The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-04
flNAscsAL AND coMMERc GAL.
noaEYs snAnKnr.

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MOREY II AnKHv. .aa,
ts..frE ~ asfxfvr 1sglAnAx Angus. s-6P. NJ p
The ssss uarhss vss ned rssly buoyaut this m arm
ing with traasastsas - ses sxtsnt At the arst board
Illinois Central dsslinsd Per ssnt GAnson Company ".
Nicsraau m ssssdvsncea per cent Cumberland Coal
~; Reading Railroad, VI Mchlesn Central, VI Glove
land, Columbus and Cincinnati Railread. II Hudson Rail-
road New York O ntral Railroad NJ but sales Of Cen
trail Time seller 90 days. were made at two per cent
below the cash rata In consequence Of the demand for
stock for delivery the opsnisg a the books prices
advanced pretty rapidly, and We have doubt many
win realize at ths mprovensnt. They w be wise in go
doing for as soon - the present demand ceases the
effect upon the market value Of tho stock will be
In the depreciation. speeu'ate fsr rise have been
waiting asx,ousy the opening ~ tho books with the
hope that the advance would enable them close up
profit. few dsys win tell the story. The probability
at present that nose Of the dividend which has just
declared out Of the prospective procee of the sale
Of certain bonds viii be paid this year. and that the next
annual dividend win be added to the present. TO be
paid at some FIXTURE time in the Same way This
Aton Of ndebtedness In the shape Of unpaid dividends
win prove great burden to the company and shouli
not be surprised to ulmasy, pro pos TO fund
all such claims. Stranger things than this have hap
pened in Wall street. None of ten what railroad
fnancering may NOT lead 10. IA for the cs Raroad,
not much can be sad Of encouraging Character. 1t
ranges among the lowest Of the railroad fances weighed
down by its immense indebtedaess which mus. even.u
ally extnguish at least its entire capital stock It ia
uter, ,mpossbls for any pubic In this country,
une protected In somo great and productive monopoly
by special legislation, to carry such Indebtedness
There 10 too much competition, too many rival routes
spripgng up, to draw away more less revenue, to
enable works Of such gigantic cost to pay railroads. can
be built anywhere and every year adds rga to the r.
cities for opening these highways. line equally good
could be built from Albany to Buffalo, alongside OF tho
Central road for less than oneha what taat cost The
same with tho Erie, and almost every other line nov
in operation The Central and Erie cost about thirty five
million Of dollars each. In less than i've ynr',
each will have cost ct least five millions With
other classes Of investments these difficulties do
not exist They not subject to much opposition
or competition, and arc therefore, permanent.
Railroads parallel with those pieed will be built
Shorter and direct routes between important points
will be made available, and the cost of construction
reduced The old lines win and ruinous to contend for
the through trac and travel 1t is therefore, neces-
sary those who wish to place their In estments upon
more permanent basis, TO look to other enterprises
We know Of nothing well calculated to ensure large
returns upon the capital employed as our leading coal
companies We refer particularly to those in active ope
ration with we developed Coal fields caunot
be created by capitalists SPECTATORS They cannot be
extended or multiplied made to change their location
The demand for coal must grow with the country and its
growth must in greater ratio than the power of pro-
ducton The rapidity of its increase in consumption
during the past few years has been uncquaed and tho
creation Of facilities supplying the requisite quantity
is becoming matter Of the most vital importance. Il
must occupy the attention of the various state
governments and of individuals before the lapse of
many years. The disappearance of our forests must
make valuable the only substitute known in the
world and our coal fields must be invaluable. To
the Delaware and Hudson Company, the Pennsylvania
Coal Company, the Cumberland Coal Company, and to
the various coal companies in Pennsylvania, finding
outlet by the Reading Railroad the schuykn and the
Legh Canals must look for the next twenty years,
least for supply OF coal for all purposes on the
seabcard If those companies cannot meet the demand
they will put up prices and get all they can for their
supplies They must, therefore, become highly Domune
rating and We consider them, at this moment among
The best investments of the day From this time hence
FORTH every ton Of coal mined in this country will pay
vol for marketing There must be profit on every ton
produced and companies largely engaged in its produc
tion BIO otherwise than profitable concerns The
report Of the Pennsylvania Coal Company for the year
ending May l. 1884 which we annex, confirms the truth
Of our remarks, and shows how productive we'll MI
mayed coal company be made in short time. 1t Is
only about four years since the company commenced
business. IN 1850 ii marketed Ill OLA tons of coal; IN
1861 3lao17 tons; in 1862, 1926 i64; in 1863 5l2,o59
tons Its earnings and expenditure in the year ending
May l. 1854, were as annexed
PENNSYLVANIA Coal COMPANY.
sales OF coal to May l. 1854. ~ l3S, 005
Amount received for transportation of NOR
chandise over com panys road, profits on
lumber, bar ges, &c Observation-Disclosures. a2,5l3
Balance Of interest account ........ 2O,39S
Coal hand. ......................... 84,93s
Total. 275, $50