The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-18
2,629,7ol
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increase in depos1 exceeds the general caicuiato' vi
course with increase in specie 1t would DC uneeAsou
be not TO expect in the discount ne tnousn,
a We have frequently remarked, one hundred ana ny
millions Is an excessive amount Tor inc oanAs VI NC"
York TO have lent out at time when commerce stag
nant. Next week WILL in all prooaoih'y sho" nA' AeN
decline in the specie average.
Exchange On Europe opens strong. Bills are scarce,
ana bankers have again put up the rate to losss "a
aboueb there ia little doing at these figures the steamer
on Wednesday will probably take out half million IN
specie There change in the money market. Bank
ers continue to decline long paper except at an
"a the rates.
The leading event Of the day in Wall street Is the pros
vcct of rupture between the Erie Railroad and It's rvas
Che Central, the Pennsylvania, and the Baltimore ana
Ohio It appears that time since, the President OF
The Erie asceranng that the arrangement OF October last
was working nurousy for his road, notified the other
Presidents that he desired fresh meeting With view TO
remodel the convention. It that the other Pres
dents were reluctant to alter that which they had
30 recently ratified upon which Mr. Moran
gave them notice that in the event OF his
views not being met, the convention Of October
would be considered by the Erie terminating on LIST
M February We understand that this notification has
had the effect of arousng the three Presidents to the ne
COSTLY Of complying with Mr. Morans request and that
fresh meeting will shortly be held TO consider the points
n diEpute-SOme
relate to the tolls charged for freight the Pennsylvania
and Baltimore and Ohio. We have no desire TO make any
remark upon the controversy at this stage At the time
the October convention concluded stated that the
real difficulty lay the nsulcency of business for the
Sour great roads, and that the only radical cure of the
evl was an increase of that business Many OF the
stpuations contained in the conventon-by which the
contracting parties covenant with each other not TO
perform this that perfectly legitimate act for fear
or dverting business from their neghbors to them
selves-are clearly inconsistent with sound commercial
principle. If the Central cannot earn money without
tying the hands Of the Erie the Pennsylvania can
not subsst without deprving the Baltimore and Ohio OF
It's natural rights then the the fight is carried TO
extremes and the weakest roads reoganzed the better
will for the public and the railway interest at large
u is well understood principle of that
bnaons of individuals corporate bodies cannot perma
neny defeat the operation Of the great laws govern
ing competition in free countries; they can only
arrest it for a time. This effect has been al
ready produced by the October bargain. Whether
all of the four roads have equally shared the
advantages Of that agreement we cannot say. Many
friends of the Erie think with the President that
il has worked Durousy for that company and that, as
accepted by the directors in Difference to Mr. No
rams views and against their own judgment, they will
avail themselves of the present opportunity TO ermina
pacts which often frauduleny violated and always
liable to misconstructon.
Speculative stocks depressed this morning; re-
liable securities such State stocks and the best rail-
way bonds firm at last quotations. Missouris were
quite FIRM with large sales Bank stocks taken at
full prices The coal stocks were higher Cumberland,
especially which is attracting some attention, is in de-
mand at IL per cent advance over the sales Of =
week back or the railroad stocks Harlem the only
rna Calap nd pocir Hand
suffered less other Western stocks Illinois Central
declined about per cent, and the Michigan shares
Der cent. Reading, time, touched SOY but rallied
70 within about per cent Of yesterdays price New York
Central declined about l. the amount OF stock offering is
very large and will naturally increase The closing prices
Of the day, reported by Kowalsk were-Missouris,
s6T se%; Central, SAX s45s; Reading, SIX a51x
Michigan Central, So 62 Southern guaranteed, AK
49, Illinois Central 6Sk 6s1s; Gaena, II 711S; Rock
Island 5eX 5sX, &c. The market closed weak.
The following was the business Of the Sub Treasury
Total receipts. $I3,I43 VI
From CUSTOMS. ......,'......'......' lleVoo w
Total payments. oo,o09 OF
Total balance ,e2l So
The exchanges at the Bank Clearing House to day were
s24 1922 1859 SO, and the balances we're 1898 500 49,
The New Jersey Railroad and Transportation Company
have declared a semannual dividend Of five per cent,
payable en- the LIST of February.
The December earnings of the Panama Railroad were
N 1885, sl35 O04
In 1901 lZ5,Sso
The whole year gives the company 81 o4 increase
Of SIS 600 beyond the stated in the annual report
The earnings the Terre Haute, Alton and st. Louis
Railroad Company for December 1858, and for the four
months ending slst Dec 1858, compare with the cores
ponding period of 1867 as follows
December. 1858. 1857
Passengers ................$3163 5 Is $26, 739 90
Freight. .:..........,.... 1884 o5 2s,s22 90
Nail, express, &c. .....,,..,.. 3,024 % 1882 81