The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-19


many partssas for instance on Lake Erie. a sharp
rivalry between competing transportation lines is
enabling producers to send their STUFF forward at
lower rates than they expected. Both the Erie and
Central are carrying breadstufs at lower rates
OF freight than usual. In specie the move
ment Of the week has been in favor of the banks,
the California arrival having added million and
haf to heir stock, and the exchanges from New
England and Pennsylvania being still in our fay Dr..
Exchange has ruled throughout the week at 1891 a
1904 for bankers bills, and 1857 1904 for mercan-
tile signatures gold bars selling, meantime, at 3
discount. Money continues to range from to per
cent Most of the first class mercantile paper that
is discounted is done at per cent the brokers get
what they want on call on undeniable security at
and even 81 per cent. There is in fact no change in
the value of money to report.
As q whole, the movement of the week in stocks
has been upward though the decline which com
meDced yesterday on receipt of the news of the Erie
accident had the effect OF reducing market values TO
where they stood on Saturday, 10th. Comparing
the prices current Saturday. 18th, with those of
the last day Of the previous week there is hardly
any change to note. New York Central ia perhaps
per cent higher; Michigan Southern ]; Cleveland
and Toledo, per cent; Pacific Mail, per cent;
while Reading has declined shade in consequence
of the cessation of demand from the bears. Michi-
gan Central has declined I; La Crosse land grants,
q Milwaukee and Mississippi, 2 per cent. In the
other stocks and bonds no change has taken place
that is worth noting.
The leading feature of the week in the railway
world has been the unsuccessful effort to settle the
differences between the New York Central and Erie
railways. The following paragraph from the Bati-
more Patriot gives, We believe, reliable statement
of one part of these transactions -
Among other matters laid before the meeting OF drec-
Sis el .nc semose ana ONO Railroad yesterday, were
tween representatives OF great railroad lin rae.
mig East and West for conserving their
reform OF the tariff OF tolls The form OF regd,
ing the chargee Tor ell the reads for through freight from
Boston or New York to gil points in Vest no, only
uxes sbe scale Of prices, lifting The from the present un-
TemuDeraise scale produced by the conpe ton
between the New York Jenv al Erie roads, but Sxss
penalty OF 81 zoo for violation OF the scale In any aud
every established ii abosnes ali outsi 10
agencies and runners leaving the freghs 10 take ,ner
own nau coarse and under the agreement the through
passenger the Nev YORK 10 70 be I,
the former rate or about double nss bsan lasey
IN The efforts OF The Erie Central 10 DO a. much nar
as they could TO one another. TINS - raj measure gas
fully agreed 70 by the Representative Of he New YORK
Central the PepK Central and the Baltimore sod
ONO roads while IL h Understood that personally Mr. NJ
ran the President OF the Erie road, also Sng 20
come into IT, The measure hsd OF course however 10 bA
suortso tn the directors OF the several roade
purpose The Baltimore OnIo bosrd yesterday &C.
guessed, with only three dissenting votes.
This agreement, which was thus ratified by the
Baltimore and Ohio, was, believe a mere copy of
an agreement entered into in May last, between the
roads concerned, and which the Erie directors
charge, with probable truth that the Central has re
peatedy violated. Acting, nominally, on a convc-
ton of the intrinsic dishonesty of the Central drec
tors the Erie direction met last week and resolved
nc. to concur with the Baltimore and Ohio and other
roads and not 10 enter into tia required agreement
but on the contrary to perseyere in its present poll
cy of carrying freight and passengers at loss. 1t
is understood, though not officially that the Hudson
River Is about to adopt similarly Independent /
course.
II these roads were children one could well under |
stand the motives which have prompted the policy |
Of the Enc and Hudson boards Of direction. Children
are given 10 revenge themselves upon their play
fellows even at their own cost. But as adult men |
are not prone 10 30 costly method of gratifying |
their private rque the public driven to the
clusion that in refusing 20 adhere to the fair aud
reasonable proposal of the Central Baltimore and
Ohio, and Pennsylvania Central the New York and
Ere directors were Influenced by othaf motives than
the qualification Of private spleen OF sound concern
for the welfare of the road; and before and
throughout this discussion, the business partner of
Mr.. Drew, the most influential director of the Erie
has been conspicuous as a seller of Erie and
Central az his and Mr.. Drew's opinions arc daily
quoted to the injury of these properties. the public
may well inquire whether the ERIE board may not,
under this influence, have refused 10 come into the
arrangement proposed in order 20 lend aid 10 certain
bear operations in stocks Similar inquiries are
suggested by the rumored course Of The Hudson
River board, as % which 1t becomes a matter of
curious interest which directors, IL any are selling
their owN stock short.
The receipts at tidewater by the canals Of this !
State Of -four, wheat, and barley, for the second
week Of July In 1867 and 1853, have been as follows
tIour, Jbb. Want, bu. Corn ba BIrlsybg
1sbT......... 1911 1894 29ss.3 100
1b5s........ tO,4s2 Ze95Ss0 liz o9z e,tJs |
Increase. 1855 la5,17eDec 1914 lac. SOS |
The Aggregates Of the receptsof the above articles,
30 far for the years 1857 and 1858, have BEEN