The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-19
FINANCIAL AND COMMERCIAL


morning. but the transactions not large usual
Better prices realized and buyers took hold appa
renty, with . great deal Of confidence At the first
beard Norris Canal advanced per cent; Potos Lead 4;
Penn Zinc, II New Jersey Znc u; Nicaragua, ~
Cumberland Coal, u; Parker Vein, III; New York Cen
trail Railroad Harlem X Erie Railroad, n Stonngton
l. Reading Railroad /; Hudson River Railroad IN; New
Haven Railroad u; Hudson Convertible Bonds, r. I'LL
nos Central Railroad Bends fell off per cent The sales
were principally cash, and sellers option short time
The steamship Asia, from Liverpool, with three days
later news, is anxously looked for She will bring very
important intelligence from the East She has been
at little ten days. and will be due about Friday
next. specuations of all kinds held in allegiance
til the Asia comes in.
At the mining board considerable business tran
sacted, at full prices The sales follows:-
100 shs Fulton Copper 2 soo shs Phoenix Gold '7K
200 " Prkr Vein Coal 12A 100 Penn Zinc. 81
Mining stocks generally well held There appears
to be desire the part of holders to realize and the
prospects regards most of them encouraging and
satisfactory The works of the Pennsylvania Zinc Com
pany in active operation and the weekly pro-
duct amounts to about forty-six tons24O barrelsof
white zinc In short time tho product will reach sixty
tons-6Oo barrels-per week. Fulton Copper Company
continues comparatively quiet but is firm at quota
tons. Parker Vein is moving upward rapidly. 1t has
advanced four per cent in many days. The views of
holders of Potosi Lead above the market price Gold
Hill has thus far proved enormously productive and
doubt will continue to command high premium. Phoenix
Gold dull and depressed 1t apparently has little life in
it. All the copper stocks steady, and doing we'll
Upon the opening Of another year mining companies
will begin to show results. They actively
engaged in the proper way to deveope their
The failure in the sugar business, noticed yesterday
was Messrs Dmond & Co., of Bristol r. l. Their liza
bties very large The Of failures among the
dry goods jobbers confirmed.
The shipments Of specie from this port morrow, by
the steamer for Liverpool will not fall much short of one
million of dollars.
The stock Of the berland Coal and Iron Company
has been pretty well sustained amidst the panics and
explosions of Wall street Parties who purchased this
at high prices who afford to told do with
the hope that they may sometime hence extrcate them
selves with less loss than at present. and those whs
engaged the formation the company and got their
stock for song hold not to depress prices
by feeding the market too literally The n0ls oprdn
by which the great Cumberland Coal and Iron Company
with capital Of five millions Of dollars formed is
one those operations in tho financial world which should
be suffered to pass into oblivion particularly while
the stock is active fancy the market The facts Of
the follows Some hal, dozen men,
interested in the old mines and lands Ajoining
Cumberland applied to the Legislature of
coal and iron company, under the and style
of the Cumberland Coal and Iron Company with the prv
lege of increasing their capital to S. To obtain
this charter it represented at Annapolis that they
to consolidate nearly all tho principal mines about
Cumberland under company with the above designa
tion and by increasing largely the facilities Of conveying
The coal to market to increase and develope the wealth of
the mineral regions Of Maryland. Being thus armed
with charter they bought some mines and assessed
ho1.. -
for the property thus put into the concern valued at
and bought for about $3.50 O0o they issued divided
among themselves stock to the amount Of S. Oo0 with
the nominal par of 500 the share. They next
contracted for the New York and Maryland Mining
Company's property, and exchanged the mortgage
bonds of the Cumberland Coal and Iron Company for
1925 000 for the bonds and chattel mortgages of the
former company, these bonds to become due at the
time those given by the New York and Mary land
Mining Company Having thus been put in session Of
some 1000 acres of land and the Maryland Mining
Company's road and mines, they prepared that
grossly exaggerated and fraudulent report, which
was issued in February, 1858 In this report it was
stated that the preserved stock of the company had all
been subscribed for BY the stockholders at $75 the
SHARE and that it had been paid up taken by the
privilege, which could not in justice to them, be
granted the pubc-thereby practcing deliberate and
evidently premedated fraud upon the community Fer,
how it possible that to issue stock costing but 81 on
the share could be privilege to others $40 per
The whole cost of the entire concern including all their
purchases and improvem ents stands about as follows
Mines and lands without Nd. and N. Y. Mining
N. Y. and Nd Mining Co.'S property in mort
Advanced to baltimore and Ohio Railroad for
cars ................. .................. 10000
Expended for schooners barges, boats &c.,. 800 900
Whole cost, if the Company had no debt 81 655 900
Deduct for mortgage bonds still out 537 geo
And we have Gf the Company has no floating
oeot). VI, lis, GOO
which, divided by 500oO 1.-THE Dumber of shares) will
give So 80 the actual par value their shares they
have no floating debt But they have floating debt;
and their mortgage bonds become due when the old bonds
Of the New York and Maryland Mining Company's do;
when that is cannot say but it is probable that is
at distant day Under these circumstances it appears
quite time that thepubc should know something the
intrinsic value of this stock The coaoauGon to which
we have arrived is that the stock Of Dcmpany in the
hands of the present directors not worth dollars
the share The President allowed by The directors
cents per ton all the coal sold, in addition his salary
and they turn doubt bleeding the stockholders
in other way, while in all probability they hold lit
tie stock themselves
The Mountain Lake Water Company, Of San Francisco
organized in August 1851 under the general corpora
ton laws of California; for the purpose Of supplying the
city Of San Francisco with water from the lake known
Mountain Lake. situated about three and half miles west
Of the city, from which the water be introduced
its level at elevation Of upwards of hundred
and thirty feet above tide.
The first grant made by the Common Council in
june 1851 laws of the Legislature confirming same
granting further powers to Common Council passed Nay
1852; further grant by the Common Council July 1852
The capital Of the company is 100000, divided into
900 shares Of $50 EACH the whole of which has been
subscribed by parties in San anciico, and fifty per
cent paid in cash. The company the lake and
rounding lands and the right of way the city, including
the use If the streets for twenty years. at which
time the city must either purchase the works
extend the grant, the company being the owners
OF the only source of water from which the city