The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-13

seekipg discount In the street. II 10 conndent~
that the banks will show further re- ,,r 4, IN. N
coun. lire Within the past th'~ ..r. =,
five millions has been ens sa which reduces the actral
oanS aa'an'o public to the nelghborhood Of silo
.aance Of the discount aggregate represent
ipg H~ Jury notes and loans or government loan. 1t
seer that further contraction Of three 10 four millions
may be expected
The Sub Treasury balance has declined from 81 1877 435
at the close Of last week. to yesterday evening
This balance being considered too small for working pur
pores the negotiations for the disposal OF Treasury
notes Mt FIVE per cent proceeding very slowly Mr. Cobb
has advertised for tenders for Eve millions Of his
Treasury notes the interest not to exceed Elk per cent
and the award TO be made the Goth inst The
Of the scheme viii depend the shipments Of specie
during the next week Should the drain of specie
Mr. Cobb viii have difficulty in disposng Of his
uotes In tho neighborheod OF per cent should u
tipue, ia not likely that he will hnd purch much
below hts limit in any event 10 doubtful whether the
government win gain much specie by the operation By
the goth ipst there will be from IS 900 900 $40 600
of Treasury notes over DUE O. which draw Ave
per cent interest The award of a batch a. 5X
per cent will naturally large proportion OF these
to be cent in for redemption We shnnld think that few
remtsnccs of Treasury notes 10 Europe woud pay.
Money is In active demand IN the discount market at
our LAST quotations Seven may be quoted US the
rate, ew exceptional short scceptances going a.
a6X Seven the rate for frat class endorsed paper with
three to four months to run; longer dates sac Names
less known at 10 IL, according To the standing OF
the parties &C. In Wall street money abundant call
at SIX G. Many loans remain outstanding s. and while
lenders invariably ask g. they do not fod cssy employ
their al that rate, fraction beo H. So
striking difference between the new for money here
and thep price in London--where money is oaned at x
per cent on catcanDo last very oug. The presen
has been caused by the wise and proper contraction Of
banks, which has dislo5ged quantity OF psper held
coatea for demand loane maintain the present rates
there should be paper making the case Elk
change on Europe closed yesterday very dull indeed
The importers have RENTED so freely of late tina;
the demand for bills has fallen CT; the decline
in tte value of money in England will tepden
6 to duce European houses rather leave their balances
here than 10 send for them We quote brokers' sterling
co day bills, lIo sight bills nos 81 francs 60 day
bills Sill d; sight bills, So The late i'd vance in cotton
will lead to more business in cotton bills Next week
seems probable that the leading drawers will have to
make concessions 10 meet the vie xs of buyers
Tire most important Of the week in In snca cir
cles bias been the settlement OF the controversy between
The four trunk roacs 10 the West. Ga Friday evening
hessrs Corning and Thomson arrived at satisfactory nm
Outstanding, which yesterday morning ratified by
Mr. Moran, of the Erie and carried into effect forthwith
The agreement brought about by the folio ene
letter from the late UMPIRE Mr. Barlow TO tho four Pres
Gens:-
JuSE g. 1859
]. EDGAR THOMSON, ESQ President PENNSYLVANIA RAIL
Road
Sir Inc road with which am conpecad ia common
HD OIL o'her Westsia siirJ aoF s very )siy affected
by The present osasie between The four great sea
11Ald iihts Being somewhat familiar with the causes
whch have produce1 the existing difficulties and tbs
eisims Ct each OF the four lines, ard believing plan
mutually advantageous u ALL which does not require CIV
c1n.etson the part OF ether might be suggested I
have taksn be liberty OF pcpoioa that and after the
l3h iDsfant Inc four toads work from New York on the
bass which enclose. che freight Shch 1 have
prepared have been submitted to the New York agents
u The fonr lines and in the MAN, approved by
fhem. believe that they are as high as can be
at PRESENT. bat by agreement between the
principal wafer oes, IL 10 probable that further increase
On negh'a may bo obtained Ii few days. It ia unue
c,esaIy Tor me 10 urge upon the importance of
