New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-07-06

The Rank Of Ner-Yerk has Given NOVICE tls To 70
po,;p;x ins.su,ea, cf 80 cent VIII DC repFsa " ny
I'm b,,,sesr this and ihe dfst dy OF oco'e, lSs9e
;,h to. a, the rate Of cent per snnurn, IRON the
1st OF July 10 The dsy Oh pa ''h'' F-' 9"N ~ y" -
titled ~ oil future DIVIDENDS
Tno Paterson and Hudson River Railroad has declared
~ dividend Of 81 q cent payable demand.
The Pa,e-son end Rsmapc Road, cent, payable on
s.rand Tho Washington Insurance Company r cent
,s,,bve on demand. The North River Bank, q cent
ps,sb'e July TO- The Merchants Insurance Company
IL, ideEd Of Y cent payable July 10. The Cenrs
Bsnk sem-annual dividend Of "a cent. payable lsth
INST.
The amount OF public debt redeemed daos the hses
year srdng 5oh June war sl6,ol7 g.. Tie outstanding
debt is .12ls7,s5e.
The Money market has been comfortable iey with
good borrowers but lenders exercising moro caution
10th 10 regard to securities aud paer The effect OF the
deveopmenis Of to-day viii, however, Pfooaniy "ea'
away soon and confidence be restored
The Exchanges of the Clearing House were szii'''V
including The business OF two days-
The earnings oft,e Milgaukee and Mississippi -l!Eoad
Scr the rnonib Of june 1854, were;
Amoso noev,d forn rsssenseTs 73s ~
received for fftlgbs "'' d
The above amount include Ell mp the soth The es
na,ed amount was $40, 600.
The attempt TO sell the main line Of public works OF
PennsyvaDia hts utterly failed.
Tie street has been absorbed to-day TO the exclusion Of
every other topic in the discussion Of the oversue OF STOCK
fthe New York and Nov Haven Railroad 90. "hicn
was made public this morning. The high reputation OF
tie party implicated, together with fhe magnitude o'
tho trsnso ciiop, gave Wallst shock sach as mas
never before been felt The delinquency in the New orH
Life end Trust Co years since, was an choiuoS
one but neither in amount nor in the standing OF inc
d. Ipquent could that affair compare with ihis' MI
Robert SCHUYLER has been many years before citizens,
oh racfar faf tlasRl Ccf
and the exposures of to-day have given shock to conf
d,nee In human nature which has saddened many
bea,t mud mnde honest doubt their irmness
should they exposed such temptations. The whispers
in regard to overssues heard Saturday, but ex-
preseed indeponfy our belief that they the vest
sanders To-day the proved 10 be trne and
the Directors have issued the following card:
"NEw.YoRK AND NEw-HAyEs RAILROAD CoMP.sY.-
At n citing Of the Board Of Directors OF ths company
holden this morning has been made apparent on hasy
examination OF the stock Books which have been kept o
the late President Robt Schuyler Transfer Agent IN
New. Yorkhat by means OF false entries erasues au
eLer similar practices an issue o. es a, ~" ns ~ be
amount nearly as can now De ascefialhea' oi neHy
twenty thousand shares, or two millions o. dollars. =,
" A rigid examination will be Immediately made, Oy
order of he Directors, of the books and papers, anu te
results wien accurately ascertauei will be made public.
In ibe meantime the transfer bocksare closed by order
BY oder Of the g9a;s Of 3i ,Sns,y p.,.,,
FER York, July 1885,"
The discovery Of the false issues was we unders'ah
brought about in this wise: Mr. Ketchum one Of the
Directors went to the office Of the Company on Monday
for the purpose of making inquiry in regard to the
late move nent in the Stock In conversation with The
bol hs suspcons excited aud after further
inquiries he ascertsined from the bookkecper that about
OC0 shares of the Stock had been transferred by Mr.
schuyler az Transfer Agent TO r. & G. J.. Schuyler and
by them hypothetical for loans. Mr. kecaum VINO was
Just on his way his residence at Weport Conn., took
-. md call
Of Mr. Sturgoss Mr.. Bcment and Mr. Burra this house
on the next Tuesday lth morning. After full examna
ton Of the Stock Ledger and Transfer Book, it was
evident that there had been oyeT-ssue OF about
1900 eharos equal to sl,9OO,00o, and Mr. Siurgess
came Immediately 10 town the evening of the 4th
and gave the earliest public notice this morning OF the
facts. Upon arriving homo last evening, Mr. Snrges'
found note from Mr. Schuyler written Monday, but
not before received in consequence of the absence of Mr.
sturgcss regnng the Presidency of the Company aud in
tmatng that there something wrong about the stock
tsges. This have related had already been dig
covered tho same morning by the examination OF the
books. The transfer books have been closed, and no
tranfers allowed to-day The stock will probably be
called in order discover the full extent of the over
Issue and the disposition OF it. II was currently rumored
that Com Vanderbilt had half million of this stock
"a collateral from Mr. Schuyler, but we understand that
he has only 1900 shares the remainder of his largo
loan TO Mr. s. being secured by other colaterah. The
above the exact facts IN regard 10 this most uniortu
nate affair far they have been developed. Ii not
charged by any one, far "a can learn, that Mr.
George Schuyler had any knowledge of the expeien,s
which he'd been resorisd to to sustain the firm of which
he q member. The financial management of the
affairs Of the house was exclusively with Mr.. Robert
Schuyler.
In regard TO the liability of the Company for the false
stock there seemed be but opinion in the street.
that they must H. This would give capital stock
Of about five millions instead Of three millions fixed by the
charter Tho Directors have been in session all day.
also those of the Harlem Company but heard ofnc i'm
porsnt action excepting the closing of the transfer books
OF the NowIIsven Company. The Directors of the New
IIavcn Company have ye. had interview with Mr.
Schuyler.
On the Thursday previous to Mr.. Ketchums inquiries
at the Office which lei TO the discovery, Nj Surgess had
been look ne the transfer book 10 who sell
inc stock al such low prices and aerward asked to
the stock ledger. The heokkeoper declined - give him
access TO H. under general order from Mr.. s-hnylcr not
10 show tho stock ledger to any Mr. Sturscss
quest aierward communicated TO Mr.. Schuyler who
left the office and has never returned.
The system Of issuing certificates adopted hv This Com.
pany requiring only the signature of Mr. SCHUYLER Ms
Transfer Agent, hiss been much commented upon ir the
street to-day and univ ersaly condemned az throwing
open the door for eesy fraud aAd placing rsa, cmp.a
ton in the way of The result nj hs have been
the SAME had signatures boon required but such double
signature would in be seck upon overssue.
and the Directors of Corporations Il 70 The public 70
adopt every possible celebrated 10 hom
from frauds. We know that this system single signature
has induced leading house ia Ike street 20 decline
lending New-iieyon stock fo- year past There is
smother Corporation whose Soch is sold frequently st the
Board, whose certificates also bear bat They