The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-04-06
have confidence IN the fate Of the road the president

ties thus interested Is it the gentleman and his
particular friends is it so held by the unfortunate
director recently elevated to the honor of member.
ship? Will the president answer this question? If |
he admits the fact and the truth that every effort has
been used to break down the market then the proof
of confidence Of which he has boosted is little better
than deception The directors have essentially no
interest in the stock while in the second mortgage
bonds, which have been specially well provided
for, they are largely concerned, which favored nen
the history of the times at which it negotiated
gave rise to the suspicion that the credit of the
pany purposely down, for the express object
Of getting hold of the bonds at the moderate dis
count OF twenty per cent. The sale at auction on
that OCCASION far as the duped public were con-
cerned, did not exceed $45,OOO-such was the dis
trust Created but the millions of balance was taken
by the directors and their friends; and then after
few days Of modest reserve, the loan exhibited un
mistakeable evidences that the knowing ones had
feathered their nests with vengeance
With regard to the future profits of the Erie
Railroad, much will depend on the operation of the
act, which has already passed the Assembly, taxing
all through freight carried over the road, equal to
the tolls paid the canals, to raise revenue to
secure the enlargement of these great internal i'm
proyements-a policy, perhaps not very judcious,
as its effect may be to direct the western trade to
other places-for already have the tolls been reduced
on the roads connecting Pttsburg to Philadelphia,
! and on the Baltimore and Ohio road between
Wheeling and Baltimore.
| The New York roads have enjoyed almost the ex
elusive advantage of carrying the travel to the West
from whence they have derived their principal
revenues but now that the Baltimore and Ohio road
has been completed to the Ohio river the current of
travel following its natural course must be divided
Heretofore, persons going to Cincinnati were com
PEELED to take route, while, with the present ac-
commodaton the shortest line will be through Balti
more, as this will best suit the residents of the
| southwest.
The Parker Vein Coal Company are making rapid
progress in establishing its line of steamers between
this city and Alexandria and Baltimore, in connec-
ton with the Cumberland Coal trade and the freight
| ing business of the Baltimore and Ohio Railroad
-Four steamers have been launched, and two more
will be a1oat in couple of weeks. The first
two, the Parker Vein and the Westernport, will
be here this week, to load with freight for the Ba
more and Ohio Railroad. These are the first of the
line of fifteen steamers, now building by Capt Lopez,
to run between this city and Baltimore. These
steamers will form daily line between the two Cities
and, running in connection with the Baltimore and
Ohio Railroad, must do an immense freighting bust
ness, in addition to the transportation of the compa
nys Parker Vein) COAL 1t is estimated that the
receipts and expenses of each steamer belonging to
the line, per month"; for three trips, will be as an
| nexed:-
| PARKER VEIN Coal C0MPANy's STEAMERs-RECE1PTs AND
EXPENSES.
Expenses of loading and unloading .. $500 90
Expenses OF captain engineers and crew.. 400 90
frovisions Iuel &C.,. 439 90
Total expenditure per MONTH or three trims 81 l59 90
Receipts for freight on ], 200 tons of
p. coal GOO tons each trip at 81 Is $500
per month"; three trips to N. York 600
| Receipts on miscellaneous freight
| per month, trips from N. York 1900 $500 90
Net freight each steamer per month";. 50 al 600
| Do do. per annum ....... 29,292 90
10. fifteen steamers, per annum. 439, $50 90
This is equal to profit on the entire capital Of the
company-three millions Of dolars-of nearly fifteen
per cent This will only be portion of the COM
panys business Its coal mining will be very profit
able branch of business It is estimated that about
four hundred thousand tons Of coal will be mined
during the next twelve months, which will net o
profit Of full ninety cents ton, giving aggregate
oft three hundred and sixty Thousand dollars; equal
to twelve per cent on the entire capital If these
estimates are approached in the result, the profits
must be large enough to satisfy the most extrava-
CANT This company has an advantage over all
others in the Cumberland coal region, in owning its
steamers for the transportation of its own coal to
market While other companies are pling up coal at
Baltimore and Alexandria, the Parker Vein will be
transporting its coal to market It will thus secure
ready sales at the best price.
The following letter from DR.. Owen, United States
Geologst, places the Parker Vein Coal Company in
its proper light The examination was made at the
request Of several eminent capitalists Of our CITY,
who were, at the time, in no way connected with
the company
| WEsTERNPoRr, March 2S 1853
Dear Sir-On Saturday arrived at Cumberland, and
spent most Of Saturday and all to day examination
the coal lands Of the Parker Vein Company con der it
most valuable piece Of property; probably the most
Vaua pie coal lands IN this countryat rate in Ma
| ryland.
The quality of the coal is unsurpassed by any coal that
ever came under my notice. II has most beautiful
crystalline structure the fractured surface of great por-
ton of it rejecting light like polished steel l never
saw coal freer from suphuret OF iron and earthly inter
mixtures.
In one of the ads measured the thickness of the bed
of pine coal thirteen feet In places it is
fourteen to fifteen feet thick with only few inches of
slate nterstratfed four feet from the top Of the bed
was in five different adit levels. The rotten property
which understand has been recently purchased by the
company, is entirely underlad by this immense bed Of
coal of the finest quality From the best information
W Boou JUDGES OF the vaiue OF
property in the George Creek Valley to be worth 5000
acre more than the company paid for it. There at least
800 of the present lands Of the underad
by the great main bed of coal
One the opposite side of the valley of George Creek is
the property of the George Creek Mining Company They
also have the bed Of coal but their can hardly
be considered valuable because the land is less
sodated more cut by ravnes than the lands Of the
Parker Vein Company
doubt whether there any coal lands in Pennsylva-
MIA that compete with this coal region the reason
that the coal of Pennsylvania as far as can learn
more disturbed and consequently almost always requires
to be excavated and brought to the surface through
shafts, and hence requires outlays for machinery for
drainage, &C. whereas the George Creek coal lies with
only very gentle inclination to the centre of the valley
just sufficient for self drainage and requiring outlay
but for excavation and receiving 1t out on tramroad
which costs only one cent per bushel at present.
The company should have immense block for exhi.
| btion at the air in New York.
There four five workable seams of Goals in the
same lands with the great main bed of which from