The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-16
HARLEM RAAR DAD.
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Meetiny o. tho sh eao A'erS at Tam
many Hall.
Terrible Struggle R'tween Wall street And 10
Rural DistPiets.
ADOPTION OF THE Re,oRH.
THE OvLR.'ssCED sfeek TO Bs pegsur q
DC. 90. IA


1HG 0vER.'ssCES sfssk TO BE sevsar al
DO. 90. 10.
An sdjourned meeting II the stockh,lders or -
New York and Harlem Railsoad Con ,sny ~ss hst
yesterday afternoon. 1t aoo pollock, In Taumssv
Hail. to bear tho report OF :he Committee Of luvssu
gallon, appointed vt their last meeting in Tryoe,
row.
A. the time of opening the meeting thore vSsS.
prsept be- weco one aud two hundred people, whao
Mr.. d. E. Wheeler moved that G. W. Wetmos> tsb
the chair: This was carried. Mcssrs. Sessa, De-
nison ard F.sris were appointed secretaries.
1t was then moved AID carried, that all Prescet
who were stockholders, should give their nauss
and the an Dt OF stock each rep esented.
This nea ure being SOM wat Hlsult to os-
through it was agreed that eacn voter and -pos,se-
sht ud give his name and the property he repsees>-
ed, before doing either.
Mr.. D. 3. WHEELER then rea I tho report of ~,
Committee of Investigation. ~ folio vs:-
The uhdeTsiepe a committee appointed q
recent ting of the stockholders Of Too NsV
Yo,k and HaIkm Railroad Compauy," TO- exsniao
into the affairs OF that company, respectfully
REPORT.
That ON entering ON tue duty 60 assGnel
to them, aud after TN ibte Oh 4nge Of th0ugas sal
option, 1t was considered that the iavessiga Asn
demanded could be more Thoroughly. sys'e0ssi ~
and effectively MADE by single CON petenS nd
vi6ual than II ATTEMPTED by th< joint Efforts Of yeug
committee. Uhoer This impression the3 seousoA
the services OF Nict o'as Dean ESQ.,, = we'll kao~a
citizen, whose familiarity With c.ounts, -
geperul character and standing, as well ~ tho !
neroue marks OF public confidence which hs hes
heretofore received, would 60 far to ~sttsfy sAo
stock OideIs and the public Of the truth aud rsis
bleIsss OF any statements be mignt make. 4 rsee
Luton was lsssed by The Committee e copy q
which IL annex a. directing tue specific .hSsassse
OF tbese inquiries, and under which Mr. Dean sAs
complied the various tables or schedules herewish
Ls = nted and MAJ ked Ms one TO eight, inciu s1.
Considering the magnitude and intncAoy of the
conpaIy'r business, and the brief period In whleA-
The work must Of DeceNity be done, ,ur coaais.
satisfactory to the stockholders ~ they AIe - ~
committees.
Az all the schedules referred to VIII be read, yose
Committee d, Lot think neces sary Ia tnis piseD
to 60 into detailed recital Of their seversi osa-
tents, ano Will 0nly here reMAik that ali the banAs
ana exantion certificates are accounted fes; thsE
AGAINST the apparent Indebtedness Of Mr. R,bsss
Schuyler arpea ing in schedule No. 8, and growing
out Of bon is with which be bad been entrusea[,
amounting in the aggregate TO $l27 100, there via
e sp y e S xaaSus 5 Id asSss s sSs1 made e ~
will recLce the actual balance QUE from hit 70 .
sum little, II any, greater than $4,000. 4 knos-
ledge Of the pre- ;ise amount Ut tnis balance ma4
wait the rendering OF sn account current by w.
aesignees of The Messrs. Schuy Ter, which 10 pro-
missed at an early day. There Is an0t aer an fur.
tier amount Of extension ce tifcstes (t97 ,0O1.)
which went into the hands OF Mr. Schuy er under
circumstances which, it is believed will give this
company a valid defe0ce against their psyiaent,
and notice 70 that effect bss been given to tho
holders of thu m. through tire public prtss.
The floating debt of the company u $685. sos. 80,
for the extinguisl nept Of wb,ca Il has avs,lasie
assets TO he extebt of $3.50 0O0 leaving to be pro
vioeo for $2s5 sos 30.
