The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-07

nancldI ana rdscauy circles oi W all street. ne
first explosion or modern financial earthquake, took
Place about ten o'clock in the morning, when ii
was discovered that James S. Schermerhorn, who
has been secretary OF the Ocean Insurance Company
for years past had proved de!aulter to that nsti-
tuition in the sum of upwards of one hundred thou
sand dollars Upon being informed of the discovery
he confessed the whole affair." and the manner in
which he had succeeded in defrauding the insttu
ton OF this large amount OF money Upwards Of
500 false certificates OF stock we understand, have
been issued as one Of the means by which he has
raised funds besides false entries in the cash and
bank books. These populations, for such they may
be considered in general sense, have extended
over several years time, and originated in that curse
that has ruined thousands-speculaons in stocks.
During the afternoon, Abraham Ogden, ESD, Presi-
dent OF the Company, appeared at the Lower Police
Office, and entered charge against Schermerhorn
to the above effect, upon which he was lmmedi-
ately arrested by officer McGrath and safely lodged
in the City Prison. He has family and four child
rem, who have heretofore lived in affuence, and we
underst that he was about erecting a splendid
mansion in the upper part of the city private
residence He attributeshs conduct entirely to the
rascalities OF Wall street. and dabbling in stocks.
The capital ofthe company is $3.50 ,OOO, and we un-
dersand that he has confessed that his defalcatons
would reach nearly $l5O,OOO
ANorHE. TRICK OF FINANcIEp The devil APP
peared to have broken loose yesterday as no SOON
er had the above explosion become well known,
than twas also ascertained that Garrett Van Dyne,
the aged porter Of the Long Island Bank had been
robbed, bis pocket picked of $4,000, in bank
nd CHI Vail
to Brooklyn. He had crossed the river, as usual, in
the morning, TO receive the exchanges from The Phe
nix Bank, in Wall street, and after enclosing the
money in package, returned TO Brooklyn, and on
arriving at the other side found that his inside coat
pocket had been torn open and the money taken
out. The notes were all of the Long Island Bank,
and form about $4,000 of the whole amount. A
suitable reward has been offered for the recovery of
the money, any portion Of it, but up to late hour
last night, no one had been caught who could be
suspected
Mr.. Van Dyne, the porter Of the bank, is upwards
of so years of age and has been in that institution.
for many years The officers Of the bank have no
suspicion that the money was appropriated by Mr.
Van ID. TO his own use, reported yesterday
as all the circumstances attending the loss convey
different impression. There is no doubt that the
rogues who committed the act have watched the old
gentleman for weeks, and fixed upon yesterday as
the day TO accomplish their purpose. They had Sc
lected that day, in probability supposing that the
redemption OF Saturdays business was more extern
sive than any other day in the week. Unfortunate
ly for them, the money conveyed over was the re-
ceip,s of Friday, and therefore the amount was
some $40 900 less than it would have been had they
selected this day for their operations. The loss
the bank will be about $4,000. The payment of
the checks, that amount 10 about $4,000, has been
stopped. The notes were from 81 to $1,000 in de-
nomination.
These explosions will certainly lead to others, as
it rarely rains but ii pours, and no can doubt for
an instant that if the truth was fully ascertained
Wall street would present after scene of just
such desolation and ruin as the previously de-
picted.
THE CoRroRATIoy.-T is as unsettled as ever.
Peter A. Cowdrey Esq, left this city yesterday for
Albany to make up the record in the recent manda-
mus case before the Supreme Court, in order to
bring il before the Court of Errors at the easiest
day possible Provided the wing side of the house
consents this will be done at If not, there Is
no probability that the matter will be decided until
the next session OF ule SOuTt Ol ErTOTS
The wings are certainly wrong in this matter, as
the Court of last resort is the only tribunal that
constitutionally and definitely decide the disputed
points TO the satisfaction of the whole community,
as against its decision neither party will have right
TO murmur. The settled law OF appeals shows that
the judgment given by the Supreme Court was the
only one that could have been pronounced by them
in view of a final adjudication of the matter by the
Court of Errors as had the decision been adverse to
the wing REALTORS, they would have been concluded
by it without the possibility of appeal. This po
sition is fully sustained by the fact that the books
are full of cases showing that no appeal is ever al
lowed in mandamus cases on the motion of the re-
lators while ON the other hand appeals moved by
the defendants are always allowed as a matter of
course.
1t may be, and indeed is most probable, that the
Judges of the Supreme Court felt the delicacy of
their position towards the REALTORS, owing to this
fact, and hence gave Judgment in the only way cal
culated admit of the adjudication of the Court of
Errors. In this view there is good apology for
the haste az well as the form in which the decision
was given
STEAM SHIT BRITISH QUEEN--IIER DEPARTURE
To-DAy-His Belgian Majcsy's steam ship "Br-
fish Queen'-whch, by the way, ought now to be
called the e" Belgian Queen'-under the command
Of Capt. NJ. VI. keane, surnamed the Popular, will
sail this afternoon ut two o'clock, for Antwerp,
touching at Southampton, England. About fifty
passengers 60 in her, amongst whom is Samuel
Haight, Esq, the American Consul at Antwerp
This speaks well for the Queen, for it shows list Of
nearly twenty more passengers than went in the
Acadia, which left Boston last Wednesday.
The letter bags both for England and the CONT
nen will close at O'Clock precisely. at the Post
Office at the Office of Messrs. Mali, the agents, No.
IL Beaver street. at Harndens in Wall street, and at
Gilpns, in the Exchange.
This steamship has began new system, new
era in ocean steam navigation. Through the en-
terpri.e of King Leopold, of Belgium, great chain
of steam communication has been established be-
tween the two hemispheres, which bids fair to out