New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-06-27
COMMERCIAL AND MONEY MATTER


TUESDAY June 25-P. NJ
The heat Of the weather and the increase Of
tho Cholera tends to suppress speculation in stocks'
and generally the market IL heavy The ancies suffer
most and but for the great ease the Money market,
the market would decline. Governments were in fair
request and stesdy There is good foreign inquiry.
The business in foreign Exchanges is moderate,
and the ratss are heavy Sterling is selling at sid9
Franc. S 35a5 80 and dull The supply Of Bills Is
considerable.
Ia Freights there is fair business doing and
the sbip.owners are asking higher rates. Engage
ments 40 or $1,000 bush Corn, 6idd6sd and 5000
Wheat, CID Tho Csrnste was filed up at Odd. Flour
was spgsged at Ia Cd heavy freigbts 22s Cd Cotton
3D. To Hsvre, Cotton is duh at &C v 10. TO Ireland
an engagement was made at I'd dsd
The Money market continues abundantly sup
oiled with capital at 4d5 y call loans Paper
sells at sac y cent and the supply Of first class names
Ia moderate The demand for Money is quite small
Tor business purposes, and the brokers are easy.
Receipts at the Sub-Tressury to-day, s43,O22
payments sJsl, balance, s2032564 OF the receipts
last week, ssOO,OOO came from tho Philadelphia Sub
Treasury.
We notieed. some time since, new enterprise
In Coal mining, called the Pequa Company, aud we
have now to another enterprise got up by some Of
our leading citizens for developing the resources OF our
immense Coal region, for supplying our ciuzens win
fuel and for giving employment to large number OF Il"
borsr. and transportation companies. This Company
ia called the Phenis Mining and Manufacturing Co and
the Directors are Samuel Jaudon Benz l. Reed DAVID
Ranks Elisha Peck John J. Lsgrave, VIM. 5 Wet
mare John A. stemmler, J. {. Zimmerman, Benz. Ma
than and Ajax Hamilton. Mr. Jaudon is President OF
the Company The lands of the Company comprise
Of the southern portion OF the
Cumberland Coalheld situated on the Virginia SIDE oil
the Potomac River, above point about one mile hor'n
east Of the junction Of Deep River with the Potomac
The North Branch Of the Potomac takes It's se al Tue
southern extremity of this field, and flows In norm
eastery direction nearly through the trough the cen
ter of the trough, TO WestsrDpOrt, in the middle oil
the Acid where suddenly turns to the right forces
its way through the East Front Ridge, and resuming
ta former course deseends distance OF twenty miles
10 Cumberland. IL there meets the Chesapeake ana
Ohio Canal Several email creeks runs as they are
called fall into the Potomac, as winds its way through
the basin. The most important OF these, commencing
near the Of the river are stoney RIVER, AorS
hams Creek Savage River and Georges Creek
The Coal occurs in beds varying in thickness from
seventeen feet 10 feet and Ia associated ss IN ON
or Coal regions with slate limestone clay and SAND
stone, Beginning at the top OF raVlne tne woi ken
have uncovered the out crops about twothrds OF the
descending slope, until within 800 feet OF the bottom
-. feet Of Coal brought to light in this distance
and by adding those two other beds measured al no
great distance from this rsvine, both OF which were
evidently below the most interior stratum above al
ludsd TO- and aggregate OF ~ feet OF Coal above the
bed Of the Potomac is shown and this without making
allowance for the undue thnness common 10 the out
crops OF Coal.
At 90 many places have the main beds been recog
nixed on the Company lands that there Is no room
for doubling their uninterrupted continuity over the
entire area.
The sreates, advantage connected with the position
of the Coss Of this region undoubtedly arises from
their being lsvsfrse g. & from their requiring no me
chancal power to effect their drainage The beds do
cline ON each side of the central axis of the ned al 81
angle lust sufficient to allow Of the easy descent OF tho
water toward the bed Of the Potomac which forms the
grand dry level OF the entire region As the miner
works into the hills from the valley oil the tNe' "e
will always stand upon dry door, whose inclination
toward the river will also favor essentially the dehNetN
of the Coal the containing u VIII descend sone
the uam.road, spontaneously 10 the pts uiouu
Connected with this remarkable structure IN the neu
Is another advantage arising from the facility OF ven
ulation its workings will possess IL Is wen Known
that the deep subterranean reccsses OF mines ieqe
the intervention OF extensive ana difheHt means loi
occurring a constant supply of fresh air for the puf
poses Of respiration and the combustion OF csnoics
20 less than 10 get rid Of an explosive gse when eso'
10 frequent disasters IN coal mines Numerous CIV
shafts have 10 be sunk the whole interior OF the mine
IL divided into long, close galleries parted on py ny
Qcent doors valves aTspouts are carried aohS ns
roots 81 the galleries, immense hIes are mhh'alneu
and large number of men and boys are constantly
occupied in the supeTintcndence OF The conp"eAle.
The expenses involved IN the NeutllStloh Al.
OF single NINE. IN gland oif4
sSO00l the whole Of which expenditure VII d
rendered completely supeEauOss in THIS highly favored
district
LArge beds Of Iron Ore are also scattered over The
Companies lands. In place the series Of beds IN
rsvine show aggregate OF thirty feet thickness o
The best quality and almost ineNhaustole IN quantity
Thar are also numerous beds OF Fire Clay. quarres
excellent Sandstone. aud almost unlimited suppl
OF timber Iii believed that iron ore can be mine'
Tor seventy eve cents 2 and Coal al niy cents
ton Pig Iron IL is stated, can be made al twelve
fifteen dollars a ton, and delivered at "eorse'o"u
the terminus of the Chesapeake and Ono Canal al
cost OF about twenty dollars = ton Thes estimate
the quantity Of Coal on this property Is twenty Nv
millions of tons 90 the square mile. ms Ooa4 can
delivered At Alexandra at 90 IL Y ton, ana al Ne"
York al 81 y ton. The value OF the Cumoei'Sn
btuminous Coal has been well established by 'horous
proofs both for common fuel purposes and Tor mAA1n
Iron Prof Johnson, who examined al our Amer'eS
Goals by ordcJ OF Government, reported very hisni
upon this Coal and Mr. MSshet OF the most en-
rent iron masters in England pronounced 1t the oes
bituninons Coal he ever Lieut. Lynch, L. ; \
says that one ton Of Cumberland Coal is in mcchsr
zeal effect equal 10 two tons Of anthracite, and Nj
Brien, proprietor Of the Anteism Iron Works COZ
| hrrns this statement
The Cabsrd Steamers are supplied exclusively wit
this coal their outward voyages Notwithstanding IA
Company proprietOrs Of the best hciou mines n
Goals Of which they eoald AZ much less no'nin'
cost The Rowland Aspinwsl line use none othe
and evidence Of the value of Cumberland coal
learn that the California Panama and Oregon perform
ed their voyages to Rio Janeiro in 25 days distance
$500 miles consuming less than two thirds OF ton ps