The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-01

wonderfully and aidsd vsfy materially In Strengthening
and consolidating the general prosperity u The great
whole II u true stocks Of worthless valueless
character have, though the efforts q certain psres
been enornowly minated. and many outside opszst1s
Who we're isto the movement when hsA nearly
reached its eliminating pont have doubt been serious
sufferers. The effect however, limited and hsd no
effect upon any great national interest. Stock speouls
tions in Wsn DO not to much beyond that
immediate vicinity They have no Influence way
the other the legitimate haansial or commercial
operation, Of the country ct large and not thsre
fore, II 30 much iDpoftaI appear the surface
The and downs in fancy stnsks caused BY
local Influences than by external movemensa 30 long
the country ct large progressing pro-perously and
permanently It matters very little what few brokers in
Wall street may DO DOING what prices fancy stocks
may command.
Tho Great Western Railroad, (Cansda west 10 In .
progressive state and with the New Albany Salem
road nom Michigan City to the Ohio river and with the
various lines from Chicago the Mississippi new rspid
ly drawing to completion (athough the receipts from
the present winters business after the cloe navigs
ton NAV be small the prospects the company for
the future encouraging than ct the pre-
sent time.
Tho company have declared dividend Of eight per
cent able in each the 8st instant to holders Of
stock at the close OF business this daypay to DO
made 10 stockholders residing In Michigan at the ofes
Of tho local Treasurer in Detroit to holders Of stock
registered In the city ofNsw York ct the Office Of the
Farnsra' Loan and Trust Company, and to all other
the office OF the Treasurer In the city Of
BostoB.
Al considerable anxiety exists relative to the
msnt Of coal companies generally We shah give from
time time they reach NJ the results Of essh and al
the information alludss IN any way, to their position
prcgr-ss, and prospects, Of favorable unavorabe
character The annexed letter from the President Of the
Phoenix Coal Mining and Manufacturing Company to
the board Of directors will post those interested up to
the latest moment -
To THE Beam OF DrREcroSs OF TIE PHaNx MIv,vo
AND MANUFACTURING COMPANY.
GENTLEMEN In accordance with the wishes expressed
OF our last meeting have visited the companys property
at WetterDport with the intent OF opening large
hsg in nearly horizontal position wi slight ncna-
ton to Georges Creek by which slope the mine viii be
kept clear and dry-tmportant desiderasa In all mining
On my srrvsl at the mines found that our engineer
bad in conformity to previous insruotions completed
survey OF our traet known Pleasant hill and being
thus pared We immediately proceeded to loo and
open the coal vein which found superoe quality
the very outci oppsgs mt for Ths opening
100 feet above the Georges Creek Railroad which ruus
at the hare Of Pleasant h from ns place OF iunc
ten where inclined plane wnl unte with the road
the distance to tbs Baltimore and Ohio Railroad be
lsss IMAM one and baf miles The slope OF this HILL
from the read to the mouth Of fourteen Is
plane can be easily ma 1e without much delay,
comparatively small expenditure the Materials for
the construction Of the plane ths spot perfect
aruDdacs with the exception the iron rail Of which
the company will require sufficient to cover double mia
plane Will not exceed thirty five feet to the hundred Of
length.
directed engineer has completed his survey Of
the plane ard prepared estimate OF the cost which,
he informs me will be Tor wsrded to he office
and therefore be expected in The Of the week
1t is opinion from the nspsction nave persoualy
and carefully made united with the information have
collected from Iesbe sources that would best serve
the interests Of tbs company that the Of construc
ton ,hosd proceed with the .srilest convenience and
for this purpose l earnestly recommend the promct
action OF tho board II immtd ise proper measures
ousy with the completion Of the Georges Creek railroad
when will undoubtedly take place In March within four
months Of the present time
In reporting the coal vein, already opened regret
70 inform tho boara that in consequence Of geological
msfoTmstion which has recently been discovered Is
common defect incident to the SIX foot vein through the
whole Of the Allegheny coal field our mining has been
partially arrested by Whist miners denominate horse
back but which disturbance 10 rapidly appearing and
before left the mines the vein recovering its
original thickness If however it should bs ultimAtey
that the coal Of this s.tum did not meet orr az
peaop the directors only to order the three feet
vein commonly called the Parker vein to be worked
which can b. done With extremely little expense
inclined plspe, already constructed through the
nine IN re- accent about half distance above loading
nous. The company have not heretofore tnrnad .hAr
Stenon 10 Ibis vein because Of its slender dimensons
being only three feet In thickn it boE deemed
eooi CYNICAL TO work larger vein but works being
be good policy TO abandon tho SIX and mine from tho
Parker vein.
1t proper should state that the recent heavy rains
have slightly injured our pane but that the injury il Of
little importance and that 1t will be repaired If not al
i.soy done within few days BY the introduction Of
In conclusion permit most sincerely to
tho board and the stockholders the imp owing pros
poets OF the company while gives great pleasure to
offer for imposition the letters proposing
TO purchase Dor Ions Of the lands and
which time sincs would have been deemed extra
fnfu If
cur pioneer movements do advise them to &C.
cept a. entertain no doubt judging from the active
improvements which are going the neghborhood Of
our property that in the Of very short period
the company's surplus lands will command much higher
prices.
With these remarks. which make after careful sx.
animation Of the compapys interests the question of
progress and improvement is most respectfully sub
mi'ted under rbe simple declaration, that great
fourteen feet vein may for years mine thousands Of
tons caily and i'll have mil ions In reserve
have the honor to remain most pectullv your obe-
dent servant FRANCIS RIDER.
New Yors Dec q, 1852 President.
ST. have the satisfaction to inform the Board that
ncotes the agreeable intelligence, that the OF
oo vein the tix feet is improving rapidly there being
now four et two inches and that there every reason
10 conclude that Will its original thickness
1t has already acquired a good color"
The board of directors have faly authorized Mr. Rider
to without delay in the adoption OF such
es will In his judgment most successfully aud speedily
promote the best interests Of the company He will pro-
coed at once In the construction Of inclined plane
unite With the Georges Greek Railroad for the purpose
of working the fourteen feet vein Pleasant Hill at
Western PORT the exclusive property Of the Phoenix
Company. This will require greater IA ,tes for getting
the coal to market and application has therefore been
made to the President Of the Baltimore and Ohio Rail
road Company for hundred cars per day to com.
meEce on or about the fret day Of April next We have
great confidence In the Of this company and
have no doubt all their anticipaons and estimates will
be fully realized The letter Of the President Is straight
to the point 1t 1, plain, unvarnehsd statement Of
facts and is therefore entitled to much consideration
The Railroad Journal gives the follow ing reasons why
the Albany and susquehanna Railroad should DO DON
stIucted as speedily as possible.