Schedule No shows the cost, estimated present
yN n Ay ipn ,hror. NJ &
c"Mpanys real estate In this city, givilg q cle1
surplus of three fcurths OF m llioU of do lars. 10
sell this zeal estate or any p1rtioa VI
it, Just at ibis time, would Iot in the opinion of
your committee, be an economical mode Of raisiag
moLey Tor prt n Mt exgeDces; mu OF II (pnob .b'y
aD) will continue TO increase 10 value, and eve1-
tuai'y give to tie treasury large profile The renN
received for such parts OF IL are not p iired
for the compaDys business amount 70 $2l .86J ose
abbuD, ltavii yearly surplus OF more t,aa
$40 GOO, a'teI paying interest on the outstanding
mortgages.
The engine er q estimate Of all further expenditures
necessary 10 COMP the ro.d build station houses
wood sheds, turn tables, &C.. and perfe sh ~
quifed oitons and improve ments for its tfrosar
al and profitable working, and the final losing Of
'coD-tructon account" Will be seen in schedule
No. Z. amounts t. $l95 204 81. Thissum, t,geth-r
with TIE deticispc OF assets to meet the fosting
debt, $2s5 sos 80, making al aggregate OF $i8e,10
81, cor slitutes the total Excluding tho reoent
losses) tor vi ieh the comaany should provide Is
os ea,ly q day as proper reference 10 economy WM
permit.
To meet the losaes referred to arc retire the spu.
rious stock your committee estimste, from oil Gne
discovsIes Yet made. that sum less than $500 900
Will suffice.
The New York and Harlem Railroad, In com non
with many others has suffered under and sfrug sed
through years Of financial embarrassment Ii
aval,sbie means have seldom been equal to ia
pressiDs wants. Large sums have beeu paid, ssl
arc yet being paid, for commissions, interest. and
oiscuuI t. and i,s bop Dis from necessity sold Ia
he ma yet mt fv h<an wr,cr Thpaa
90 10 sSel the cost Of construction, and render II
more and more difficult TO earn dividends upon its
cspiiai To relieve the treasury from t1ese con-
tlnual and exbausting drafts has DO ono pera-
mount duty, and earnestly commend II to the
early attention of the b,ard OF directors.
or is late lossss. and the causes which have led
10 ther your committee desire 10 speak cautiously
and in slf charity; but truth compeb them 10 ssy
that bclc bas been lack OF vigilance and care IN
tie detnii Of the cornpany,s business. Too much
power, ss well - too mnch confidence, have beou
divdual was while at tie head OF your corporation.
also the president Of sev raj other railroad oompar
nies-was involved in humorous extensive oontfacea,
ana embarrassed with enterprises Of enormous mag
nitude. However grea. his business scquisomeots,
(and your committee copceds 70 him MARKED sbii-
w, IL wes evident TO every intelligent observes
that be had taken upon himself duties beyoad tho
powers Of any single individual 70 discharge pro
pciiy. At most be could give to your affairs but
snal port o. his time. while his connection with
other rcods induced him, 90 your oommiteo think,
70 mako "entangng ALI snces, and enter into CON
pacts by which the true interests Of ysur company
were not promoted, II, indeed. t.y were nos ssoH.
nced. Not nbie, by reason Of his 20 uusinsea
iabcax. 70 give his personal attepdauce at your
general Office at the corner of Centre street and
fnon row, the whole OF tao tyausfers OF st,ck, snA
tfher most important bpsiness TRANSACT ms were
made at bis om IN Hanover street, beyond Tho
reach Of thst daily observation. scrutiny and direct
supervision which the directors snd other ofcers Of
the company should always bave the ready posser OF
exercising. This npfort0nats ARA Agament gave 10
your late secretary every facility a concoosag and
frauds. Had the stock ledger s.vn wisain Ae daily
reach Of your directors, yor.e treasurer, or even
your principal boo&keepeI, the issue OF spurious
stock certficstes would h'>ve been long since Dc.
teced and mostof The Frs prevented. Ac eximl.
nation and footing no II k,le'e Individual socouut
in toat ieger-.fhe srk o fve minntss-eo could TO .
Iractsed eye bavr> been saficep. 10 awaken sus-