The New York herald., 1866-09-17
FINANCIAL AND CONNER CiAL.



During The early part OF last week there was dull
.,tor .led market for stocks Of all kinds; but
az rbuysday decided change in the speculative temper
AZ he street took place. and prices improved and the
volume of transactions Increased steadily from that time
mn 10 tho close OF business Saturday Ths Chief act
,yg was connDed Erie owing to the closing Of the
transfer hooks on the .2h instant preparatory TO the
annual election on tie 9,h OF octcbe- New York Cen
tra was mex. in poat OF interest and activity but the
ntsres, pays hardly usles the high price it is selling
Tor which is dspropouioned - the ress Of the
kot and therefore artificial. but sustained by
! CLIQUE as it is, its real value is of
MINOR consideration IN estimating its future course.
There is is understood, conflict going the
present directors with respect the which the
freight OF express companies should be carried and this
viii probably Itself into open issue at the next
election. Meanwhile both those in favor OF and those
ssast advancing the rates are iortif their positions
acreover there section favorable 10 leasing the
Hudson River and Harlem railroads, and another OPP
posed to such an arrangement; and the probability is
that there viii be entire reconstruction OF the COM
pany-whch the death Of Dean Richmond has rendered
necessary. The present movement OF the market Is
generally regarded the beginning OF brisk fall speca
ton for rse tie of which this year would make
1t an exception the rul Government secut contin
ued TO snguish I'll Friday when tho improved quotations
for nvo.twenes In London Impaired more hrmness TO
them aud Ave tWeDtes of the original issue closed at
IN after selling low 1l0sS. There has been an
active dcmaad for compound interest notes from the
banks 10 supply the place far as possible OF tho Clear
ing Hous certificates winch the Secretary OF the Trea
sury has announced for redemption in two equal install
the 25th Of September and the 25tn OF October
respectively OF these certificates twenty-five millions
held by tas banks Of this city and twenty
millions by those Of otaer Cities making In all
III J.fs asfo tha ar fho rv
cannot be without material influence upon the
money market II viii throw forty-hve millions
legal tender into the banks in exchange Tor GER
tincaes which present used only Tor Clearing House
purposes although hey counted legal tenders in
estimating tner The banks sill no longer nave
70 keep larger reserve than the law requires Tor
the whole Of that, compound interest notes excepted
will b. nenineret bearing and they viii be induced to
keep out a longer line loans and discounts TO make up
for the loss Of interest that portion of their reserve
previously represented by certificates. We may conse-
qucny look for increased monetary extensions; but IN
proportion as the their operations viii the
steady quiet OF tbe money market be endangered aud
what are caca s'pnchcs or spasms invited. The
banks however are the custodians o. their
capita,. end IL they choose 70 jeopardife
their interests for the sake Of large profits,
they be prepared for whatever may happen. For
months come however there will b. little or
danger, from this source; for monetary ease
but prevail all the country after the crop
hGs subsidized and owing TO currency be-
ing rredc unable in specie domestic money market
is entirely independent OF foreign affairs, with which
when specie basis it actively sympatlzed.
Tho mono market easy throughout. and loans 10
the Stock Exchange were made at q per cent, the
majority of rausa being at the lower rate, while
arst class commercial paper freely taken at sa6 per
cent Noswtlsapding the activity OF trade In all its
branches such H. the abundance OF money that very
little credit s asked Tor, and hrncc the amount OF
paper MAXIM IL small Ia TIE dry goods trade
there has been large business doing Tor some weeks
past, and although the domestic manufacturers are
marketing their goods fast they and the fore gn
impor,aons heavy almost beyond example, The
keeps Pate fully with tho supply and domestic
fabrics reported Prices meanwhile, win
main about steady.
Tho gold market developed a declining tendency, and
closed dull a, l4AM, fall OF "a from the highest
point OF the week, the dalis range having been