The New York herald., 1862-10-13

occurred. Yesterday the market was caimer. and
the tone at the close was much more hopeful than
at any time during the preceding forty eight hours.
The decline has been ascribed to various causes.
There were many operators who, having sold cut
their stocks, held aloof from the market and left
the way clear for q reaction. So large an advance
as had taken place during the fortnight ending on
Wednesday last might not unnaturally be OF.
pected to be followed by general realization .
profits and consequent decline in prices. When,
in addition to this. number of leading moueg
lenders combined to call in loans, and TO exact
unusually large margins, sharp downward t0rr
was inevitable II appeared to bs generally thought
last evening that the market had reached bottom.
and that the operators who had done their best
to knock prices down were buying stocks. II =
quite evident that it will be matter of some DIM
Guilty to sustain bear movement for any length q
time. The steady advance in gold, the constant
creation of paper money, which is only iim'ted ~
the capacity of printing presses to supply IT, ans
the great activity of the internal trade OF the co'
try, serious obstacles in the way Of the success
of the operators for fall. They may succeed =
getting prices down one or two per cent furtheet
but the general chances are against them. Ths
railways, as rule, are not only doing more bua
ness than they ever did, but are getting better
prices than were ever known. The Erie. (cl
instance, has raised its rates three times since
spring, and cannot, even at the advanced rates,
transport the freight which is pressing uPon It.
Almost every Western railway manager repOr'o
that large quantities Of produce are lying
at his depots waiting transportation. Tho
blockade of the Mississippi, and the precarous
condition of the Baltimore and Ohio road. have
nearly doubled the business Of the other trunk
lines and of their Western connections. Then
again, the depreciation of the currency Is eKcs.
cising material influence upon the financial con-
dtion and prospects of some concerns. The nli-
nois Central, for instance, not only gained
$4,000 on the September traffic, but received
$lO2 900 from land sales--its debtors wisely con-
cluding that this was a good time to pay of thor
debts to tho company. The persons most largely
interested in this concern feel confident that Il
will come out Of the war with its debt so largely
reduced that its stock will become regularly divi
dend bearing. These considerations render the
prospects of bear movement at the present time
peculiarly doubtful. They appear to have en-
couraged many leading holders of stocks to main.
tain their position throughout the recent panic,
and to adhere to their belief that we are destined
period of time elapses.
No change has taken place in the financial pea-
ton Of government. The recent advance in gold
has led to idle rImors at Washington and else
where, to the effect that the department was
in the market as buyer of gold for the payment
of interest. These rumors are of course baseiess.
Under the new scheme, by which gold is received
at the sub-treasuries on deposit at per cent.
sums are daily received by Mr.. Cisco and the
other sub-treasurcrs which, in the aggregate, win
supply all the specie at present needed for the
payment of interest; and it is understood that IN
the event Of any deficiency existing in January
the banks will be prepared to supply it. After
January the government will receive gold enough
from the payment of customs duties to supply dl
its wants. Rumors have likewise been current
with regard to an alleged negotiation of long
bonds by the Treasury Department Nothing of
the kind is contemplated, for the simple reasea
that nothing Of the kind is practicable under
the law. When the new issue of $50 bonds
was authorized Mr.. Chase urged upon Con-
gress to make the new legal tender notes not
only convertible into long bonds, but also re-
ceivable in payment Of loans. Had this been
done negotiations might have been made from
time to time at periods of emergency, by which
large amounts Of bonds could have been disposed
of to the mutual advantage of the government
and the takers. The adherence Of Congress to the
original equation Of notes with bonds made large
loans impossible except at runous sacrifice,
and left the Treasury Department entirely de-
pendent for resources upon the manufacture Of
notes and their conversion into bonds. Con-
versions are and must remain exclusively depen-
dent upon military success. Whenever our armies
win victories and the prospect seems fair for the
suppression Of the rebellion, conversions will be-
come active; defeats and delays necessarily d.
minish or check them altogether. We are hap
py to be able to report that they increased con-
siderably last week. sum Of 100000 was
converted at Boston on Friday. The ub-Trcasurey
at this point received last week some three -
four hundred thousand dollars. A decisive VIC.
tory would swell the aggregate conversions to .
million day.
The receipts of the New York and Harlem Rail-
road, for eight months Of the year 1862, as COM
~, L. rolI