New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-09-19
Through the auction fcusss

position TO reduce stocks Through the auction fcr,es
some early country buyers have been cosing out real.
zng about cost. Buyers act with grea. caution and
retreat faser than holders inclined to reduce THAR
demands. Consumers buy from hand TO mouth aud In
all departments Of the retail trade there is shown pr
dencc which promises to leave a:ge overstock in lsi
hands, and plenty Of business for auction houses
The Peninsula Railroad Company is fast push.
Ing its road to completion It's opening viii be tie con-
mencement Of new period Of prosperity the nrira
interesis Of the Northwest For year or mogett.
company have been constructing their line from th,
lower terminus at Escanaba, on Lake Michigan dis
lance Of about 20 miles, to the Iron Mines Lake Sure
rior This work has been steadily pressed forward IN
spite OF formidable Obstacles until now II s near IL.
completion and in few weeks the cars will be run
hing the whole distance. This road when completed VIII
take the whole passenger traffic to tho Lake sareo,
regions. already very large. and will also become III,
chief avenue Of supplies to the rapidly increasing oru.
laton engaged in mining BIT the main design Of Ito
projectors was to furnish such means Of i.ansrog..
ton for the Iron Ore Of Lake Superior the unte q
Lake Michigan and so to the various ports on the lowe,
lakes when this is in demand woud a, once oro
the time consumed in the passage through the Stata
and SGult st. Marie Canal and also the hazards o. io
Lake Superior navigation. difficult and dangerous a
nearly all seasons Of the year. The Iron Oreu
Of Lake Superior are so rich and produce ron
Of such excellent quality. that at present al iha
Iron Masters Of the country deem it Necessary,
whenever practicable to minge with their own cres
per cenicge OF the Lake Superior in order pro.
duce article that maintain itself in the msrket
Two hundred and fifty Thousand tons have been mined
the presen. season. and before the close Of navigation
wiz have been shipped from Marquette to Cflcaeo
Detroit Cleveland Buffalo and the various Lower Lake
ports and thence into the interior Of the sdon-
ing those lakes; and assured that the cousump-
ton fthe ore would be tTebed and even Qualruped
the present means Of supply equal to the demand,
The demand for this promises 70 DC limited only b,
the consumption of ron for Il is found that Lake ST..
peror be purchased shipped all the way 70
Pittsburg, and there manufactured at q saving of
icre 10 fifteen dollars PER the Of iron pro-
duced from neghboring Of Pennsylvania While AZ,
the time, in consequence Of the richness Of tho
ore the furnaces viii turn ost with the expendi-
ture Of labor and fuel City per cen. iron
given time. In view Of these facts, several gentlemen
interested in tie Peninsula Road have taken measures
not only to increase the means OF trsIspoIia.
ton bat also TO NEE, tho great and increasing
demand for ore. They have purchased all the mineral
lands Of the st. Maria Canal Company, some 3i,ooo
to the Peninsuar Road OF within short distance omt.
they have discovered deposits rather immense hc
and cliffs OF ore. far transcendng in extent and
value any hitherto opened. They have organized CON-
pany under the OF the Iron Cliffs Mining ccmps-
nv with large cash capital and are already opening
these mines and preparing Immediately to ship ore in
quantities to meet the largest demand 1t is believed
that this single Company viii be able to supply 30
amount of business to the Peninsula Road very nearly
equal to its utmost capacity. The Peninsula Company
also possess land grant Of five thousand re,
mile. This land is all Of covered with heavy growth
Of timber mainly hard wood. and exceedingly valuable
for charcoal to be used in reducing the found in thu
vicinity The Company anticipate that these lands win
eventually pay the whole cost of the Road and equip
ment leaving the property entirely free to the sockhod-
ers The stock has been quoted at the exchange io5
some time but Of Its merits little has thus Ear been
known.
Sterling in Gold is quoted at lO9l and francs.
5O5sd5lOi
The shipment of specie to-day was SIs9,733,
viz. $3.50 1913 per City OF Washington. aud 500 pep
Germania.
sBfPgFSrs OF SPECIE FoR THE WEEK ENDING srpr y.