The New York herald., 1863-08-31

This table shows. as the result OF the past week,
that, in spite Of sharp decline of perhaps per
cent on an average all round, New York Central
has risen 41s, Michigan Central s, Southern
guaranteed s. Illinois Central 0, Hudson 2X and
gold lH. Erie and Erie preferred have come out
without change. Galena and Rock Island closed
about as they began, while Toledo is 2Z lower.
New. York Central exhibits great strength, al
though the street is fall of certificates in the names
of investors living all over the country--a phe
Eomenon which every broker notices, and which
threatens considerable change in proxies at the
next election. Southern old maintains itself very
stifly in the face Of widely differing views in the
holders of the two classes Of stocks 1t is rumored
that the parties who are seeking the control Of
the common stock intend to make an arrangement
with competing roads, having previously turned
out the present direction under the clause in the
charter which permits majority of stockholders
to hold meeting after notice. with power to alter
| the administration without waiting for the usual
election day. On the other hand il is stated that
| the preferred stockholders intend to press for
their back dividends and an animated prospect is
thus opened for injunct0ns and other varieties Of
litigation. The preferred stock should certainly
be controlled before the common if anything
of moment is to be done with the management
of the road. II will press itself on the notice
of any observant man that bull operators
have larger views than at previous periods
of speculation. Formerly, for the most
part, bulls were exactly as bears, exactly as in
different to the future Of the concern III whose
stock they were speculating from The moment
they had closed out their interest, Bat now the
main idea seems to he to control railroads and
make them permanently more productive, as can
be seen from the Issue ofcertain prominent specu-
lations Of the past year. On this theory it need
not be expected that stocks once fairly taken in
hand by any large party viii be allowed to tumble
back, with no help except from those who are
short of them. Any operation carried out sue
cessfulIy on the bull side will leave in the hands
OF those who have engineered the rise probably,
the direction of the road, with the usual Uis ine,
tiG of stockholders to prolong 1t, and certainly
fair proportion Of the stock held for inyestm ent
at cheap rates. Calculations about the course OF
prices in the stock market incomplete without
the new element. Thesloan market, the political
situation, the business of the roads, all are
very important items for forming an opinion, and
| from the way they are interrninsled furnish
| problem delicate enough to please any intellect
| that takes an interest in finance and commerce;
but new elements are occasionally introduced with
their own perturbipg influence, and this mode of
Carrying out large operations Of purchase is GER
tainly important enough to be taken into account.
CITY COMMERCIAL REPORT.
SATURDAY, August 2o--6 r. N.
AsHvs moderate demand at 7c. for pots and oc
for pearls, with sales Of 40 bbls. Stock 800 bbs
BREapsrusFs.-Tho demand for -four to-day was mode.
raseIy active though not general. It mainly for
shipping brands OF State and Western and for -four
which could DO bought lower prices A few houses
made most OF the sales, firm having disposed OF
nearly 500 bbs another Of 900 and another OF 100
bbs. Apart from these holders spoke complainngy or
the dulness of tho Market There doing
rye -four and corn meal which latter was nrmer.