The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-21
Balance in favor of the average. .........

balance IN favor OF the average.
| If, therefore, last Monday the banks really held
s26 900 instead Of SOS o0o which they showed, it
possible that to morrow they may show considerable
gain. is presumed that the discount line will show
material decrease. The subTreasury holds $677O5 sos
against S. 040 033 last week. Early in the week the
banks showed every sign Of adhering to the highest
rates for money. They refused TO lend call under
per cent and would not discount under that rate
On Friday they began to show tendencies TO their
views, and yesterday money was offered at severa'
banks below six per cent There is just as much
for raising the rates Of money, far
the future prospects of the country and political affairs
concerned but there not yet business enough doing
give active employment to the capital held here. The
banks and private bankers have found that at the
enhanced for money the competition among them
selves is great that each institution lacks business
We quote call loans at present. from 10 g. discounts
still refused under for first class short paper but
very poor paper which done at couple of days
since be done at T. Foreign exchange continues
firm. Bankers are asking 1925 q for sterling, and
5l2h 134 for francs. Until cotton goes abroad
freely than it is DOING exchange will continue TO rule
high.
The Leading features Of the business of the Stock E
change during the week have been the rupture between
the four great railroads Of the West and partial yya
of speculation in of the Western road shares is
now generally UNDERSTOOD the compact winch was
made in October last between the Central the Erie the
Pennsylvania Central, and the Baltimore and Ohio, is
about to be terminated. We stated at the time that
compact made that it based incorrect prin
cpe and that could not last BY that agreement these
companies agreed with each other not TO do certain
things and employ certain methods of gaining BUSINESS
which things and methods in themselves right and
proper and audabe We argued in October last that
such bargain could stand the test Of experience,
because it contrary to the true principles
Of commerce and Of competition Events have
verified prediction. is not necessary here TO
repeat the specific grounds which the rupture is based
They printed in this column day before yesterday
and need only notice here that of them which
fers to the transfer of trade from New York to Phadel
pha and Baltimore, in consequence Of the restrictions i'm
posed by the convention upon the New York and Erie
Company. 1t is high time that the public Of the city
should be that this Erie road which under such
obligations TO the State Legislature and the people of this
city, has actually driven business away from New York
by agreeing to bargain which makes it cheaper for tae
Western merchant to import by way of Philadelphia and
Baltimore than by of New York Such bargain il
would seem cannot be abolished and though the
repeal may cost the Central IS the last fight did
this according to Their showing, 5000 0OOthat
is no reason why this city should suffer.
The revival of speculation Rock Island and Galeua
chiefly due to the speculative feeling which revivng in
the minds Of Of the Wall street people These
roads, in the event of good crop this fall, would
doubleday pay dividends, they have debt speak
Of, and clean record. Another stock, which is being
taken up pretty freely, is Cumberland. This concern,
which the point of going Of existence year,
was bought up bodily by few rich men, who have
organized it, and sad going to make good pro-
pery There is this to be said in its favor, in that Of
the roads above mentioned the parties who bought did
not try to make the public pay ts debts by issuing bonds
at discount they tuned themselves in proportion TO
their interest," and paid of all the floating debts OF the
company, leaving working capital besides. The main
experiment of course remains to be solved but many
persons seem to expect that will result successfully
We subjon usual table Of the stock movements of