The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-07-13
COMMERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.

New YoRK, July II, 1854
The long continued pressure in the money market has
last produced its usual fruits in developing failures and
frauds and the market has been startled by very
defacatons that have depressed the market for
generally and carried down many dealers when
the turn in the market had otherwise apparently arrived
The steamboat that arrived early last week, with tdngs
the 2st from England such favorable accounts in rea
ton to and returning prosperity accompanied by
ders for stocks would have impaired great buoyancy to the
market but for the simultaneous of the extern
ve defacation of Robert Schuyler in New Haven railroad
stock That being president Of the company and trans
endowed with the singular faculty of issuing stock
certificates, requiring only his had, it appeared,
issued 10000 fraudulent shares, worth S200e 0O0 His
brother and partner, s. L. Schuyler being president of
the Harlem road, enabled, by collision with Kyle,
the secretary reissue $4,000 of bonds that had
recalled in exchange for the company stock into which
they convertible. The explosion caused much ex-
element, and immediate investigation has been had into
the affairs Of all the other companies singulary enough,
without other discoveries than the defacation Of Kyle
Din the Harlem to the extent Of $35O00 The great
fall in prices of all stocks which these transactions
casioned caused the failure of few houses of which De-
launay Toer, Clark the chief here, and Willis Co.,
of Boston. 1t is considered very remarkable that decline
great has not involved greater number OF failures The
considered past unless the failure Of Schuyler
should excite panic among holders of American securities
abroad where he is well known. The alarm which has
spread through managers of corporations without ecng
further discoveries has of ITSELF tendency to restore conf
dence and money becoming easy with evident
turn of the tide abroad the will be
forgotten.
These deacaons periodically, and inherent in
the paper system In 1926 extensive frauds discovered
in insurance companies and of the best in the
city indicted and convicted of conspng deiaud
Henry Eckford, Sam Swift, Jacob Barker and others
were among them. That lesson served for number of
years, until frauds in the shape of bank swindles, led
by Biddle, the whole country The State bond
swnde then took place Is30 and in 1912 immense and
widespread dealcaons of bank officers took place. among
them were
Lewis schnyikll Bank false stock 800 900
Nicho New York Life and Trust, false certificates $4,000
schemerhorn Ocean Insurance Company false cnes 10000
Ked6eld Commercial Bank false entries 10000
Newcomb Manhattan Bank, nlse entries $4,000
And many others for various amounts all the country
amounting many millions Since these discoveries there has
been comparative quiet; and institutions have
confidence has grown and prosperity has promoted
careesness until lateevens have again aen
ton The three great railroad swinde have been the Old
Colony road the Vermont Central the New Haven and the
Harlem The conduct of John Quincy in the Vermont road
folly that of Schuyler seemed to be the desperate
determination carry the schemes he had undertaken
dreadng dishonor less than failure and usual he doom
ed both The conduct of Kyle apparently
roguery stealing money to feed gambling transac
tons of the ridiculous character The Parker Vein
Company to have been of class Of those old noome
conspraces for which many indicted nce viz
bubble put forward to induce people to put in money for
the benefit of the projectors There others of the
character and it is improbable that many indictments
may result when public opinion has taken shape in relation
to them.
Money has become decidedly abundant and the pay
bank decline. The bank returns to-day
follows: