New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-08-19

The Railroad Convention q. the st. Nicholas closed Us
49, nj. evening with he unanimous adoption OF Sc
.s 81 .otiops settling amcably the various questions
h;eb have bee, under discussion ard involving genera
advance Of charges on feghts and passengers anu re-
aueton Of ,pced and amount OF service through iec
f,or v.vYork TO Buffalo by the two great routes
A. Lo advanced on the let September TO s., equal
a soc. advance, and 10 50 during the winter sea-
am. Freight il to be advanced about 10 cent.
A prewut with further advance hereafter. There IL
.,so TO be en- entire dscontnuapce OF the sysem o. run
pt and Western agents, which VIII De an immense SAVING
a. al ,be roads The system Of free passes has been
,..ralv ABRIDGED by resolution and its entire aboli-
Ucn admitted TO the consideration Of the Presidents
AZ the various roads Uniform classification Of freighs
ON all the four great lines has been adopted and the
charges equslized. II found upon comparison WIN
o,hcr freight that the neil service performed a.
cheaper rate than any other branch of service and os
are TO be taken 10 obtain commensurate increase Vi
compensation. The mail compensation was eshhaei 70
be 25 y cent. cheaper than the lowest Crane oi
freight The question Of reduction Of speed and service
viii be settled between the Central and Erie Roads not
coming legitirnotcIy before the Convention
The action of this Convention must result in large saw
mo Of unninp expenses TO our roads and considerable
increase of gross earnings The agreements Of the Con
xenon strictly adhered to, would add half million OF
dollar, 20 the net earnings Of both the Erie and the Cen
trial Roads.
In regard to the reduction Of the rate Of interest by the
Rank Of England, The London Times
sThs measure fully anticipated at an earlier date'
hat IL created surprise at the moment as ,n9 VI
creased ease in the hboey market has not been OF long
duration ind the prospects Of the future VIII az dePehI
Oh the barvest operations Of the next fortnight OF tree
veek The state If the weather throughout the morn
ing which had caused great dizziness in the Stock TX
change appeared also 10 diminish the probability OF sucn
en- announcement. At the same time, there Is no asPo
,tion 10 regard il with Dissatisfaction. The Directors
have Of course acted from their view OF the accounts
which will appear in The Gazette Of TO morrow evening,
and the diminuticn in the demand Tor accolnoaal?n
within the present week. All that requires to be borne III
lind Is that the resolution has not such significance as
woud have attached to II at later time, and that al
though there reason TO hope, after period OF between
two and three years. during which an upward movement
Of the rate has going without the slightest inter-
rupon that the greatest inconvenience is at lengtn
parsed and that steady the other way may now be
ssed there is yet positive ground for that con
elusiop II the harvest had been secured the pubic
might have entered into arrangements with the certainty
not only that the reduction would be permanent bnt also
that would speedily be carried further As 1t s they
NUT not allow themselves TO be Influenced by any tenn
porary mover ents in the Money market bu look solely
10 reports Of the crops and the tendency OF prices on the
Germ Exchange. II these should still be favorable an
other approximations may be dismissed, since thIe III
every quarter inherently sound ana inc bosrd OF lre
returns Published yesterday give every PROOF mat coud
be desired of the limited check which beiwar ana Its ex'
penses are capable Of INJECTING upon our prosperity.
The Nevs SAYS:
We have on several recent reported that the
tendency OF the Money market was in this direction, and
the Bank scarcely be blamed for endeavong to pre-
serve its discount business by reducing its rate in aceor
dance with the charges already current in Lombard-st
and elsewhere for first class bills There many par
tee however who, looking TO the uncertainty still at
tending the harvest and to the position Of the foreign
changes think that this step Of the Bank is premature
The practical testimony however thus afforded by the
Bank Directors Of their belief that tho period of greatest
pressure in the Money market has 80 far as they can fore,
passed over fail TO be very favoraby received
Throughout the country and will probably tend to give
some stimulus to trade, especially if harvest prospects
preserve favorable appearance. A yet the discount
houses and other establishments have announced no
further alteration in the allowed for money on CALL
but money is abundant
The Ners says in reference to American securities:
"Busness in American stocks this week has been vir-
tusy suspended in consequence of the panic reported
from the United States. Ii does not appear that holders
generally have become alarmed and thrown their stock
e market, but investments are at present suspended
Quotations are merely nominal"
The return of the Bank OF England for the week ending
Saturday July 49, gives the following results when COM
with fhe VII week.