The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-08

FINANCIAL.
Tho past week ono OF almost unparalleled excite
meOt on the Stock Exchange. and the volume Of bus-
ness transacted probably larger than turing any
previous week in its history-not excepting even the
speculative fever which ragged in the spring Of 1884
The rush to buy all the leading railway shares was i'm
mense and brokers and private operators were equally
fset in the abu" race for fortune Prices rose like
gourds In night but unlike them they failed 70 sink
away speedily but higher each day till Friday
when halt in the advance took place and heavy sales
realize made under which the market developed
a spasmodc resctonary tendency which continued
up to the close Of business ON Saturday. II was
noticeable throughout, however. that every decline
brought in fresh buyers and thus the fluctuations were
frequent and occasionally rather wde New York Cen
trail suffered the heaviest Decline after selling up to
1lsk it touched l12K Erie was the strongest OF all
the stocks on the list although its advance to
05x on Thursday was not sustained. 1t, how
ever. remained steady at above 90, and
rallied ct ono time Saturday to 921.
Although "twist" is expected In the latter stock
general disposition was shown to discount break to
next week. and large amount of it has been sold at
options in favor Of the seller OF three days
The future course of Erie will probably be materially in
nuenced BY the result of election which is take place
on Tuesday next and meanwhile II is sufficient To know
that il is very strongly held and that the short nte
rest Is large. Fort WAYNE was the next most firmly
supported and to 1924 but subsequently reacted
to l0S There special movements in Northwestern
and Ohio and Mississippi certificates but on the whole
the business we'll distributed for such ex-
cited market The decline which has taken place
partly the result OF apprehension
that Erie would break and carry the rest OF the railway list
with sympathetcally and therefore this contingency
has been already discounted added to which the relapse
in New York Central has had its effect fresh basis is
therefore afforded for further rise. and to this all the
conditions affecting the market are favorable Money
still easy and abundant at IA per cent, altho ugh
the increased activity OF business in Wa street has
given greater employment to the supply OF capital at the
disposal of the banks and private lenders In discounts,
however there very little doing, owing to the
tremely light supply of commercial paper offering.
At tho same time we have larger volume
OF currency outstanding than at any former
time, the aggregate OF legal tender and national
bank notes being fifty millions greater than at
the beginning Of June last year. and the money markets
all the country never at this season in such
an easy condition. The general prosperity, too, is
almost unexamplcd, and the earnings Of the RAILWAYS,
with few exceptions larger in proportion to tn cir
expenditures than they have been at any antecedent
period. Our currency is Independent Of all foreign
elements Of disturbance, and feeling OF monetary
limits the contraction OF United States notes ten
millions during the present year. and TO four millions
per month afterwards, without compelling that
trniag reduction and there still to be issued about
millions Of national bank notes to complete the
authorized total of three hundred millions
The gold market developed rising tendency during
the week. and the supply Of coin for delivery rather
towards the close, loans having been made on
Saturday at = Per cent per diem in favor OF the
lender The price gradually advanced from 145%-the
lowest point touched Mondayto 1491, the highest
Saturday. The demand for customs duties al this
port aggregated 0O0 The export Of about $a0
was mainly in silver. +.
The State EIcvtioas OF To-NIorrow President
Jshnson's Future Policy Foreshadowed.
Pennsylvania tomorrow elects Governor,
= Legislature in part and twenty-four MEM
bers Of Congress; Ohio elects Secretary Of
State and some other State officers and nineteen
members of Congress; Indiana elects State
officers, q Legislature and eleven members Of
Congress, and Iowa elects minor State officers,
some district Judges and six members Of Con-
gress. In all there are sixty members OF the
national House Of Representatives TO be
elected, and If in these elections the republic
cans hold their own, or anything near it, the
issue between the Presidents plan Of Southern
restoration and the plan Of Congress may be
accepted A. determined in favor OF the pend
ing constitutional amendment, which embodies
the ultiInatum of Congress
In Pennsylvania in 1864 Governor Curtn's
majority was little over fifteen thousand
majority upon which sixteen out Of the twenty
four members Of Congress were carried by the
republicans. Last year upon considerably
reduced popular vote the republican majority
was twenty-five thousand. General Geary, it
is supposed, will at least, upon full vote, hold
republicans will maintain their list of Con-
gressmen, although two or three districts are
exceedingly close. There are also two or
three very close districts in Ohio and If the
dominant party carry seventeen Of the nine
teen in all, ~ they now hold them in Cangress
they will do better than is generally expected
The same may be said IL they carry eight OF
the eleven Congressional districts Of Indiana,
- they did in 1864. 1t is most probable, on
the other hand that the whole Iowa delegation
will be maintained without fracture.
We anticipate, at all events, from these elcc-
tons for the Fortieth Congress . popular YER
dict in favor Of the constitutional plans Of
restoration Of the Thirty-ninth Congress which
will be decisive. All the signs Of the times,
from Pennsylvania to Iowa, point to this re-
suit The popularity Of the constitutional
amendment il the most conspicuous feature Of
thi. political campaign throughout the North.
II has revived much Of the enthusiasm and &C.
tivity on the republican side which carried no
irrcsibtibly the war platform Of Lincoln and
johnson against the peace platform Of the
Chicago shent-per-shent Convention. In fact,
with the failure Of the Philadelphia last August
Came nfian In arranizc n nav national Marty