firm In view Of ro-
duced oc 2so bb but In the absence Of sales prices
entirely nominal at 50 for pots 50 121s for
pearls the supply Of the latter is exhausted while the
receipts almost nothing.
Receipts Is ,e76 bbs. -four. Under very
light receipts and active demand, the market for
Western -four advanced loc 25e to-day the greatest
Improvement being on choice family brands Of new,
which and wanted by tho local trade. or
mon and medium grades Of old there Is an ample sup
ply, and these do not bear 30 high value relatively
extras, in view Of the limited export movement Orders
have received from Western parties purchase
speculation and understood that this Is the principal
the upward movement to-day. The sales reach
20 600 bbs basis Of S. As IS 70 for supernne and
So 80 a$7 10 fer common TO extra Western Canadian
oor sympathy with Western, went mp 1oc, with sales
Of 300 tbs. Southern shade higher extras. but
steady Small sales Of rye -four, within the
range and 200 bbls meal At 81 90 "a 7ofor Jer
md Q n forp pran nd Wa