The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-10-06
COMMERCIAL AFFAIRS .
MONEY M AR X r II /.

The stock market more depressed NJ the opening
this morning than at the close yesterday Most Of the
trspsaotons at the board for cash, and hold
ers were anxious realize Erie and Harlem par
tcsrIy active and at the close freely offered at
lower prices At the first board, Long Island declined
/ Ia per cent; StonDgtop. ~ Reading Railroad, TX;
Hnltm Il; Erie Railroad III Dauphn Co. j; Cum
beriand Coal, X; Canton Co, q Edgeworth Co, x;
Morris Canal g. Nicsrsaua advanced * per cent At
the second hoasd herris Canal fell OF per cent;
sylyania Coal u; Cumberland Coal Long Island
stoning,on Il; Eric Railroad, /; Hudson Railroad,
Norwich aud Worcester, g. The fall in quotations within
the past week ranges from five to per cent hold
hardly know what TO do--whether to sell out
At the depreciation hold for better pries Several
ofthe leading farcies selling prices lover THAI
have been known for months. The arrival OF the steam
ship Ohio with two millions Of gold dust may arrest tue
downward movement in prices, anu bring ABOUT the re-
sction which susiousy looked for Tho effect Of this
great and sudden change in the street l. confined to the
regular operators Thee failure Gay and il the
market falls off much more, there will be others The
bulls now dsgorgipg portion Of the profits they
have bsgged during the past twelve months One Of ths
principal of the recent panic in stock
is The large accumuatons Of specie in the
OF this port The receipts TO day amounted TO 1902 $50 90
payments Sl42 7o2 2sbance ~ Ice $50 10 This is
quite large has been recently 1t is however large
enough to make the banks cautious aud restrict their
operations veIy materially. The mporatious for
weeks past have been exceedingly heavy and the pay
nent account Of duties unusually large; bat this
last much longer The for imports about
and the from customs Is reduced
moderate amount the ordinary expenditures of the
will deplete the Treasures fast enough.
This depreciation in prices for fancy stocks Is rather
good thing than otherwise 1t will tend TO keep spec ua
ton within proper limits and prevent those disastrous
papics which have heretofore been frequently realized
Purchasers Of stocks at present prices need have
apprehension Of any serious loss they cheap
enough for permanent investment.
The demand for foreign exchange to-day, mode
raey active at rates ruling at the departure Of the Pa
ci6c Saturday last. We quote bills on London, l04
. loh per cent premium Paris, ST. 13a ST. 12h
Amsterdam, Al a Ala Bremen, y9a 79A; Hamburg
36h $685. The steamship Africa will take out about
six hundred thousand dollars in specie.
The earnings of the Erie Railroad Company in septem.
Der, amounted to 1915 ITO "a :; in September, 1851
$308 sss 90 increase S6s .s7 S. in the arst
months of 1851 S796S5 equal to about forty per
cent.
The Bedford Commercial Merchants, Marine, and Ne
chancs banks Of New Bedford have each declared seni
annual dividend Of so per cent, payable October 4th.
The Gloucester Bank has declared semannua dividend
Of Al per cent. Lynn Mechanic Fire and Marine In
Company Of Lynn. has declared dividend Of
~ per cent hdvernlu ana Union DAuks. dhvolnlu,
Merrimack do az Essex do. (new) interest for Ave
months Bay State Bank, Lawrence 3ls per cent
1t will be by advertisement in another
lumn that the Mountain Lake Water Company. Of San
Francisco, California, ia in the market for loan for
S2500 for which it purposes Issuing ten cent bonds
sums of $1,000, with coupons payable semi annually
this city. principal redeemable in 1852 Proposals
will be rsctived the Office of Dias Thomas So Wall
street. until Thurs0ay the 4th OF November, at O'Clock
p. NJ. The company have the monopoly Of supplying
the city of Gan Francisco with water for twonty years.
and beg ond that time it probably will have no compe
ttor. as 1t the only from which water
be obtained.
The rec eipts Of the Milwaukee and Mississippi Rail-
road Company during month Of September amounted
TO 81, 5e5 IL
company is about being organized in this city, With
sufficient capital TO work upon most extensive ale,
the rich quartz rock of volcanove Edorado couuty,
California D X Minor of this city is one of the priu
cpa orignators of this company. He hes resided
time IN Volcsnovle and is intimately acquainted With
the immensely valuable mineral of that
ton OF California With machinery adapted to the work
ing of he gcld quartz OF Vocsnorile, the mining bust
ness is destined TO become much productive than
has yet realized In any other part of California
Volcarove IL situated In the very centre of the goa
quartz region Of California on the table lands between
Otter Creek on the south and the Middle Fork Of the
American river on the north, and about nine miles
nolthery from Georgetown. twenty miles from Colona
where gold discovered in California and seventy
miles by trail fiom Sacramento City Its location is ct
The point where the trail from Georgetown to Volcano
Bar Big Bar and Gray Eagle City, divides and at the
termination of the wagon road by which supplies for
those and rauy other rich localities in its immediate
vicinity hauled and at an elevation Of about 1890
feet above thu main water courses within two miles o.
s. Some idea of the country about this place may be
formed by the Of transportation TO and from It, 1t
Is by wagon road eighty two miles from Sacramento
City the ordinary price paid for the transportation
of provisions. merchandise and machinery. was, last
year six cents per ID while 1t cost two cents per 10 to
get i. from there miles to Volcano Bar on pack
mules The table land between these water courses
the Middle Fork Of the American river, and Otter
Creek is gently undulatipg aud covered by growth
Of pine oak. spruce and cedar, furnishing an
aburdsnt supply Of good timber and fuel steam saw
mill there, cut during the winter 10000 feet OF pine
lumber. which sold readily at Slco per thousand Tor
umng the river aud for building in the nei8hbofhood
Yo,canoyie is situated in the midst OF Of the rich
est disrots of placer difgings in Ca ornis The Mid
die Fork, with It's immensely rich bars " slides"
scanons," "gulches" flats" and deep water claims
and Otter creek Canon creek Missouri canon GriSey
canon while little further OF Yankee Jm's Dry
Dipsings and Spanish Dry Diggings, and many other
rich stamp this region unquestionaby
one the most productive gold districts In the state
but this is not all its most marked feature Its re-
Gently discovered quartz veins supssag any thing yet
di covered will surely make It prominent in the future
mining operations OF California The table land between
the river Otter creek evidently ribbed with quartz
veins which show themselves occasionally the
face and the principal vein yet opened gives abundant
proof Of its unparalleled richness and unusual
tent. We have specimens which weighed when
split fr, the vein least 500 pounds. but broken
to smaller sire for the convenience Of transportation
pack mule to Sacramento City Its value, for its
gold alone has been estimated at from $4,000 to $1,000
and it will beyond a doubt yield over $500 but It
Is worth much more a cabinet specimen. There is
much Of the the vein from which this vas taken
6ftv cents dollars pound