New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-06-11
FROM PHIL fDELPHf
A GREAT RAILROAD TERMISUS-A FINANCIAL
COLLAPSED POLITICAL FAILURE-HoUsEs
AND PASSENGER RAILWAYS.

PHILADELPHIA, June :, l-o'.
Certain classes among our business men are now
profoundly exercised in determining location for
the Delaware terminus ofthe Pennsy vania Railroad
Numerous projects have been suggested to secure
a location convenient for the increasing trade from
New-York which passes over this road, and at the
same time to concentrate within the built-up por-
ton Of the city all the collateral advantages gener-
ally resulting from railroad terminus. land
company, whose domain lies some three miles be-
low the Navy Yard, offer to give % acres of land
for railroad uses. shops, wharves &c, If the ter
minus is located on their property. But it is OBJ
lected that this location will require the cOnstruc-
ton of surface road from the Scbuylk running
through many thicky populated portions of the
city and certain to be perpetual nuisance, while 1t
will be increasing the time and cost on all merchan-
disc coming from New. York and going West To
these objections are added the expense of purchas-
ing right of way and the cost OF filling up an Inn
meuse stretch of low-land on the route. But
then the terminus will be nearer the ocean, aud at
point the river open tn s-sg0lng vessels IN toe
depth of Winter The other project (for two only
assume any prOminence) is To tunnel Calo~hlll
street through its entire length, from the Schuy-
Kill to the Delaware, thus bringing the terminus IN
The heart OF the city. oulI
blocks north of Market street The ground there
is high. bud the street will accommodate tunnel
10 coDtaio two tracks. The expense of this under
taking will also be very great, as /. Is some two
miles from river to river But the soil to be exca.
ysted is beautiful gravel every load of which will
be useful in filling up the CompaDy's lots on
the Schuylkl Tue great attraction presented by
this plan is the getting rid, for all time OF
surface road through the city, which is nov lum
bered up with immense freight trains whose slow
gait and huge proportions occasion constant lmped
imeBts to business. But, on the other hand the
cost of purchasing the necessary river front for
the COmpany's use will be enormous aud after
buying all they afford to, they will even then
not have near as much they will ultimately need.
Either of these projects will cost over 81 900, 900.
Our daily papers are rife with articles advocating
both projects, and It is clear that the solution Of
the difficulty will materially affect the pockets of
many interested parties. The Railroad Company
must borrow the money to make this Improvement.
Whether it 10 the prospect of this impending loan,
or the drain of com to Europe, or the fierce com
petition for the Western trade now So rife, it is
difficult to say but all three causes occurring CO.
temporaneousy, have sent Pennsylvania Railroad
stock down from al to 40, though doiog quite as
good business as most roads 10 the country.
The condition of business and of the money mar
ket is very peculiar Just now Most kinds of man
utacturng IRE well supported BY an extensive
drmand-iron, machinery, and especially cotton.
This, too, in the face OF importatlons of unexam-
pied magnitude \ greater anomaly IL witnessed
in the condition of our money market; for, while
the amount of idle capita, is cOntessedy as great AS
at any time within two years, u single month has
served 10 so tighten up the market that money has
risen from 3 10 per cent on the most undoubted
collaterals Loans at the former rate are called in
and the new rates eXacted. As to commercial
paper, the discount has advanced even more. All
this sudden arrangement and uncertainty has been
occssiobed by the enormous influx of foreign goods
and the exhausting etliux of gold. The European
war has not done us all tnis injury. Ii ia
the blind folly of the Government which
is impoveIishng US, and the evil must Continue 10
il until better cOuOsels prevail III high places
The specie is diminishing in our banks, and they
ale unable 10 discount the offerings OF piper
Street rates consequently 90 up, aud the stock
market goes down. At the Brokers b, ard this
condition Of things has wrought terrible collapse
Last week Messrs Harris Il Co., very prominent
members of the Board, broke down under an
enormous load Of Reading Railroad which they had
been carryiog from 20 town. These gentlemen
have been the sturdest bulls in Reading We have
among us. They represent combination which has
long been operating IN that stock under whose skill
full manipulation The dealers in that colossal f,ncy
both here and in eW-York have BLEED prolusely.
But the bulls now have their turn at depletion.
Under the breakdown Of last Week Reading has
sunk from % To Is, and the probability is IL will
stay sunk so long as the causes which prOdu ,ed
that sinking continue to exist. No stoppage at the
Board for many years has drawn forth so much
sympathy as this Of Messrs. Harris d Co. They
high-mlnded and honorable men, with troops of
friends, and will undoubtedly b. able 10 settle their
differences and resume their places at the Board.
This breakdown In Reading has affected all other
stocks With sympathetic weakness. All railroad
stocks have fallen of that lenders requi greater
margins, while the rates Of which they carried
ale hard 10 bear. As matters now stand. there is
a long season Of extTeme depression before rs,
from The effects of which Il is feared some other
parties among the bulls will have ~ retire from
their seats at the Board.
An attempt made by some designing persons
the other day, To assemble an American State Con-
yention at Harrisburg. 1t is not unchart,ble 10
presume that these parties had nob0dy's good 10
view but their own such generally being the OBJECT
of those patriotic men who either get up or make
themselves busy at Conventions. But % this occs-
sion only four persons appeared IS delegates. Al
ter laborious search TO find the Convention none
was discoyerabe: and the four, after paying their
tavern bills took cars and went home. Inc
movement was dead failure from beginning
10 end. This circumstance illustrates very for
chilly the perfect cementation that has taken
place among all branches Of opposition TO the
Sham Democracy in Pennsylvania. AS men,
beers of a common Peoples Party they are
working shoulder 10 shoulder to secure those
ends which are fundamental with Republicans
The former Fillmore organ in this city, The DAILY
Ntrs. is an able, pungent, and extremely service
able advocate Of the coming revolution. While
very consistently maintaining its peculiar America