The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-16
The Spanish. Morocco war.


the Notifications Of which repaired by the Emperor
Adder Rhaman and have just received considerable
these preparations for defence appears certain that the
Emperor has not been able to have holy proclaim
ed and that fanatcism does not play 50 important part
among the tribes who have come to his assistance love
Of pilage. The Kabyles who defend the towns the
coast have already given way to acts depredaons the
Chief Of the district OF Bocoya establish guards along
the coast in bodies Of 200 each particularly during
the night, 70 prevent the Christians from landing his
Aaesthas sent the funds necessary for this service
The Md6rs in the neghborh0od Of Tetuan receive three
reals day, with supply Of food and gunpowder, for
On the 26th u more than 1000 Moors attacked for the
third time the redoubt before Seroa and repulsed
great bravery during this engagement The expedtonary
corps ddrmse ID crossing the Straits Fresh regiments
have dsembarked at Ceuta
The Erie Railroad In London.
From the London Times, Nov. 3O.l
the New York and Erie Company was held yesterday at
the London Tavern, Mr.. J. W. Powell in the chair.
The CHAIRMAN said that meeting was held in August
last at which they had appointed committee TO select
deputaon to proceed New York and ascertain what
could be done to relieve the company from its difficulties
Messrs Spatt and Evans appointed q deputation
by the committee, and they had just from
America. having performed their mission with great ab-
y and he trusted SO far satisfactorily He believed the
proposition they had to submit the practical
that had been suggested and the best that could be adopt
ed under the circumstances.
Mr.. EVANS read the report of the deputation from
which appeared they arrived in New York on the 10th
Of September last On their arrival they found that the
line had passed into the hands of receiver (r. N.
Marsh) who formerly thesecretary of the company
at the suit of Mr. Brown and Mr. Davies who
tees under the fourth mortgage the property The
board of directors with view to reorganize the compa
ny had placed the names of the deputaton upon the d
recton They had met with much attention from the
Ceiver and through his assistance had
duced and the concern appeared to be carefully managed
large amount Of the second class bonds had matured
$2 O0 and judgments had been entered up debts
TO the amount Of $40 00O $500 fourth inert
gage bonds had become DUE There plan devised
eaon was Tv ami .e cars
fully the whole of the road and found in good working
order They had proposed scheme for retrieving the
position of the company, which would require time
to work it out The scheme given in etes0 in the
Times about fortnight ago. and had met the approval Of
nearly all the parties interested in America and they
sincerely hoped it would meet with the approval in
Europe They asked for no contributions, but TO allow
the receipts of the railway to be duly applied TO
meet the claims on the company in a certain
ner. When the long dock scheme for their terminus
opposite New York was competed, and the short
railway in connection with it extended the company
would annual payments amounting to $50 250 and
in addition they would bring into operation properly that
had cost them already 81 $780, GOO The scheme provided
for the completion Of this great work as well as for the
gradual payment Of the liabilities of the company The
traffic on the line was rapidly increasing and by the
summer Of next year they expected the railway and
dock would be ready for passenger traffic. and by the
end Of the year for goods traffic The long dock would
enable them to save Is on every ton Of goods brought
by the railway. The general receipts would be
enhanced thereby, and greater facilities. would be
| Afforded to the traffic flowing into New York.
| They had great faith in the resources OF the New
York and Erie Railroad they had met with great kind
their inquiries from directors and officers Of the
American railways and they felt under great obligations
to Mr. Marsh the receiver, for his attention the
rests Of the company He r Evans) had doubt that
4he concern would right itself If sufficient time given.