tent by which permane ut and increased Of
a'es and ffeghis mag be secured Perhaps nothing
syet seriously injured the railroad property Of tue
Northern Sises than the frequently recurring disagree
ments between the trunk Uss during Continuance of
which, While the expenses of ,ranspor aop generally
rcysaseo the compensation received has beer reduced 30
az TO leave very little if any, profit To the competitjop
be weep the tour res for the busncss aud 10 the
sCqaeI. Of unity OF action by whfsb aone
rates CAB e Attributable uost OF the disss
'trs beh have been so severely felt 1t was supposed
,het these difficulties might DO remedied to
o al agreement adopted by tue four lines October
vas, however, 1908 found that there were
Gre eucts Of opinion Ia reference 10 the prac
cssses, REQ 70 lls s6Anooa'oent a. the opening
a navigation on The lake nust confess That see no
9,.Osey of permanent and reasonably hep rates with
cur on agreement hetpeer toe four lines By which rates
ard Considerations are eoscrned Bcy ond this perhaps
70 'tt. coni,aet is necessary, g. the attempt to cor
:o matters Of mere detail rendered The recent
unnecessarily complex. as general rule the inter
cal policy and organization Of each company nay as well
be entuaed to toe good sense and Judgment of tia
gers sud though tee proyislors of the late com
psas, which oduced the purpose of reducing
ne cons, queh upon the employ ent o. runners
alike; YET, az before asteo 10 reason why the eb
Sehe t! any naerstandrg these points eRviny each
oref should prevent an immeaiate asreenens
Is 10 Tsies OF fares aud freigb,s, 3hicn take
n ess,ence o. ga other Questions in practical
Etered ew provisions abluc.ey necessary to insure
We confirm nee otanv rate that may be agreed upon
Se rcst torans Is ira. prohibiting commissions or
dswbatls TO Slippers Of frebts Il would be absurd TO
"gTec bs TO romnal rate and then by actual repayment
rai reduce The G St to The slipper The question
20 re proper speed CT passenger trains is cae that las
swaJs LED 70 differences Of opinion between the managers
OF The iouf Lies II is an admitted fact believe that
bstever aie Of speed adopted by line will be fol
loved by ell iia compeors matter what the cost or
fscT.e LDey he, or some corresponding advantage will BE-
nsneo. TINE recsnt meeting Of all the roads at DUDa
30 sefttmept as To me rate Of speed made. TIE
ssu Of Ibis disssrsemsn that comparatively high
rate o. speed was anop.ed TO Chicago aud Cincinnati
later sban vas contehded for originally by any
ne 10 ~ 'iefttre to tie adoction Of the time Of
ne "''er Iles, the Baltimore Ohio road continued
a. hootIate speed but AZ reduction in fare of one
are H great consequence aD0 that The interests of no
can BE- nJcIiousy afflicted by reduction OF the speed
Low worked at by three Of the nes, have Suggested
Nat te eaterasy from the l2.h inst- the time to Buff
fao shall DO sixteen instead Of fifteen hours leaving the
western connections OF the four lines increase their
Time TO Cincinnati and Chicago they may deem pro-
ger The tine thus adopted TO be unor by all the lnes
IN my recent Intercourse With the officers Of the four
soaos nave found that each looked upon the existing
quarrel as an uhwise and unnecessary one, damaging to
aland citing none, and each claimed to be anxious
10 put up rates. aad 70 do all ia his oestore har
nooy between the great interests involved the contest
believing that this IL go and that there s serious or
pueuea difficulty in The way OF an immediate return to
lrohnoIe business ] have prepared the rates and
agJtemtbt Low submitted for your consideration
ihe four Ines At ooce in time to reap the beneh.
WHICH may be safely anticipated from the large crops
o. Inc Wes woik at rcr1ppernve rates. my object ia
addressing you will have been fully accomplished be
evc that by this plan road Ia asked TO oreeo auy ad
vantage that now possesses, but that each viii be bene
S,'td by receiving fair compensation for the traffic
which IL natural to IT. II your road In willing adopt
tbese taes Oh This basis, please inform 10 proper
for ne to state that have addressed s liar letter TO
fseo o. lie iour ipes. SAMUEL J. h. BARLOW.
The consequence Of this letter The meeting between
MestTs Corning ard Thomson which as We have stated