The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-11-16
NEW YORK HERALD WEDNESDAY NOVEMBER 1s SHEET

NEW YORK
Delay Of the Nofb Star tits hardly necessary to re-
mark that the n smatsr cannot now altar tho
he has made nth Vanderbilt and as for tho North Star,
IL is evident that she has met with some accident for
which ould be unfair at the present time TO hold her
owner Responsible She is, told by the best autho
ry,a Stout seaworthy ship, in excellent condition. shc
has good captain and good crew. To the
Csmmodore dispatches the Daniel Webster to look after
her some Intelligence may also be expected by the North
ern Light Parties wei qualified to Judge do not consider
there is any good grouad for alarm or uneasiness.
We understand that some paper made jointly and sevc-
rally by Aessrs Lerenzo Delmoaico, Eagle Hazard,
Philo Rugeles and David Aussea, &c, Directors OF the
Kerosene Oil Company, not met to-day. We are in
formed that the company itself perfectly solvent and rs
carrying large, profitable aad increasing business.
II that tho parties above mentioned, being directors
Of the company gave their individual paper payment
for certain supplies, COAL works. &C this paper they
not in position to meet. is likely that they viii
ask extension from the holders who will probably
grant t.
The business Of the Sub Treasury was as follows TO-
day
TOTAL receipts. .s674,l75 81
ror cuh'ohs IoS,UOO w
luy menus. 3t6,5oo 80
Balance. 6,552,66l "a
Nothing further has come to light respecting tho failure
of Messrs Slate Co. and the stoppage Of so old house
1T had done business IN South street for thirty Ave
years-creates soo desl OF sy mpathy Rmor ascribes
the failure losses cccasoned two three years
ago by connection WITH sugar house In Warren street;
it stated thai the Iaoties amount to fully $500, 900,
and the assets to shou, $500 900 In the o! m
s4a,nc ~,
be known on the SUBJECT
We have received tie following letter. which Is of ia.
teres to railway Gnancicrs. Tue emssarcs of the sun
bury and Erie road have enyabe task before them
They will find it pretty difficult, imagine to induce
John Bull to buy their bonds few years hence Ameri-
can railway bonds will probably again become favorte
security in London at present they certainly not very
popular
To THE EDITOR OF TIE HERAIp
PHILADELPHIA, Nov. IA, 1859.
The steamer Persia which left New York for Liverpool
on Wednesday Nov g. had on board, among her passeu
gers, VIM G. Moorhead, President, and Charles Gibbon
Solicitor, Of the Snnbury and Erie Railroad Company
who 60 abroad to negotiate three and half millions of
I'VE per cent bonds the same being one naoy Of mort
gaee seven Millions Of dollars upon the sunbuy and
EIe between Snnoury at the forks Of the Sls.
9uehanna ana Ere City, distance OF go miles The
other moety Of the bonds secured by this morgags-o
sheraton Tor S4 miles of canal sold to the railroad aom
pany Out OF the proceeds of the resale Of said canas
d,a
but r"~-- -. road in progress w 0oAs nm.
ucu A tho roai is 30 miles o"' ., which oniv
40 miles In operation wh" company came into
possession Of the State canals there remained
$50 miles build with the proceeds Of the resold canals
aud So 900 i've per bonds before mentioned;
and the canals resod for bonds, but little cash
passing with the title in any case, the railroad com
pany withheld their own bonds from the homo
market and worked oil the canal bonds ut
average of between sixty and seventy per cont
To meet the wants OF the treasury from this
sary caused rapid exhaustion Of the amount of canal
bonds hand. And with view 70 continue the work Of
construction after the last canal security shall have been
parted with the President and Solicitor have gone out to
England, hoping is said, to be able to negotiate their
bonds with the holders of Reading shares and loans in
England under agreement that the Sunbury and Erie
Railroad Company 10 such event will throw their traffic
upon the Reading Railroad, and thereby increase the
OF the latter road and, consequently, enhance its
stock and loans, depressed the market Messrs
Aoorhead and Gibbons abroad armed with letters from
Governor Packer and Others friends Of the State imnis
traton also letters from Charles Henry Fisher Esq., and
other capitalists known in the London money market.