The depstaon had worked very hard during the last
three months If the scheme they proposed was not SO
ey could woa be
required from all parties interested; there were
many difficulties TO be overcome, and he believed
the safest coursej to pursue the plan they had
submitted The great facilities for borrowing mo.
ney and creating floating debts to an unlimited
amount had been most disastrous many American rail
way companies. II the company reorganized these
Their object had been restore confidence TO pay
pressing debts due by the company and he happy
say there was not dollar now due in wages to the
employed the line. The $40 900 Of floating debt was
secured 81 10000 of fourth mortgage bonds The ma
teras required for the railway paid for in cash.
and obtained the best TERMS Coal instead OF
wood and the cost OF 500 miles of train mileage per day
had been saved on the suggestion of the depuaon Mr.
Marsh the receiver had readily them in CARRYING ont
every economy and the WHOLE they considered that
those matters well attended to. most important
arrangement had been come to by the four great
terminating in New York, by which the fares had been
placed on remuneratve basis, and the runous compe.
ton was ended II they carried out the scheme they pro
posed he had doubt they would have good pro-
perry Every ones interest would be preserved legsla
tive sanction would be obtained, and those securities
which were now considered doubtful would be legalzed
The CHAIRMAN moved formal resolution adopting the
report OF the depuaton and approving the scheme pro-
posed by them for securing the property and for the
organization OF the company
Mr. CROWLEY seconded the motion.
long discussion ensued, in which MFR. Higgins. Mr.
Smith, Mr. Sparks Mr. Evans Mr.. Spatt and other large
holders OF debentures took part.
n was explained that the railway would be sold and
tint the Court had issued order that effect ri the
shareholders and bondhoders gave their adhesion the
proposal for reorganzng the company every would
preserve his rights and very small subscription per
cent would be sufficient to pay the purchase money in
case the line sold under the order of American
court The proposal had caused the value of the shares
and bonds to increase and there doubt, il they
agreed to the proposition all the mortgages would be
| worth par in very short time.
Several holders Of second third and fourth mortgages
| would be carried out
The proposition for the purpose OF maintaining the
mortgage securities the unsecured bonds and the capital
stock Of the company The payment of the first mortgage
coupons was TO be resumed in May, 1860, year
rears then TO be PAID the payment of the mort
gage coupons to be resumed in September, 1890 one
years arrears then to be paid the payment OF the third
mortgage coupons to be March 1851 eighteen
months arrears then to be paid and the payment OF the
fourth mortgage coupons to be resumed in October 1851
| and the fifth mortgage coupons in December, 1861
two and half years then to be paid -
making together 81, 1896 0O0 was calculated from
the earnings Of the railway that the floating
dept, the completion OF the long dock property, and
the liquidation Of the delayed mortgage coupons in order
OF priority would be paid in two years The unsecured
bonds, with coupons overdue and for two years ad
vance, would be converted into preference per cent
stock to receive dividends out Of earnings after pay
ment OF mortgage interest and OF delayed mortgage co
pons II the scheme were carried out, the preferred
stock would amount TO IS 91 00 the common stock 10
$l1 100 600 together $40 000 and the five classes Of
| mortgages to 81 1858 ,0O0 total s37, 1864, 900.
Resolutions were passed adopting the report and ap-
proving the proposition for reorganizing The company
cordial vote Of thanks was passed to the deputaon
their valuable services and to the Chairman for presiding
| Markets.
LONDON MONEY MARKET-TUEsDAY EVENING Nov %
The quotation OF gold at Paris is about onehaf per mile
discount and the short exchange London 25 10 Der
II sterling On comparing these rates with the English
mint price Of f3 IT'S 10kd per for standard gold
Il appears that gold about 1l0h per cent dearer in
Paris than In London. "
By advices from Hamburg the price of gold is 43 per
marx, and the short exchange London is 1884, per
~ Sterling Standard gold at the English mint price s
therefore, nearly 2l0h per cent dearer in Hamburg than
| in london. -
The course OF exchange at New York on London for
ps at 20 days sight is about ITO per cent, which, when
compared with the mint par between the two countries
SHOWS mat the exchange is in favor of England; and,
er making allowance for charges Of transport and diff
ference OF interest," the present leaves scarcely any
pront on The importation of gold from the United States
Inc English funds opened with gooi appearance this