The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-18
FINANCIAL AND COMMERCIAL.
NEY M RK f II.
THURSDAY, March 17-6

THURSDAY, March 17-6 P. NJ.
There were large sales Of Nicaragua, Cumberland
and Erie, this morning, at prices q fraction below
those current at the close yesterday Most of the
operations were on time, showing no let up in the
tghtness of the money market At the first board
New Jersey Zinc declined 1 per cent; Nicaragua,
/; HarlemC 1; Reading Railroad, !; Hudson River
Railroad, J. Florence and Keyport advanced per
cent; Buffalo and Rochester Railroad, B; st. Law
renee Mining Company j. At the second board,
there were more evidences Of weakness and but very
little business was transacted. Nicaragua fell off
per cent? Erie Railroad, !; Hudson River Railroad,
l. There was Q very active demand for money
throughout the day. and the pressure is likely to be
more severe than ever A large failure in Baltimore
was reported this morning, which caused great
deal Of excitement in certain circles. Many are ap
prehensive that more will follow. During the past
week the mercantile classes have been more embar-
raised than for many years before, and contraction
has commenced that will ultimately place things
upon healthier basis. The ordeal through which
they must pass may prove fatal to many; but it is
better that such purging should be made now than
the disease become more deeply seated, when the
treatment would be serious, and the result less
favorable.
The receipts at the Office Of the Assistant Treasurer
of this port to-day amounted to $22S265; payments,
sll9,749 S9-balance, SO, sl9,369 %.
Capitalists must bear in mind that Simeon Draper
will: sell at auction tomorrow-Friday, March Lat
the Merchants Exchange, at twelve o'clock, eighty
thousand dollars of the bonds Of the Wesvie Coal
and Land Company. These bonds bear interest at
the rate Of seven per cent per annum, with coupons
attached, payable January and July, in this city,
principal payable in 1862. This company owns
valuable tract of bitumnous coal land at Welsvile,
on the Ohio river. There are two wide extended
beds on the company's property, both Of good quail
ty but of varied excellence. The veins are of q con-
venient working thickness, and all crop out at the
hill side, draining themselves, and aff0rding every
advantage that could be wished for in convenience
for working and for running the coal down to the
railroad depots and to the steamboat wharves which
are nowhere more than half mile distant from the
pit mouth. The superficial vein, OF four and half
to six feet thick is acknowledged to be the best coal
available for the market Of Cleveland and the lakes
II is got out in bright bitumnous, hard Jumps very
free from iron and sulphur and its quality makes
it sought after with avidty by the Ohio steamers.
The company deliver their coal at Cleveland for
less than two dollars per ton. The prices it COM
mands there range from three dollars to four dollars;
and there is as ample margin for profit on what
they furnish at the pit mouth for steamboat, manu-
featuring and domestic consumption. To enable
them to open out the coal veins more thoroughly, to
lay down their tracks from the wharves and railroad
depots tosthe mines, andt work more extensively
this Cleveland coal traffic, and, also, to improve
the wharyes and landing, the Wellsvile Company
now come into the market for loan.
The Norwich Courier states that Judge Wait, OF
the Superior Court, has issued injunction against
the Eastern Bank at West Kilingy thus closing its
doors for the present AS before mentioned the cir
cuation Of this bank is $4,000, in addition to
which it has other liabilities which will raise tbl
whole amount Of its debts to $l33 ,6OO Its ASST
according to the paper above quoted are $4O,0eed
bonds or stock Of the Rock Island Ql) Re-
$4,000 in specie, and SIS 900 receivabl5h M
discounted TO customers making in all NJ,
The earnings Of the Michigan Contra
February were as annexed =
MICHIGAN CENTRAL RAIL Re,s 7btal
,es. Pos@engsrs Freight Js25 s4OO45 %
| IS52...... 10,061 81 140S1 g.
rarn;no. g. a.. C., Idarter OF the fiscal year
OF the company endjn/ s' '' 80 p"0"