The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-08-11

m ON 4 Y N RK 4 II.

TUESDAY, August 10-6 P. NJ.
There slight reaction in the stock market at the
opening this morning the effect doubtless. Of the rapid
rise of the previous day two There considerable
activity among operators, prices pretty we'll
tanned towards the close More than three Thousand
shares Of Reading changed bands Erie Railroad In
active demand. and transactions time large
Harlem was firm but little stock offered, and TINT
was taken at slight advance. New Jersey Zinc has
been more inquired ar lately and prices appear be
steadily working upward There much stock afoat
holders generally waiting the result Of certain expert
ments going in the minerals Of the company Tho
stocks othor mining panes in the market continue
inactive and depressed so little is known about thenl
end that little calculated create much confidence,
that the orignators find 1t exceedingly difficult to
distribute the stock they desire This is IA
vorabe feature az II is indicative Of eautiousness
among capitalists and the absence of all disposition to
take up blndly with every project presented by any
clique of spectators This il guaranty against those
frauds and swndles which have heretofore marked tho
progress Of many mining companies in this country.
There has been airy ubt in mind but that
the mineral wealth of The United States was equal at
least to that Of any other country the face of tho
earth. We have immensely valuable mines easily access
sble, which be proGaby worked with moderate cap.
itals, hudicously and properly managed bur, unforu.
nately most of our managers of mining companies arc
entirely ignorant of the first principles OF the business In
which they are engaged Practical even theoretical
knowledge of mining article amosg the directors
of these companies; and practical acquaintance With tho
ways and means ofpnttrg the stock aoat In Wall street
seems preferable qualification scientific practical
requirements In most instances every thing the mines
Of these companies is eni listed to person may
or may not have hsd experience Knowledge In tho
business and the left on the
honesty and ability Of uDtried the aptitude Of MI
labors In Iiyo
business entirely We opposed all this The system,
Is all wrong so long this feeling is pursued It will all
be hsp-haxard business throughout and spectators in
wall street VIII make more out Of the companies than
any OF the stockholders By proper management,
most Of these mines would be Immediately productive
BY working them upon proper principles by en- poyng
experienced miners ~ realizing the ore as fast a.
1t 10 turned out by placing the capital moderate
amount, and keeping the expenditure for salaries,
&C.. reduced, mining companies, which are now nero
bubbles, might be made most productive Investments
We hope to see reform in these companies 1t Ia full
time for this important interest be placed upon firm
and substantial basis II IL Of the most legitimate
branches Of industry in the world and those who
been engaged in developing the mineral wealth Of other
countries have generally reaped rich The time
Is OF far distant when similar will be realized
here. We have yet great deal to learn, and
many bubbles will explode. before the business be.
money
DO lost in mining operations In this country
within the next FIVE years. than will De made
in double that time afterwards but something will,
be gained for those who In at later date There
probably Is business in the world the which
depends so much upon good management mining and
the practical knowledge necessary conduct protaby
lie only acquired by long experience. Notwithstanding:
this we find the boards of directors Of mining
panies composed Of men who hardly know one mineral
l..k. 49, -
about mining in all its ramiscatons those have
spent their lives In Cornwall among the mines of THAT
region. The utter untpess of the majority Of the d.
recors tf these companies, for their assumed position
must have appeared to any unprudiced person. They
are not Of class to inspire confidence either in their
discretion, scientific requirements knowledge Of the
peculiar business in which they engaged, their
responsibilities capitalists We have every thing in
far locations extent and rchues Of mines OF
the most valuable character. concerned and stock
holders in the company already formed would select
sound, practical, scientific TO manage their affairs
the result Of their operations would be much sats
factory than any yet realized We know Of the drec-
tors In these companies to be honorable straightforward
of whom have made large fortunes In
tile pursuits-men who, directors In banking insur-
nee, manufacturing companies, would have weight
and influence In any community but who are more
fit to be managers mining companies than they for
the Presidency Of the United States.
At the frat board, to- day. Penn. IS advanced per
cent Erie Bonds 1871, ": Florence and Keyport, II;
Harlem, 4. N. A. Trust went up at the opening, and
fell of x at the close Canton Company declined u per
rent; Reading Railroad X; Hudson Railroad, y. At
The second board. the market active, and prices
pretty well sustained NJ A. Trust declined per cent;
Long leland, u; Penn. Coal III Erie Railroad, u; Read
ne Railroad Hudson Railroad advanced X per cent
The receipts at the Office Of the Assistant Treasurer e
his port to day, amounted to $2O23S1 co. payments,
M, $40 05; balance. - sec, go.
The business transacted in foreign exchange to day.
Or remittance by the steamer Europa from this port
morrow has only been to moderate extent. The supply
Il bills on the markell good but drawers arm. We
uote bills on London at 1Ok 10h per cent premium;
N Paris, II. ID ST. 18s<; Amsterdam, 40K Al; Ham-
'urg, 36K seX; Bremen. 10 7ok. The steamer wu}
AXE out about half million In specie. ~
The bids for the y Thousand dollars of six per cent
Of the city OF New London issued for the purpose
4 aiding the New London willmantic and Palmer Rail.
cad, opened at New London yesterday The whole
mount Of bids hundred and thirty thou
and dollars The successful bids averaged 07 per cent
remum. They were made by parties in New London
nd Hartford These bonds redeemablc In 1907.
The receipts Of the Ogdensburg Railroad Company for
uly amounted TO $40,7a6 &c. against $2451 o. for the