The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-22

NJ o b EY MAX n II /.


that it will increase rather than diminish. The
break down in Cumberland has, doubtless tended
very much to depress others The depreciation in
the market value of coal stocks generally has been
large per cent and in Cumberland it is likely to be
still greater. The report recently issued by this
company has not helped the stock as holders anti
cipated but on the contrary has been the principal
cause of the decline The immense capital reported
has frightened spectators and there really nothing
in the report giving the slightest hope that anything
in the shape of dividend can be earned, at least
for some years. AS 1t now stands, it is gigantic
SHE'LL There appears to be nothing, in the shape OF
internal resources, calculated to give holders conf
dence in its ultimate value, and much disappoint-
ment has been experienced. So much has been said
about its rich veins Of COAL much said about its
mining operations, so much expected from the ANAL
gamation of conflicting interests in the same
district that parties interested have been sorely
disappointed and exhibit an eagerness to abandon
the concern, calculated to result in great sacrifices
For some time past large lots of the stock Of this
company have been hypothecated, and prices have
been well sustained. For weeks the market value
hardly varied two per cent, and outsiders were, to
limited extent, induced to take hold of it. Months
ago we called for full and comprehensive exhibit of
the company's affairs in consequence of the conflict
ing reports in circulation. We had desire to get
at if possible, the real condition of the company
affairs. After considerable delay, it has appeared
and those interested can judge for themselves The
report speaks for ITSELF and the effect is visible in
the movements of the stock. The American Ex-
change Bank is deeply involved, either directly or
indirectly, in this Cumberland Coal and Iron Com
pany, and it is probable that measures have been
taken to get out Of it. As the margin on stock n.y.
pothecated runs out it will come upon the market,
and there is no limit to the depreciation. Its real
value is entirely prospective and its prospects
by no atterng. The great difficulty in all coal
companies is the length of time required to develope
their resources, and the great has been in
ticpated immediate returns. With some of the
companies on the market it may be only question
of time, in showing their great value productive
ness, while with others the more that is known
them, the less the market value is likely to be.
1t will require years to bring the coal COM
panies Of the Cumberland region up to state of
moderate productiveness. The available capacity of
the Chesapeake and Ohio Canal and the Baltimore
and Ohio Railroad, has been most extravaganty over
rated. The railroad cannot possibly bring down,
during the present year, O853,) more than four
hundred thousand tons, and the canal cannot bring
down more than six hundred thousand tons of coal,
even with great addition to its boat tonnage. This
makes an aggregate Of one million Of tons, to be
divided among all the coal companies of that dis
trict. We leave it for those interested to figure up
how much each company will be entitled to-, or how
much each can get Of this aggregate to market.
Spectators have not stopped to calculate the
probability of each Of the new coal companies get
ting to tide water enough coal to pay even the most
trifing dividend. Had they done So they would
have found that (perhaps with one or two excep-
tions) there is not company at the best, that will
pay anything more than current expenses of mining,
| and many not even that.
| At the first board to-day Nicaragua Transit de-
| clined per cent; Cumberland, %; Canton Com
pany.- Montgomery Mining, /; Portsmouth,
Phoenix, Llangollen, j; Sixth Avenue Railroad, ];
Erie Railroad IL; Harlem, /; Norwich and Worces
ter, 4; Reading Railroad, 4; Long Island, l. Parker
Vein advanced per cent. But for an active demand
for Cumberland and some Of the other fancies from
the bears for delivery maturing contracts made at
much higher prices the market would not have been
SO well sustained reported The decline in several
stocks have been great that the bears feel grated
in realizing the difference in their favor As soon
as their deliveries made and the demand from the
bears ceases, may look for another depreciation
At the second board there was slight rally in some
Of the iancies, while others fell Off Cumberland ad
vanced per cent; Parker Vein, 1; Morris Canal 8;
Erie Railroad, /; Reading Railroad, !. Canton Com
pany declined per cent; Hudson Railway !; Sixth
| Avenue Railroad, 3; Panama, l.
The steamship Pacific, at this port from Liverpool,
brings four days later advces from all parts Of Eu.
| rope The news does not amount to much. The
cotton accounts are not favorable those previ-
| ously received. Prices remained without material
alteration, but there was activity among opera
tors Breadsuffs were slightly better, both regards
prices and demand. The advance in consols is ndi-
cative of frmer feeling in the money market. The
returns Of the Bank of England for the week ending
January % show a decrease in the amount of bull
lion on hand of G3G2 ,0s4, and in active circulation
s49O,32j.
The receipts at the office Of the assistant treasurer
of this port to-day, amounted to SlS4 ,l70 payments,
ssG 1915 i5-balanco, 81, 9O3, GA So.
The imports into this port today--Feb 2l-have
been as follows
Buter-55e kegs. Beer-a4s asks. Bleaching powders
so casks Coal-1,o22 tons no chaldrons. Cofee-3ls
bags coffee. Cocoa cog bags Cheesc-25 cases Co.
ment--2N0 bbls. Dyes casks cocbineal, chests in
dgo Dyewood-133 zoo lbs ogwood, 15al tons fustic.
by goods ess packages per Pacific 129per New York
isaniy as as per-
Queer 800 per Elise Drugs-lO casks Is bbls ammonia
Sc ks gum $50 casks soda 800 casks sugar lead
casks cream tartar, box Harlem GILL Fruit, 800
boxes 700 half bbls., 126 quarter do rcsns Gaano-
$50 tons. Honey--3 bbls. India Hubber--34 bundles
Iron-1 713 bars railroad iron 35l6 bars 002 bundles
1877 bundles sheet, 43l plates, 70 tons pig Iead-s2o
pigs Meta-3G cases copper. 0il--162 casks lnsoed.
Poatces--G0 bbls Rattans-1754 bundles. Salt--S9G0
sacks. seell96 cases, $3.50 bupdles. sugar9o boxes,
SIS hhds. Sririts-365 pipes GIN scgars19 Tin
II GEO boxes, 73o slabs 700 boxes terne plates Wine
| 1C2 cascs, casks, i,015 baskets.
Extracts from letters received from the mines OF
Lake Superior to the 10Th of January
CIIfT NINE.
The eighth level, Ave hundred and twenty feet below
The surface produces copper than any above it.
Extensive of nearly pure copper met with in
al parts OF the mine. IL is paying net profit Of about
| $40, 0o0 pcr month.
MINNESOTA NINE
Th. mine continues to improve Extensive