The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-28
FINANCIAL AND COMMERCIAL.


SUNDAf, Marcn 2I-O r. M.
The stock market during the past week has generally
improved. After period Of rapid depletion prices
reached level where holders able to sustain them
reaction, usual in such cases. has since been realized
and moderate upward movement has been the result
1t has, however been weak and uncertain, and by
calculated to create confidence We do not think
it will be permanent neither will be carried at present
much beyond the limits now fixed If we analyze the
merits Of each fancy stock the list consider position
and prospects viii be clearly that far real
value goes there is margin left for improvement.
There are undoubtedly, exceptions but general
thing, they selling for all they worth. Every
acquainted with this class Of stocks knows this to be
true Notwithstanding which, they will buy them daily
and pecula in them for RISE when the chances that
they will fail equal to about four out Of five. So far
the rise and fall of fancy stocks indicate the state of
the money market it is interesting to watch their
ment but when spectators step ward and by comb
nations initiate depress prices there is nothing to
guide outsiders and Wall street is in complete fog to
such ravgators If the most prominent fancy stocks
the market left to take OF themselvesf they
touched only for nvestment-they would not
mard prices within City per cent Of those current
They sustained almost entirely by artificial
causes upon the laws of demand and supply and they
therefore subject 10 most violent fluctuations.
The money market, during the past week, has been
active at the highest rates and the banks dis
count moderately and cautiously The relief experienced
is considered indicative Of more abundant supply Of
capital but must not be deceived by the looks the
surface 1t impression that not yet out of
the wcods March, on the whole, has been
month, but it question in mnd If April will not
be worse. Some think May will be hard month. The
evil may be put Off until that time but do not
how April pass away without creating great deal
Of financial difficulty and embarrassment.
The shipments Of specie from this port this year. up
March 26th, inclusive, has been annexed -
SHIPMENTS OF SPECIE FROM THE PORT OF NEW YORK
Brig Chatsvorth Para, American gold. $50 900
Brig Nebo, Rio Glande, do ......... 5000
Brig Fayorita, Ci1dad Bolivar. via Barbados,
steamer Hermann, Bremen, German gold .... 49, 500
Do do. do silver coin. $50
Total March 10 to March 26................ s57 $50
Previously reported. 205 go
Total for 1868. 81 262 $40
On the thrie page OF the grandloquent report of the
Cumberland Company, it is stated that he coal of the
big vein at Westernport when exposed to the atmos.
phere disintegrates Stacks and after few landings,
becomes almost mpalpable powder unfit for USE and
OF course wholly unsaleable" This is most certainly
very bold representation; but il is not less untruhu
SANDER of their neigbbors property than is unscrupu
lou md Tdculous and offer in dsproof OF their
u Ol
lessor James Hodge intelligent and most scientific
reoogst ard engineer -
Towards the northern extremity Of the basin, about
Frostburg at the heads Of the streams many of the
lower coal beds must long continue unworked from the
great depth at which they lie beneath the superncum
bent tate and even the principal Of the upperno.t
beds have them passing nt such inclination and
to such deth beneath the surface that for of an out
let or the water which flows IN the worngsa steam
engine required TO pump 1t out and even horses
employed 10 haul cut the water 10 water carts distance
OF 800 feet Along the hills bo lering Georges
cut no trouble of this Kind can be anticipated.
The defective veins referred 10 by Professor Hodge the
property the Cumberland all Of which lie and about
Frostburg and thus it will be seen, not only that the
Cumberland conpsby il exposed to extraordinary ex-
pense in working their largest ,ein but that the lesser
ones from their great depth must long remain useless
But to continue with the Professor We find most I'M
qualified contradiction given to the Cumberland state
ment, with regard TO the respective qualities OF the
coal belonging TO the Cumberland Company and those
found at Westernport -
Numerous seams of Goals pass through the hills on
Georges Creek ct variors pos OF elevation The largest
bed known IL tina. called the fourteen foot bed It
Of the largest IN the series Tho thickness Is not only
three feet aud than IL is a Frostburg but IL is
free from slate While at the mines toward the northern
extremity OF tie basin this slate l. found eight inches in
thickness in LAYER, and other smaller ones intef-
spersed through the coal II Is injurious only b. les
SEEMING The quantity OF the coal but il ntermxed with
il in mining seriously to inure its quality Abort
Westernport the slate in this coal is too insignificant TO
require not Again About Frostburg, miners prefer to
extract only eight feet of the coal leaving two three
feet for roci As We as judge from the extent
OF the workings Wes'ernrort well the Iamil
tract owned by The Phenix Company, its roof of slate
sufficient, sound TO be trusted and the whole
thickness Of fourteen feet Of coal may be mined instead
Of only eight feet at Frostburg consequently the
lue Of the coal had AZ the mouth Of Georges Creek may be
properly appreciated.
From the above does not only appear that the Cum
bcra nd Cor pnny has fifteen foot ven but that in
consequence Of defective roof and the large amount Of
sa found Ia heir vein the cts Is reduced to eight
feet, nd is Of comparatively impure quality.
IL the Cumberland had not gratutously travelled
out OF it, couTse-bad they confined themselves TO
the mere attempt TO impose on the public, by di.
rect overyaustlon Of their property-nonc would
have been interested in their gross extravaganza
hut those who might be induced to purchase their
stock and bonds without taking the trouble of exer-
csing common sense when reading their statements.
They must, however suffer for their ndiscretion and,
with the testimony Of disinterested aud scientific