The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-04-13
CoMMRRCIAL AFFAIRS
HONEY MARKET.

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HONEY MAR KET.
MowDAv, April 12-6PM
II Is seldom that Monday opened 20 buoyant in Wall
street a. we noticed this morning very heavy amount
Of business wss transacted at Vie board without any ma
terial variation In prices soms Of tho small fAnoies
which have lately been rather quiet have suddenly b.
come quite active. Purchasers daily increasing In
number and the spirit Of speculation ia rapidly extend
ing At the FIRST board to-day Morris Canal advanced
per cent New Jersey Zinc "; Portsmouth Dry Dock, VI
New Haven Railroad. u; Harlem Y; Reading Railroad
n; Hudson River Railr ad declined Y per cent Erie
Railroad e. The great abundance and cheapness Of
money have givon impetus to operations in fancy
stocks, which is likely to continue some tmo longer with
undimnished vgor The banks find 1t difficult to loan all
their surplus funds and any amount of money can be OBJ
tanned CALL at Eve per cent One reason why holders
of stocks arc Indifferent about selling is the difficulty
pcrienced in investing the proceeds advanageousy
Those who have not been drawn into the maestrom Of
stock speculation would do well to keep out The move
ment has reached dangerous point and none but des
perate operators will enter the game as it now stands.
Tho receipts at the Office Of the Assistant Treasurer of
this port to-day, amounted to S65098 13 payments,
$2471s 6O-balance, $3,544,66o II.
The Harlem Railroad Company has obtained legislative
authority to increase M capital stock to total of eight
millions Of dollars and to convert, at the option of the
holders all liabilities of the company into new stock.
The company may also borrow money on its bonds at
per cent convertible in like manner into stock but
stock of the company shall be issued Sold received
in exchange at less than par value This act is to take
effect whenever the company shah have complied with
the ninth section of tho General Railroad act passed ID
April, 1850
The demand for exchange has not been active for the
Boston steamer We quote bills on London at ga ga
per cent premium; Paris, ST. 25 $780, Amsterdam
40A 4Oh; Bremen, IT.. ARK; Hamburg. 35A 35H.
The Hope Insurance Company of Boston, have declared
dividend Of six per cent; the Suffolk Insurance CON-
rany five per cent the Easton Delaware Bridge Com
any $40 per share; the Commercial Bank Now Orleans,
$50 per share the Philadelphia Germantown and Nor
ristown Railroad two per cent
The receivers of the Ocean Insurance Company have
declared final dividend of S 81 per share Of the capital
stock which will be paid upon the surrender of the cert
fcates to John ]. Palmer, at the Merchants Bank
The steamship FL Dorado from Chagres, brings two
weeks later intelligence from California She brings
very little and very little gold dust, there being
only about hundred thousand dollars on freight,
and one hundred and fifty thousand in the hands Of pas
sengers Accounts from the mining districts continue
good the yield has been equal to the expectations of
parties Interested The reshet in Sacramento, Marys
Vile and throughout Ell Dorado country was not so dis
astrious the previous and would soon it was sup
notice no feature in the commercial affairs Of Cali
fornia Trade good and prices obtained for staple
articles were renumerated than formerly
The Philadelphia organs Of the Heading Railroad have
endeavored to gainsay the information promulgated
to the effect that coal could not be mined in Schuylku
county cheapy as in some other sections OF the Penn
syvania coal fields We give them the benefit Of their
statement such is in which shown the vast capa-
city of the coal regions -
1.-The southern, or schuylkill coal field, upon the
head of the Schuykll and Swatara in the coun
ties of Carbon Schuylkil, Lebanon and Dsuphin 164
square miles 104 800 so uare acres.
1.-The middle coal field upon the Mahonoy and sha-
mokin including several small shallow basins at the
eastern end such the Beaver Meadow and Hazeton. in
the counties of Northampton schuylki, Luzerne, and
Carbon us square miles SU square o, acfe sa ron tho
Susquehanna and Lackawana, mostly in the county Of
Luzerne lis square miles 1880 square acres.
Total anthracite in Pennsylvania, 397 square miles
254.OS0 square acres.
If after allowing faults waste and pillars ealcu
late OCO the for every foot Of thickness of
coal every of the 2o4s $40 will contain 10000 tons
and the whole southern or Schuyll coal field will yield
the enormous amount of 239 of tons, more
than twelve thousand millions of tons Of workable coal
In the year 1851 not quite 600 tons were sent to
market by the valley Of the schuyk and 43o212i tons
Pennsylvania. If, then allow the Reading Railroad
and the schuylkill Navigation to bring to market an
equal amount annually it will take them 5434 years to
exhaust the southern Schuylk coal field But allow
the Reading Railroad to bring to market the enormous
Navigation 100000 which is beyond the limits Of their
capacity still it will employ them 2o4S years to exhaust
the Schuylki coal field alone.
The above array Of facts only go to prove that Penn
sylvania coal is ncxhausibe far the and
many succeeding generations concerned Schuylki
county has her fair share of this immense quantity
We have never denied this the contrary, admit it,
We stated reliable information that the surface
coal above tho water levels exhausted and that in
future the mines must be worked at lower levels and the
deeper the descent the expensive the working No
all acquainted with the practical working OF mines
of any description will deny this. The common practice
in every kind of business 10 to seize upon at first that
kind Of labor which involves the leastrisk and the small
est expense In California, the diggngs must be first
exhausted before the quartz mines will be worked to any
extent The is obvious-the latter are more
pensve and require additional labor and larger capitals
to work them The came applicable to COAL
or any other mineral similarly situated Suppose coal
was open to all in Pennsylvania. as gold In
California and could be with equal facility brought to
market the would be- that the upper crust
Of the coal would be first removed before the miners
delyed below the surface The mines in Pennsylvania,
however are owned by individuals or associations, and
thoss which fresh, with avenue to market must
have manifest advantage over the Old minea When
all are exhausted alike the surface, then they
will again start fair. Such being the real facts Of
the case will be utterly impossible for the Read
ing Railroad to supply the coal promised in the
above statement, the article cannot be furnished
ON as good terms Is from other mines. We do not
apprchend that any scarcity of coal will take place
because the supply over the Reading will fall short 1t
will only be q change Of avenues through which the coal
wiz be received The Reading viii sstll supply al the
coal wanted on the line Of the road but for purposes
expectation it will be found dearer than that which
furnished from other quarters The parties who have
been operating Reading stock know these statements
to be true and have made desperate efforts to bring tho
public in to partake Of this wild scheme Of speculation
We have deemed it duty to lay these incontrovsrt
BILE facts before the public that they may be deceived
BY falsely coored statements With the most determined
efforts on the part Of the company to transport coal
owe: the road the present year than II did the last