The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-31
FINANCIAL AND COMMERCIAL.
MON EY MAR X e II A..

.
gbe card which appeared in this mornings
herald from the New York and Erie Railroad Com
pany was provoked by the inmneDce of a general
combination of Northern and Western roads against
that lioe 1t is understood that all the leading lines
Of the West have concluded to purste the policy in
angursted at the Cleveland Convention, and to re-
fuse 10 ticket passengers over have any business
relations with the Erie road so long as the Erie
~ NV adhere to their present nonpayin:y rates
- N'np~ - determination, which is said TO he
81 Tge, TIN. been adopted from a conviction
pretty general, ha- 81" Of the railway interest
that the very existent 'Nquires some stop
throughout the country A. y between rival
40 be put 10 suicidal comFstitio- earrvsug
companies. Thus beset-the Oer<rA' =.
messengers at the same rates, and ieis"-.
1.-THE strong point - ,se Ede) at a dollar
a ton less. deprycs Of the bspea' u 'onnec.ns
lines, and spaIy, forced 70 bear singly the
los caBsed 10y the reduction OF fare, while the loss
n'.cted upon the Central Is, by agreement divided
among several connecting lines-the New YORK ana
Erie Company not unnaturally appealed 70 tue puo'
Hcfor sympathy in the card which we published TINS
morning 1t is doubtful whether they VIII gel IT, Inc
eard itself L a lame affair ltsmoss noticeable point
is the very amusing attempt made to whlte"asn MI
Daniel Drew who is represented as sell sacIin'ins
friend Of the company, though everybody Knows
how much money he has made by selling tue slooA
short, and allowing his influence 70 DC uscu '"
Knock down It's market value. In point OF tac', VIC
puhiie care very little about these railway quarres
IL anything they rather like them as ieao
ing 10 cheap travel and cheap freight anu II,
apy ne day the Erie or even the central, lor 'na'
rna,,e, broke Altogether and passed into the hands
IA Eli IL hat
recoive the intelligence with considerable conpo
.n,o Nor does il appear that the appeal Of the
rr;owl 10 more successful with its rivals than win
ar ,,,uc The feeling, 40 far as we gather 1t,
,uope Western railroad men, Is that railway pro
- Generally ia in 10 precarious condition that
N competition be allowed 10 continue on Its present
- ,hsra will soon be no solvent railway com.
,ories left. II is therefore unlikely that they Will
receae from the Cleveland platform. Under the
circumstance the only course left for the Erie to
pu-ue would seem TO be TO make fresh proposals for
accommodation: TO try, for instance, whether the
Central. which declined to pay 100000 black mail
,ould no, be induced 10 agree 10 a subventon OF
half that amount for peace sake.
Some bank officers assure that the institutions
with which they are connected are not in the habit
of counting their Treasury notes as specie, but tina
they enter into tie loans and discounts. They say
that It would be perjury for cashier to class then
Ms specie OF course II woud be no such thing; but
these gentlemen are not expected TO understand
law. That the institutions in question do not in
elode their Treasury notes among their specie, W.
viii NOT doubt in the face Of the assertion 30 The
contrary: though. 20 be sure, on one or two occa
sons not yet wholly forgotten, the public conddenc
I'm the bold assertions of bank presidents, with reie
renee 20 the state Of the institutions under thei
charge has received rude shocks. Bat that som
banks in the city do include Treasury notes anon
their specie and draw their three per cent o.
then, is generally believed nor could tn
steady accumulation Of gold in the city banks i
the teeth Of a drain Of twenty millions TO the sub
Treasury and further drain 20 foreign countrie
equal 20 the whole receipts from California, be ex
planned On any other theory. In the present con
diii0n Of Affairs the matter Of less consequence,
than Il viii be AZ future time.
The stock exchange opened dull and heavy th.
morning. New York Central dropped nearly 60 the
prices current before the late rise and the Western
stocks were even duler. The decline In New York
Central was equal TO I; in Rock Island 10 per
cent; m Galena TO l. in Cleveland and Toledo "a
a in Reading 10 Il in Erie 10 1; in Hudson
River 10 /; in Illinois Central to 1; in Mchi
ran Central 10 ~, &c. Pacific Mail and
Panama held their own the latter wa
something better. Il is understood that thu
books Of the New York Central may close tomor
row, and that the meeting will convene early in tn
ensuing week 10 declare the August dividend, which
IL is not doubted will be the usual four per cent,
may he expected that as the declaration Of the div
aeB5 approaches there viii be more activity in th
stock Ia Crosse aud Milwaukee stock was stead.
- lat quotations; tle bonds, which opened at q
.gf1 mn "a - ard Uncovered AGAIN al the close a