Terrible Accident

About half past eleven o'clock yesterday, the steamer J. M. Niles, Capt. Alex. Irvin, while descending the falls was totally wrecked. As near as we could ascertain the facts are as follows: The Niles with about 500 tons of freight on board and two barges in tow, struck a rock at the head of Indian chute and sunk in less than two minutes, the cabin parting from the hull and being carried overboard by the force of the shock. The boilers were also carried overboard. The passengers and the crew immediately jumped on board the barges and are all believed to be saved. This was the general impression, though some thought that it was hardly possible that all the firemen could have escaped. Fortunately there were no deck passengers. The hull sunk in deep water, and with the machinery is a total loss.. The Frank Pierce, Capt. Whittenbury, was ascending the falls at the time of the accident, and immediately hove for the wreck. She landed the barges with the passengers just above this city, and then started for the cabin which was floating down the river--that she landed just above Falling Run on this side of the river.. The Niles was from Cincinnati and was bound for New Orleans...