The New York herald., 1866-09-14
FINANCIAL AND CONNER ciAL.

The chief interest Of the stock to-day has been
,d IN Erie and the fact or the transfer books the
oomnany closing at O'Clock induced apprehensions
that the stock would decline afterwards and this resulted
in an unsettled state Of feeling but the contrary
proved TO be the the speculative feeling became
stronger and decided late in the afternoon and the
market closed lrm slight advance. There be
but honest opinion about its probable future course
in OF all the and conditions affect
ing it. Az this season the earnings Of the
main lines of railway usually begin TO experience con-
siderable increase consequence OF the moving OF the
crops and the abundant harvest OF the present year
favorable to more than average large fall traffic At
the same time We are assured OF remarkably easy
money market for indefinite period to come. Tho
drain Of currency from the East the West has already
been sufficient to place the latter section OF the coun-
try In moderately easy position, and the Chicago
journals report that currency is already returning from
the interior 70 which IL sent at the commencement
of the harvesting OF the crops s- Hh.3i4s
There is now no doubt but that within very short
time the Treasury viii that il is prepared to
redeem the outstanding per cent temporary deposits
or Clearing House certificates. II We may depend upon
the item OF Temporary loan in the last debt state
ment, these amount to $45, 53S, ,0O0 The banks are
averse the contemplated movement Of Mr.. McCuloch,
and their number have sugg esed his redeemng
them in four nstalments. In anticipation Of this
demption demand for compound interest notes-to
used in the place Of certificates, as reserye-has
sprung up, and they have advanced accordingly.
The banks generally willing lend to good
houses at four cent CALL but for small amounts
they ask I've. On the whole the latter may be consd
cred an exceptional rate There is not much activity
in the discount line, owing the im ed amount OF
commercial paper Offering The best grade at sixty and
ninety days. is taken at ga per cent and the sceoni at
Cat Six months paper, of which there Is some aloat
Is not in favor the state of trade and credits is not
considered to require justify it, Sach paper is almost
invariably drawn by houses hero FOR their accom-
modaton and strty b.nd fde. The banks, with.
out exception, repct very easy money market, and
generally look forward to its continuance confidently
during ,hr next three months at least.
At the early session OF the open board the market
generally steady but Eric declined to 71N At tho FIRST
regular board Erie active and declined the call
from 7l94 TO H. closing y lower than at the same
time yesterday. Notwithstanding, the stock was
scarce for livery, and that firm offered to pay
half per cent for the loan Of every hundred shares de-
livered to them before IL Is supposed that the
house question succeeded in borrowing about ton
thousand shares this rate the object being Of course,
to have 1t transferred to tbeir names before the
closing of the transfer % tho company this after
noon' and 50 to conf - upon it, The general
TO SELL and also encouraged .'short irtsrcs. Of
magnitude. Had those who borrowed the stock
for transfer with view to election purposes
attempted to buy an equal quen,ity they would have
assuredly advanced the price materially during the
process but they avoided this by borrowing and served
their own ends equally we'll II is not unlikely that
there will still be active demand for stock carrying
proxies up to the day Of the election Hudson River
closed u lower, Reading Y, Michigan Southern y,
Cleveland and Pi,tsburg q, Northwestern H-prefcrred
a. Fort Wayne a. New York Central was strong, the
demand being by some attributed 10 the desire OF
portion Of the management TO strengthen Itself to
be enabled rsadjust the which the freight
Of express companies Is carried, while the
Wayne y. New York Central strong, and closed
iS higher The demand for the stock Is supposed be
partial owing to preparations for contest the
pany relative to the readlustmcnt OF the which
the freight Of express companies IL carried portion
the management at present being favorable to higher
SCALE while the other portion representing the express
interest," Is opposed to any change from the highly
able terms which tho express companies per-
mittcd the line the railways Of the country had
been properly managed from the beginning express
panIes would have had otherwise
forwarding agents, paying the usual rail-
way companies, like Pckford & Co., In the United King
dom Az 1t in this country tho express companies get
the cream OF railway profits and constitute rich
nopoly paying dividends their stockholders
at the expense Of those OF the railways The time may
when railway companies will the advantage
reapng the profit Of their business. The other
changes in the list were advance In Chicago and
Great Eastern OF Il, Ohio and Mississippi certificates H.
Quicksilver l. Canton 4, Cumberland i, Marposa pre-
ferred y, Western Union Telegraph ~ Government
securities were heavy. Coupon 1vc.twcntes of
1852 u lower ,en-rortics u, seveuthriy notes OF
the nrst series a. second series ~ In state Now
York sxcs Of 1873 Y higher and North Carolina
new bonds u lower Tennessee lnew) were steady
M7lk.
Al the O'Clock sessions tho market duh and
fraction lower portion of the list AT the ha.-past
two board Erie and Hudson River werc steady ut the
closing prices at the first regular board, New York Gen.
trail was u lower, Reading 4, Michigan Southern y.
Cleveland and Ptsburg u Rock Island ~ Northwestern
X-prefcTred u, Fort Wayne x, Western Union Teo-
graph ~ The busIress ia government securities was
light Coupon nve-twcntes of 1854 advanced q.
Seven-thifty notes Of tho third series were
steady At the open board three O'clock the market
rather heavy. and Eno sold at T1H; Rock Island
1885, and Michigan Southern ses.. An upward
tion succeeded and the market closed firm, the quota
tons nj harpast fve being under:-Ncw York Gen.
trail 1857 1867 Erie 7i1 II; Reading, 114l us;
Michigan Southern, s2x az; Illinois Central, 1921
l22h; Cleveland and Pittsburg, s5M a n; Northwest
eru 34'{ 7s Northwestern preferred, 65k CO. Rock
Island, 1osS y; Fort Wayne, 104,l 4; Cumber-
land, 4s,< AZ; Quicksilver, SO Marposa preferred,
Boz e: West1unicn Telegraph, 5s1S SO.
Compound interest noes quoted thus by the
leading dealers at the cose:Junc, 1904 1Ie Vi July,
1854. 1i5k 1i59i; August 1904, 1l5 a x; October.
1864, 114a IL December 1894, il3 vi May, 1865, Ill
"a: August is0s. 1oo,s lo9x september, 1866, 100
az; october, 1896, iosI iosa1
The gold market has been quiet The opening prcc
i4eH, followed BY decline TO 1885, which pom,
Il renamed steady during the OF the day closing al
hj@n2.. Loans generally made nat. the oxccp-
tons TO which l.aa per cent In favor OF the
tender. There is large outstanding 'shorti n