What Mr. Moorhead may meet with is of
impossible to predict yet he back with his bonds
and money he will only IN that respect initiate Mr..
Christopher Fallen who when President Of the Sunbury
and Erie Railroad Company in 1853, went abroad
Closing negotiation for the whole amount. when the
arrival out Of private letters averse to Mr. Faon put
stop his proceedings. Mr. Moorhead, however, goes
chi sgans Mr. faon mt SIX yess nave ciapscG be-
tween the dates of the opposite sided cpislles the
older may have been forgotten, in which Mr.. Moor
head will turn the newer ones TO advantage; for Mr..
Fallon and his friends desiring more than anything else
the completion Of the road, operate with the present
administration Of the road to render Mr.. Moorhcads
mission successful Mr.. Moorhead q contractor on
the road under Mr Faon and with his brother q. b.
Moorhead, President OF the Delaware Division Canal
Companyone of the resold State canalsbuit the forty
miles Of sunbury and Erie Railroad between Sudbury and
Wiiamsport Nr. Moorhead ia the sixth President who
has been al the head of the SuDbury and Erie Railroad
Company since 1851 when it resuscita:ed und Dan
lei l. Miller Jr After him came Mr. Christopher Fallon,
1862 then Hon James Cooper, ex United States Senator
in 1854; then Hon. VIM Bger mo United States Sena.
tori in 1856 sarhue ~ Merrisk, in 1865; and next VIM.
g. Moofheaf IN 1855 The Suneury aud Erie Railroad is
important to the State Of Penns vana and when
the country through which passes shall have been pop
ulated and dotted with towns will earn large reve
nue.; but "hat is to take of its interest TIL
that time arrive is question which, perhaps, Messrs
Moorheld and Gibbons VIII be able TO in London.
Its route is parallel with the New York and Erie
Railroad, and its length is equal to the New York and
Erie between susquehanna and Dunkrk. Imagine the
New York and Eric Railroad with its termni ;usque
hanna and Dunkrk and have an idea Of the Sunbuy
and Erie Railroad with i,s ternin at Sunbury and Erie
City with this difference, however that whilst the
try upon the route Of the Sunbury and Erie road contains
spaser population and more wilderness than the
try along the New York and Erie road, nevertheless
abounds with more valuable natural resources and will
one day contain much denser population But till that
day comes, query whether there will not be de-
faults Of interest. Two Of its connections, you are
| aware-Wilamsport and Elmira and Catawssa-have
deaued and made bad break to impose upon all
but first mortgage creditors almost total loss Of their
claims True the these two roads strictly
analogous to the Sunbury and Eric; STILL their proximity
to the Sudbury and Erie, and other circumstances, will
prompt comparisons and differences. More than hun
dred miles Of the Sunbury and Erie Railroad is through
almost unbroken widerness-through what is known
the swd cat' region Of Pennsylvania And although
the road has a wonderful prospective Importance aud
! value it is not clear that it will not have
| trouble TO interest through a term Of years.
The main line Of public works prepared the way for the
Of the Pennsylvania Railroad for before the
ter built the had spread towns and factories
and cultivated fields along its route Just your Erie
Canal stretched out belt Of towns for the New York
Central Railroad to carry from and TO between the Hud
miles Of its lengthy had beaten track TO follow, but
country to penctrate consequently, when put into
operation 1t must await the growth Of business for it's
trains At least this is the history Of other roads, and IL
the Sunbury and Erie prove exception to what has
will make the railroad world wiser and railroad creditors
class Of larger means. A.
The exchanges at the Bank Clearing House this morning
were $40 49, 59 o. and the balances 81 3o5 22S 35