The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-11


annual dividend Of five; the New York Floating
Derrick Dock Company, ten per cent.
The revenue Of the Baltimore and Ohio Railroad
for February, was as follows
Main STEM ,sngs s. So sss IL sssc1s Is
Washington branch. 24,462 10 b,3s5 rs 2ss47 IS
Totals. s5s $50 s5 SIS, 7s4 At sl2s seS Il
The increase Of business on the Ohio and Pennsyl
vana Railroad for the month Of February, 1853,
follows =
RECEIPTS THE ONO AND PENNSYLVANIA RAILROAD.
In February, 1900 '$3o o03 %
In February 1ll97 81
Increases olo IL
The Wellsville Coal and Land Company Of Ohio are
in the market for the sale of 900 OF its first mort
gage convertible bonds, bearing seven per cent int
rest with coupons attached, payable semiannuay in
this city-prncipal payable in 1862. The proceeds
of this sale will be applied to the Improvement Of
the companys property, and to the Development Of
its valuable coal resources. This company has been
organized under the general law of Ohio, with
capital of 5000 900, divided into shares of $50 each
The company own a valuable property, comprising
1st Nearly q mile of the Ohio river frontage in
Wellsyille giving monopoly Of the landing in the
town. The wharfage is good, with deep water close
up to the shore. The railroad track runs along the
whole of this frontage, and their two depots are
located here. I'd. One hundred of prime lands
surrounding the village Of Wellsville Of character
requiring little or no expense to fit it for house foun
dations, and affording good material for building,
either in stone brick. Sd. One hundred acres of
land adjoining the above, and extending up to the
gentle activity which shuts in Wellsville on the
north. This land is covered with oak timber,
and has valuable quarries Of stone, potters
and fire clay, now extensively used for va
rious kinds of earthcnware, and above all
immense deposits of bitumnous coal. This is the re-
nowned Yellow Greek coal, especially dwelt upon by
Professor Twining in his report, as surprising in
quality and convenience OF access all the coal veins
between Pittsburg and Western Indiana. To enable
them to open out the coal veins more thoroughy-to
lay down their tracks from the wharves and railroad
depots to the mines-and to work more extensively
this Cleveland coal trafic-and, Also to improve the
wharves and landing, the Wellsville Company now
come into the market for loan. They offer most
ample and undoubted security, and they further ex
tend to the purchasers Of the bonds the privilege O
converting them, at any time before lst January
1858, into company's stock. Simeon Draper will sell
these bonds at auction Friday, the 18th of March,
at the Merchants Exchange.
The earnings Of the Michigan Southern and North
ern Indiana roads for February, were as folows:-
pAssenpers ..SiZ4I4 90
Fright. IL, loI w
Total: 81 8.
increase, 1ao per cent ss2 no %
In the Miners Journal, of the 4th of March, we
| discover q few crumbs of comfort for the Cumber-
| land Coal Company-an increase in the mining bust
ness, reported by themselves of about 400 tons
for the week; and, in addition, we learn that the
whole trade of the district forwarded to the canal
from the lst January to the 9Th March, did not ex
coed 20, 1852 tons-of which amount the Cumberland
did not contribute over 600 tons. There are some
ten companies mining near Frostburg, in the imme
diate vicinity Of the lands Il the Cumberland Coal
Company each and every one Of them running in
competition with each other. 1t can, therefore,
easily be that the few cents claimed by the re-
port OF the Cumberland compay as the profit on its
business, may be reduced to improbable result.
\ The price per ton in Baltimore has already fallen
twenty five cents, the depreciation being from SO %
to SO per ton. 1t is not, however the rvalship of
the Cumberland coal companies which solely
produced the decline. The causes are deeper and
more permanent-such as cannot be gottenover and,
by way of illustration, we give the common opinion,
that coal mined by the Cumberland Company can
bear no competition with that Of the Daaphin,
which sells readily at s. so, and is placed in Balti-
more at 81 37i. II then, the expense of production
and transportation Of Cumberland coal, in con-
sequence Of the strike should increase the cost twenty
cents per ton, which is low figure, and then to this
we add twenty-five cents decreased value Of the coal
the aggregate being foryfve cents, which, deducted
from the assumed profit Of seventy cents, will leave
but small margin for the discharge of interest on
81 900 900 Of indebtedness, Independent of current
expenses. The year. thus FAR has not averaged 400
tons per week an amount which ia most likely to be
decreased when the superior coal from the Georges
Creek shall be introduced into market, which will
be done In about thirty days from the rich mines Of
the Georges Creek Company.
The mines Of the Dauphin Company now in full
operation, are sending 10 Baltimore highly proved
trnnstn coal, and await a more decided policy on
the part Of the railroad company whereby adequate
hcites will be Afforded to extend their supplies 10
an almost unlimited extent
In looking 70 the value Of coal lands is somewhat
necessary 70 ascertain whether the product Of the
mining yield profit for should it not do &c. then
coal property must fall TO the ordinary value for COM
mon agricultural purposes. II then, the seven thou
sand acres owned by the Cumberland Company un-
der mortgage, be worth nothing as coal property,
the whole amount would not produce, at $40 per
acre, the immediate sum Of $4,000 and, on the
same principle the railroad and belonging to the
company will be correspondngly deprecated.
The annexed statement exhibits the quantity and
value of certain articles exported from this port
during the week ending and including Saturday,
March 5th 1858, distinguishing the destination and
extent Of shipments to each place.
COMMERCE OF The PoRr NEW YoaK-wMKIY EXPORTS
LIVERPOOL.
QUAINT. Val Qoow Vd
Cotton, bales 2,1O5 500 1873 Chrome :. 81 81 1877
Flour, bbls ..9,113 1876 Currants. 500 5000
Pork, -: IA u so6 Soap, boxes 80 100