The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-08-04

Island win fall behind last year and the income OF rail-
roads generally throughout the country, VIII, for ths
month, be less than anticipated.
1t Is stated that of the employers In the transfer
sniee Of the Vermont Central Railroad Company put
cut about twenty. hundred more share eersid-
Gates than the capital stock would allow, sppropri-
aiing the proceeds amounting to nearly O0 TO his
use
The value Of merchandise and specie exported from
this port for the month Of July, this year,
$a5l1 oGl against $2996,5s7, for the corresponding
month in 1s4s, showing an increase Of s5i5,37i.
The average receipt per mile on the railroads OF
Great Britain and Ireland, daring the first six months
Of lsl9 ellis, against FL ITO for the same time
in ls4s, showing decrease this year OF f55 per mile
similar result has been realised in this country and
every year will present the state Of things in both
countries. The average will annually decrease, while |
the cost OF construction will continue to increase with
alarming rapdity. The tockhoders In the railroads
OF New England have been aroused by several state
ments recently made relative to the management Of |
the affairs of tho companies, ana committees have |
been appointed to overhaul and investigate the opera
tions of directors. We glad TO this movement;
and 1t IS hoped that these enquiries win be pursued
aud these investigations continued until can
longer themselves under . corporation, nor
with impunty exercise less knowledge or integrity
in their corporate than in their individual acts
The supply Of coal best adapted to generating steam
has hitherto been obtained from Great Britain great
eost and uncertainty Of supply This mpsdiment to
the rapidly increasing demands for steam railroads
well in steamers led to examination q
resources which has resulted In increasing
the efforts finish the Baltimore and Ohio Railroad,
and the Chesapeake and Ohio Canal TO the great coal
basin lying the Potomac river near Cumberland.
As the completion OF these two great and portant
works this fall is longer matter of doubt, the want
q a a
ed Of the ocean, for the question is not
to the fitness of the Cumberland coal for generating
ssmthst having been fully tested in the Liverpool
the California aud the Chsgres lines Of steamers but
tie question has been how supply DO obtained Of
this pc cuar (scmi. bituminous) coal?
tcsn,y supply Of this coal has hitherto been had
fon the mines OF the Marylan Mining Company lying
in the northern part Of the great Cumberland coal
basin and brought to Baltimore by railroad Nature,
however points TO the north branch of tho Potomac
the great highway leading to the very heart Of the coal
region from whence nexhaustible supplies be OBJ
tanned The north branch enters the coal region at
Westernport, where the mountains to BIZ cleft
ssunder allow the water pass through exposing to
view strata Of coal iron ore limestone SC,
which lie in juIspostion, piled up for the convenience
Of and accessible with the least possible labor aud
expense The veins Of coal forty feet thick in the ag
grsgate worked by drifts which require shaft,
they drain themselves tho work progresses 1t 10
estimated that each sins forty thousand tons
OF coal and about the Of iron ore. This (ths
southern end Of the basin Is much the largest but
comparatively but little knswn owing chiefly to the
difficulty to reach It; this however will be overcome
this fall not only by the completion Of the canal to
Cumberland, and sise swatsr navigation nearly to
Wssternport, but also by the Baltimore aud Ohio
Railroad a. that sompsny, seeing the importance OF
having their road pass through this part OF the mineral
han lat h. hronc thu.
giving this section tho advantage Of two important
modes Of outlet with these facilities the improve
msnts In this part Of the basin will 90 rapidly
Nature has done much for this section for In richness
and quantity Of minerals Is unsurpassed by any locs
tion In the world is there finer healthy
climate to be found while the land provsrbiay pro-
duetive.
Owing to the dimsuty Of access, but little has been
dsne In this large and valuable zeal region to attract
public attention Only three companies hat been form
ed the Loneconing, the Union, and the Pherx Mining
and Manufacturing Companiss The drst OF these IL
the only that has gone into actual operation BY
erecting sfurnsce Mills &c. These works located
Georges Greek about nine miles from WESTERN port,
TO which plsse the company intend making railroad
for these works have net been operation regularly
want II en- outlet. The Phsni, Mining ard Msnufac-
turing Company has been recently organised
Their lands extend from wsssrnpsrt eight miles along
gipis side and In the Last report 1t Is stated that they
own twenty two thousand acres Of entirely uneneu UNI
b.rss land, and that the company Is not only Of
debt, but also hold 100000 Of It's stock. Zach
share Of this stock the par value Of which IL $780,
presents OF valuable nlnersi lsnds-s eircutn
stance notlsss agreeable to the stakeholder than mpor
TAFT the public Who have the guaranty Of full supply
ofths steam eoal and ate modsrs.s price the sI
pence delivering New York viii not exceed 81 per
ten, when the canal aad railroad finished which
viii be in . few months The PhoDlI Company pos
great advantages in the favorable location OF their
lands and the eircumstsnee that not dollar OF their
capital need be expended in getting thsir coal 90
market Although this -SoAl Is smphsticaliy called
steam coal It 10 no less SUP .or for smitslng purposes
IL Ia used Ia oil great steam engine works and la
ell large iron manufacturing aud IL sd
med to Be twenty per ssD better than ay other fos
such purposes.
There 10 nothing in the way Of investzents in
srsssng rapidly In this country these ksae by
In di'duss for che bsnsst Of thsir families. sad rsla
lions who may i've after them. The establishment Of
fs Insurance companies 10 tie principal etIss ha.
done a deal 81 GOOD; and these Institution, are
properly senduetss, and citizens proper dis
elimination in ths selection, aud sustain only thoes
that are sornd the benefits aipy from this species 81
Investment will be inealeuabls IL Is our duty to
tain aud support domestic Institutions Instead OF
pstrenpg those CT foreign origin, the position and
standing Of which ". kno~ nothing about A sloss
and careful examination iEts The eharss.sr Of the
English life insurance companies which have their
sgencis IN this and otker cities Of the Union has
,ireed us that they rot only out Of place among
re, but that they by safe Investments in
consequence Of the contingencies calculated
TO In pair all claims upon them. Their capitals oder
but the shadow q assurance TO American citizens
opening policies with them. In the event OF these
somranies bseoming at soy time lnsolvsnt, or
raining solvent IL their s.cts cannot be reached
they certainly must be poar places for inresting capital
for the bersat Of thos. who surViv, the insured.
Either Of these contingencies ~ GU. of
the range % probabilities but the contrary ia the
ordinary ofsvent, the other may DO rec.
j zsd by those most deeply interested.
This IL the eye and Il Il not i'm posibs