The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-08

dav NJ July 1872 10 the manner and from fuui In
said ndesiure declared. trther With interest thereon
ct tie rate ri centIm annum the drst
day IL every January and July ensuing thu date hereof
upon pre-eu alton Of thu ins~rest warraots hereto
the New York Hsrem u. rsd Company, la tue city
Of Nee York log 20 the provisioss Of the atore
Harlem Rsilroa6 Company by resolution Of sar Of
Directors, psssd the tenth nay OF September, 1859,
have these TO he sesis1 with their
seal and signed bs their President and ssid trustees
have also hereunto their hands this fst day Of o.
tobsr, 1850 ROBERT SCHUYLER, President.
r. 81 Countersigned, 8. Knspp, Alex. IL Hdiey, Nor
VIII he seen that these bonds are part OF tho
sAML NJ BLArCHFORD, Treasurer.
The liability the part Of the Harlem Railroad Con
psny for the amount Of these bonds. Ia question that
must he hereafter determined. They ssolsa BY
Schuyler from the company after being cancelled BY an
isaas Of stock and the company will probably put 1t
upea that ground great desl Of trsuble and difficulty
viii grow out Of this Affair Many qussons will arise Of
Important char actes which only be ssttled BY
cur coarss and endless litigation win probably bs the
result. We arc just catering upo tho beginning, and
very few Of the parties immediately concerned viii live
long enough TO see the end. @
The Empire sons Dressing Company has been opsrsted
upon By ts President 70 the tune of about hundred
thousand dollars The fraud perpstrated in the
modern way BY an over-issue Of stock The name Of
this aaaaoisr Is Charles r Shelton How much moro
the company has taken in for has not yet been do
termined out tho amount already known las made the
stock nearly wcethlssa fhs times are sadly out Of
joint there appears TO be end to tho vAny and
rascaty Of the ags. may be interesting to the pub
10 gSuce the extent Of the recent frauds In
the shape OF o,er-issuss OF stock, &c. iasssss.
New York and New Haven Railroad Co... o. 800 oeo
New York and Harlem Railroad Co., stock,
bonds, &c. OBSERVATION-DISCLOSURES. ouO,OO0
EauR9tUck
New Hav-n aud Nusthamptos Railroad Co.. 20,OYJ
vernon. Central Railroad O. 100000
Empire Stone Dressing Co................ lO0,0oo
Total. ...s... .......... SIl,So0 O00
making up hs statement We have put down the stock
over issued ts par value The present market value
ID considerably below the amount Aamed each stock
has been largely deprecated By the great quantity put
the street BY the parties making the issus The
extracted from the community BY these frauds
sdersb exceeds that Of any previous swndie pacsed
any section Of tho Union snd Of the haHdoreo In H.
viduAls concernsd venture to say that will
b arrested called to account in any criminal
court Of the country It u this dsfsct in criminal
code that all these robberss II there had been
proper remedy provided by the Legislature, should
not bs called upon to record - often these ensr.
nous dsfalcations. They are now practissd with
impuniy and the pespstrators generally manage to
during the remainder of their miserable lives. II
holding high oces Of trust viii not act honestly from
principle they must be made to do BY the strong
Of the law They must be compelled to be honest from
the fear Of the consequences II they do otherwise It
would be utterly impossible to transact business without
trusting to the honor and honesty of each other Con.
adence is the very basis Of al commercial Intercourse,
and cannot get along without It. We must trust each
other and breach Of that trust should be visited with
tho ssverest penatios II is not impossible TO guard
against the ingenuity and daring Of the burglar We have
some chance with highwayman, properly armed;
ana NO guard against known swinder but It
Il entirely beyond tho reach Of human foresight project
ourselves from tho dishonest doings those who have
our fun conAdenceof those who b. their previous de
ty have secured places Of great responsbty and
the confidence they enjoy II may Be dncult to reach
this peculiar crime by legislation, and provide proven
tive, hut hope al effort win b made to secure the
enactment Of such laws win protect the community
from the pcculatlous cf those entrusted with the pro-
perty Of al classes without any security for Its preser.
vation but their individual honesty We hope this e
will be attended with some good.
The effect Of the disclosures made within the past week
upon the market value of of the leading stocks has
been very DISASTROUS - win bs seen BY tho annexed
etatement;--