The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-11-25
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
THURSDAY, Nov. "a, 1859.
This being Thanksgiving day, business has been
transacted IL Wall street and the vicinity.
We published few days ago letter setting forth the
aim with which the President of the Sunbury and Erie
Railroad Company had recently sailed for Europe Since
then have received the following letter which speaks
for itself We viii only remark upon IT, that tho United
States Bank and State reputation together TO have
thrown the financial mod Of Pennsylvania off ts balance
Surely other populous State Of the Union could
props sal have been gravey made by the head great
enterprs. that which published coming from Mr.
J. Edgar Thomson a couple Of days since
TRE SrsBURy ERIE RAnRoAD-REAL ESTATE SCHEMES
FRAUDS.
EDITOR HERALD.
The article in the HERALD few days ago. In ausion TO
the Sunbary AID Ee Railroad touched upon but small
POL th Of the " fraud opened by that
The policy that seems thus far to have influenced It's
maDag' mept caBnol be SAID to have had IN exclusive
the road nself Pnblcly, ths project Of road
lie aiy are eid OUT point OF fact, the enterprise
has at us basis mnumerabie schemes VI real estate
shaIpers, at once revealing why is that we find certain
aIe worm" beLts and semi circles ia its course,
tam "cfooks and turns altogether Unnecessary II not
uni atui al which could have readily avoided
70 the saving OF millions IL us construction
Whilst, however the roao has gone abroad q money
hunting expedition 10 the small extent Of three millions
hail. the real estate sharpers have gone abroad
thai thousands upon thousands Of of land
alval in the maiket-many in New York and many
more IN Edropt-ihe value Of winch IT Is represented,
Wall be UNNECESSARILY enhanced by the completion Of this
read OF It's Numerous Tributaries which the
five centuries VIII scarcely completed, If, indeed any
PERIOD viii be found impractical enough " complete them
at all
The writer is familiar with much Of that region Of tho
State Though which the ,unbury and Erie road is to pass
well with The the State Of Pennsy ivania.
Many Of the lands on the hne OF the read
and its vicinity are rich in mineral resources,
If rh putn l,n.
period OF years and immense expenditures OF
capital but in general their agricultural value is far ia
TO other portions Of the STATE and be
cultivated to standard admitting Of comparison. The
gon abounds coal and iron, occasional sections being
exceedingly rich, whilst much OF the land within tho
range the coal and iron formations is vsueess
for the purpose OF mining AS whole, however there
that contain mineral enough for the
sharper to 'swtar by and Of the immense bodies OF
land dragged the European kes coal and farm
ing lapns fur the greater tain title beyond perhaps
few coal seams for farming purposes, those that
pronounced 'good" may possibly De found so--that
is, "goodp contrasted with surrounding tracts, bat
wretchediy bad when compared with what Is ced good
farming land Ia other eectlons Of the State With
siona exceptions th lauds generally held by resi-
dents OF the counties In which they located aud the
majority Of owners even III The face Of the rise promised
by the completion Of the Sunbury ind Erie Railroad
reaoy the drst opportunity sell and NODE
rate price,, ranging from one dollar 70 dollars per
acIehe latter ngure In most cases. being for the very
best quality OF unmproyed land. This conveys idea
Of the ruling when chases made direct from
the owneIs-When made from the "operator very diife
rent figures are demanded HIS practice con
from the owners granting him the refusal Of the
land certain low price for Ger tain time; if this
be impracucablo power of attorney TO bargain sell
at G. limi, obtainei Thus prepared, he ar
ranges his plans puts into the New York Europeau
market the nds that can be bought from the at
dollar yer at the rate Of tive dollars dol
lars, and those that be had from the dol
lars per acre. the Of ten dollars twenty dollars
W make the differences being the end aimed at, there
is any scTupe as to the means Glowing reports
from reputed geoogss setting forth nexhausrbe mine.
ralsscendc description from experts, detailing vast
rf aIu hap ,tr.
grasIed-encoafaging accounts from od'natured or
WORLDLY ce ~ men who desire Increase Of their
folds in the Notwithstanding documents from State
and local poicans, who, in The absence OF political
element seldom object TO turn penny though 1t
be setting 9th the undiscoverabe merits OF Of
land-rude and simple letters from rude and simple
f mers mounaineers, whose ruscy II is hoped will
be regarded oOf against fal5eho0d 0btaned or
manu- acured in abundance and ar med with these the
expert sharper assais the unwary capitalist and when
the latter Is resident abroad dealing through this agent,
he may be considered extremely fortunate tue cnoice
OF bis agent he s not bamboozed into purchase
investment Few agents in tbs country who have rich
principals abroad remain poor and indeed they have
occasion to remain so, If they induce their principals
To invest IN Pennsy real estate Snar arc gene
rally accommodating, aud object 10 share ''die-
rences with agents, and is always, fast age,
that the latter are proof against nice fortunes and all
temptation
Even after purchase be made, the purchaser may be
considered III Ky no defects in his title suddenly
discovered that require COMPROMISING that only be
settled by vexauous law suS occssonng consider able
expense, more annoyance and not unrequentty the
are noted for their simplicity aud their compexty-a
paradox that may be explained by the statement that few
titles good or oefecve) exist in the State that cannot be
made TO appear simple lead any properly
informed TO trust much to his own Judgment and yet
these titles may be so surrounded with difficulties that
few Of the ables lawyers III the Statefro the fact that
few have paid proper attention the first steps required
70 complete title in Peunsy iyania-can be trusted
their opinions In other words, the titles are simple 10
those who no, understand them and complex to those
who do. To simplify: the first thing generally required
by the purchaser tho OF concluding bargan-or
more property on tho eve Of being baboozleds brief
abstrcct Of ute which the seller once provide
and from examination Of which I've are supposnp the
title deiecye) deny its accuracy-iudecd il
may be perfectly accuree bear upon Tia fnce every
required certified evidence Of correctness owing title
piece Of land in A. simple and apparently 80 conclu-
sve that the new chaser congralstcs himself 1pon
the clear title he s getting yet brief abstract Of title
for the identical piece OF land, equally accurate plain
and SIMPLE, as abstract, having similar eyi-
dences upon iis face, may as readily be prepared
showing title IN b. and 10 put an extreme case, similar
may show c. The result is the absrac, ar Sc
uDaccompanied by the conclusions attained by proper
investigation amounts nothing in exhibiting title-a
fact which Is always far from the mind of the purchaser
who in bis conhdine simplicity ally places such re,
lance upon as gives the gimo into tho hands OF the
sharper as securely as the gambler has 1t his hands
when matched against the 2reenhOrn.
is notorious that Europe ID at present flooded with
real estate schemes devised in this country. Indeed,
some positions Of trust abroad (such conslships Sc
have been secured and accepted with the sole VIC Of
enabling the iDcumbents 70 give presge suoh schemes
which may, perhaps, partially account for tho ossorai
exhibitions Of ncompeeDcy 90 the part OF our repre-
senatives abroad. Few OF these projects If any are free
from The ant o some species Of fraud all are striving
Tor success regardless OF the contryances
required to secure IT, Tho main object Is secare fast
buld oi European money, after which those capitalists
abroad who may have been silly enough part ID their
Ipbbs ebeF through the chcanery OF agents Or from
want OF proper care IN investigating flcts may console
themselves they can, by ponterng upon the worth
'essness Of what they received az an equivalent IN
truth, some magnificent games have heretofore been
played 10 New York, and sharp New Workers vencr
ally are, they have been so often bitten Pennsylvania