The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-31

immediate vicinity Of the big coal vein. The Mbunt
BAvsge Company erected not many years since,
four miles from the coal vein, most extensive and
exceedingly well planned works for smelling iron
ore. The location ives deemed the best In the coun
try, equidistant from tide water and the great
rivers Of the West Their works, aud the large town
built for the men, under the direction OF really
scientific and superior men, who located the works
and mills, a. they supposed, upon or near the great
vein OF coal ar strata Of iron The latter could
not be found, and the former was four miles of.
This vast expenditure Of English capital was sunk
simply becsuse the coal field did not possess the
usual accompaniment Of iron ore. Abou' fourteen
miles soath Of Mount Savage II another evidence OF
their appreciation OF coal and iron. This establish
ment has not been worked with success on account
of lack Of Ores In various parts Of Maryland exist
similar establishments, which SO far have been
unproductive. The discovery of iron ore on the
proper Of the Cumberland Coal Company changes
the whole face Of things in that region. The immense
works in the coal fields will spring Into life and give
vitality TO the millions u capital invested in them.
1t is, therefore. highly important that measure,
should be at once ADOPT to test the extent and
quality Of the ore. The experiments already made
have, We learn, been satisfactory, so far as quality
the market just now. Virginia 6's sold to
the extent Of nearly thirty Thousand dollars to-day
and closed at decline. A large lot Of Indiana SIS
was put forward and sold at lower prices. Illinois
Central and New York Central bonds were weak.
The Harlem Railroad stockholders are quite ont OF
patience at The suppression Of the report Of the af
fairs Of the company. We understand that IL Is the
most complete report ever made and no trouble has
h,,, he 80
fairs, or care in its preparation. It has been COM
piled and prepared by the President Of the com
pany exclusively, ard great credit Is due to him
for IT, But many copjectures arise among
the stockholders and the pubic In con-
sequence of the delay to inform them generally
Of its contents. Some surmise that 1t tells too much
Of the truth, and that the directors don't want tie
whole truth known. Others think there Ia some
more Schuyersm in the direction, and that Schuy-
Ter was not alone in his frauds. What foundation
there Ia for the imagnings Of the stockholders and
the public about these matters, we know not; but
IL Is remarkable after wha. taken place in rels
ton TO the affairs Of this company that there should
be the least disposion to withhold from the stock
holders or the public any information upon this
subject In the kffars Of railroad companies there
Ii too much secretivene@, and We are glad to see
the Legislature are taking the matter In hand {,
compel railroad companies to publish every month
first, the amount Of capital stock issued; second
their liabilities; third, gross income for the prevL
GUS month; and fourth, total amount Of disourse-
ments for previous month. This is right. The
banks do 1t weekly, and why should not railroads
monthly. This secret management we don't APP
prove Of Publicity viii have the effect OF checking
many frauds.
At the second board there was more buoyaucy
In the leading fancies. Cumberland Coal advanced
per cent; New York Central Railroad, 1; Illinois
Central bonds, u Panama Railroad, .; Cleveland,
Columbus and Cincinnati Railroad, 1; Erie Raft
road, /.
After the adjournment OF the board the following
sales Of stocks and bonds were made, at auction,
BY Simeon Draper:-