Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1854-07-13
From the n. Y. Times.
The Recen failure in New York.

The failure of hessrs Robert and Geo Schuv.
Ter was announced IN Wall street on SATURDAY. and
the unfortunate event, coming at an hour when a
more hopeful feeling began 10 be encouraged by
the various Federal, State and local disbursements
OF the first of July was the chief topic of CONVEX
satIon. Its effect on the Stock Exchange was 10
check improvement the Board list generally
and TO a further decline in New York and
New Haven and New York and Harlem Securi
ties, the senior member of the house-now and for
some days past, seriously i'll at his residence up
town-beIng the President of the first and the Jun.
lor, the President of the last named Road They
are also very large contractors in several of the
unfinished Western works Mr.. Robt SCHUYLER
was one. and we believe, the chief originator OF
the great Illinois Central scheme and was Presi.
dent of the Road up to the present year He is a
gentleman OF large experience in railway building
and his ambitious enterprise and more that ordi-
nary ability, backed up by early success and a
handsome private estate. made him so prominent
IN the public works of the country that he held no
less than three Presidencies and several Treasury
ships. previous to the fatal Norwalll accident on
the New Haven Road, which led 10 an act of the
Connecticut Legislature restricting the head OF
that Road from holding any other Railroad Presi-
dency. his brother was then made President OF
the Harlem Road. The undertakings of the firm
were large previous TO the check which was first
given TO the Railway interest in the Fall of 1853.
by the European War and the rise in the value OF
Money on this side and unfortunately they were
not-and probably, from their unfinished or alrea-
dy embarrassed condition, could not be-curtailed
IN season TO prevent disaster which was not
wholly unexpected to those who have closely
watched the movements in Wall street for the
past few months. The sum total of their present
contracts we have no means OF estimating They
certainly, however, CONT by millions of dollars
and we have heard their current liabilities over and
above their own wealth accumulations nvolv-
ed IN Railway obligations at two millions of dol.
lars. The temporary expedients to which the
long protracted pressure In the Money Market. and
the necessity OF meeting maturing instalments
upon the large loans in which they are interested
have no doubt increased the cost of carrying this
heavy burden. The general effect of the failure is
varIousl y regarded IN the Street-by some as be-
ing storm which may clear The Railway atmos-
phere OF some ofits most serious embarrassmenis
by others only one. and not the last OF the Sc
we're shocks which financial confidence in the con
diIion of the time, is subject TO.
The directors have issued the following card
n. Y & New Haven R r Office
The executive committee ofthe Directors fthe
\ Y. & New Haven K r. Co feel it their duty
to avail themselves of the first practicable moment
to give notice to the public that upon hasty ex-
animation made by them within the last "a hours,
OF the stock book OF the Company, they have as
certaiued that an Illegal and unauthorized issue OF
certificates OF stock Of the company. TO a large
amount has been made within lew months now
heid by parties doubtless ignorant of It's character
Ii has been mpracticabe for them within the
short period since any suspicion of such practices
have been enacted 10 ascertain the precise extent
OF this fraudulent issue, although an examination
will be made at once by the directors, and the
public will be promptly ioforned of the results.
Dreadful Casualty At the opening ceremonies
OF the eastern division of the Ohio & Missjssinni
Railroad on Thursday last, the powder box of one
OF the cannons used on the occasion. exploded.
horribly wounding SIX men, one of whom died in
less than al hour-[ Nil. Free Dem,