The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-21
THE RATE SLASHING IS ON.
The Southern and SeabOafd Both Make
Big Cuts in Rates.
THIS SAID TO Be ONLY A STARTER.
The Single Fare From Baltimore to Rich-
mond and Norfolk Now Only 81 as
Against - Before War Began-Low
Rates in Proportion TO New Orleans.

BALTIMIRE. MD. July 2o.-The war
in rates which was inaugurated lasr
week by the Baltimore Steam Packet
Company (Old Bay Line) and the Sea
board Air Line against the Baltimore,
Chesapeake. and Richmond Steamboat
Company York River Liue) and the
Southern Railway Company was enliven-
ed to-day by further slashing Of the
tarln.
The Southern Railway Company met
the reduction to-day OF 80 i-S per cent. on
passengers and freights 20 points south
Of Baltimore, whereupon the Seapoard
Air Line announced a corresponding re-
duction on all business from Boston,
Providence New York. and Philadelphia,
10 the South, and tonight went their
competitors one better by cutting SS l-S
per cent. more or the old rate from
Baltimore 10 southern points. The single
fare from New York 10 Atlanta will be
SIS. II was formerly S24. From Balti-
more 20 Richmond and Norfolk. the rate
is 81. as against g before the war began.
Low rates in proportion will be established
TO all points as FAR south as New Or
freight rates covers all slashes OF freight
in the territory as far east as Boston.
This is the most sweeping reduction
ever made IN rates by any Southern line,
and il is given out that it is only a
starter.
President r. G. Holman. Of the Sea-
board Air Line. said to-day:
I'VE are I'm the light to stay. The con-
troversy was forced upon ms against
olr viii. and whatever decentralization in
rates onsues. Will bs upon the heads OF
those who made the issue. and not us
Banks win supply Gold.
NEW YORK. July 20.-The banks Of
New York Will come 10 the aid OF the
Government and supply gold TO the
Treasury Department from their vaults
IN exchange Tor lcgal-tenders. The
movement 10 this end was started by
Frederick -. Tappaa, president Of the
Gaiiatin National Bank, who said: 1T Is
hoped that something definite VIII be done
tomorrow I have been surprised no the
alacrity with which bank officers have
responded TO the request 90 cooperate
IN reDlenishing the Treasury gold re-
serve"
Steps were taken to-day 10 unite the
principal national banks Of this city In
a movement 10 protect the Government
gold reserve. Recent large Withdrawals
OF gold from the sub-freasury for ship
ment 20 Europe. the disposition manifest
ed in certain financial quarters TO hoard
the yellow metal. and the panicky con-
DIXON Of the stock market have caused
some serious discussions among Observant
aud public-spirited hnancers within the
past few days
Although no formal conferences were
held, some OF the leading bank presidents
exchanged views. and the conclusion was
reached that the situation warranted ace
ti0n on the part OF the banks. such as
would allay public fears and revive COM
ndcnce in tho stability OF values
Therefore, an earnest effort was made
20 get the New York banks 10 put S15.-
10000 or S2)c0o0J OF gold into the SUBJ
treasury in exchange for legal tenders
President Frederick -. Tappan. Of the
Gallatin National Bank. late in the day
received pledges from New York banks
10 contribute iu the aggregate 100000
iu gold 20 the United States Treasury iu
exchange for legal tenders. IL is possi-
bile that tlo amount Will Dee increased to
S-INNu.I.I tomorrow