The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-08
FINANCIAL AND COMMERCIAL
MONEY MARK n +.

FINANCIAL AND COMMERCIAL.
MONEY MARKET.
FRIDAY, July Jpn
The pants day In Wall street exceeded that Of any
one previous since tho grand devespemsass Commenced
Tho dsfacatons and Of stock Ia The Now Ha
vsn thsy and startling they ap-
pessd had net such effect upon the stock market IS
the details Of Sohuylers opeatons whidh gradually
leaking out Tho Announcement today that thsre had
besn overssue Of stock In the Harlem Railroad Com
pany both In the old and preferred stock although
parAtivsly toA ANAL amount, had greater and moro
uniavorabs effect upon the market value Of other stock
securiies than the overssus In New Haven had whoa
Hrst known Confidence has been shakon BY these
disclosures than by any event which has previously
CURED within the history Of the country There has
before been anything like It, and where It will
stop, no tell. Tho effect already upon public
credit has been most DISASTROUS and shall not the
end Of it for long time Stockholders IN every
pany fearful something IL wrong and the desire to
realize rapidly extending The fall In stocks to-day
shows the feeling that oxs and every day to add
fuel to the Gre. Holders OF stock securities
afraid investigate the affairs Of the companies In which
they interested and appear disposed to remain In
the dark upon the principle that, "where ignorance d
bliss tits folly to DO wise." 70 avoid all contin-
gences and to be free from the doubts and fears that
ng at the Depreciation and placing the proceeds out Of
the reach Of such swindlcrs Schuyler Holders Of
fancy stock do not know 1t what moment AL their
property may prove to be worthless. They may 60
70 bed believing themselves in the possession of enough
of this worlds goods to keep away want to sustain
them comfortably and they may wake mp in the morn
ing beggars without cent to pay for their breakfast
We have always had but one opinion regarding fancy
stocks that have frequently expressed that II
Is hardly necessary 10 repeat here. We had any
faith in Them and confidence in stock securities Of
al kinds does not amount 70 much We do not believe
in investments the value Of which depends upon the
honor and honesty Of any man. We do not believe In
the nfabiity Of any man, and would mot, therefore,
tut much trust In mankind generally tits true that
il Is only occasionally like Robert Schuyler springs
up in any community; but when they do appear, they
spread ruin and devastation In their Such
in age enough for any city country and hope
Il win be An age before another appears.
The announcement this morning that there had been
overssus Of stock Of the Harlem Railroad Company
and that the Secretary, Mr. Ky implicated In the
Affair." created exctsment intense that caused
BY the nrst ezposs The board Of brokers immediately
erased the stock from the books and prohibited all opera
tons in at the board Coming after that Of
the New Haven Company the public we're appalled, and
shocked to greater extent than have before
known In long experience II ID reported that the
issue In Harlem Of both old and preferred stock win
amount to upwards Of four thousand shares. The par
value Of the stock Of the Harlem is City dollars Per
share This issue Of STOCK tle purloned extension
bonds and the assets Of the company disposed of not
accounted for by Robert Schuyler, involves . sum
Of upwards Of half . mulioa Of dollars. This
q the most favorable figure and the probability Is that
It win largely exceed that amount. In thess things
the first report never exaggerated. Investigations
win without doubt bring out facts and the result
may be perfectly astounding The public mind Is ct this
moment prepared for almost anything In the way Of
fraud and smbezzlemeut At frs the community was
paraysed. No seemedlo comprehend the extent Of
the swinds the effect upon private and public credit
II now rushes upon with crushing force, ana the
most gloomy feelings exist The greatest sacrifices have
been submitted to- in the sale Of fancy stocks by out
side parties fearful that total loss would follow holding
any longer Prices have deprecated and IL il not i'm
possible but that much lower points will be touched.
Is stated that there has been issue in the
stock Of the Naugatuck Railroad Company, OF which
Robert Schuyler transfer agent About thirty
thousand dollars have already been discovered and Il Is
not known to wha. extent 1t hss been carried. The
Pennington Canal Road, known az tine Now Haven and
Northampton Railroad Conn have also come In for
portion of Schuylers fnancierng favors The amount
reported Ia small, and II may not be large the stock
never possessed much market value and not therc
fore easily negotiated Mr.. Schuyler appears TO have
distributed his fraudulent acts not only literally but
pretty equally among his fsvor!te roads. The New
Haven Company enjoying the highest credit came for
the largest share 1t Ia not at ali improbable but that
there many heavy frauds yet unknown. Every day
win doubtless bring something to light, and the agsre-
gate can, in our opinion be put down at double the
smount already known. For the purpose of getting to
the bottom Of this unpleasant business at the earliest
moment, the management Of two OF the companies In
voived have issued the following notices -
NEW YORK AND NEW HAVEN RAILROAD COMPANY,
NO. HANOVER STREET.
TREAsuRER's DEPARTMENT,
NEw YORK, July 8, 1854.
IN order 10 facilitate An examination now being made
BY committee Of the Board Of Dire ctors Of this
Gates Of stock Of are specially requested
present the same 70 the undersigned, at this ocs 20
siding Distance who cannot Conveniently present
send u their certAcates requested TO communcats
S letter the date and number Of each cetiaoase hsd
o them and the number Of shares which u purports
70 have been issued and BY whom issued BY order q
the Board Of Directors. wM. BENENT, Treasurer.
NEW YORK AND HARLEM RAILROAD coMrANY.
NorIu 10 THr PrBuc.-Thc public are hereby notified
that the following numbers othe Albany Extension Car
hcates have been auulcnty used by Robert Schuyler
and hsy are Therefore ss1ed against ncsotatns the
la TO 1877 inclusive 81 to 60 do 43i TO 43 do and 2s1
oee TO ioss d. Sss 70 COL do and 72s LOOT 70 ool
VI 600. making In all 5000
Albany Extension Of the New York and Harlem Rail-
road Company No. 900 This ccrtiaes that Gouyrr
Norris, sidney G.. Miller, and George L. SCHUYLER
for the construction u the Albany Extepson are on
titled TO undivided interest Of oue thousand dollars
IN he sum Of two millions Of dollars secured certsin
eccd OF trust thereby declared TO b. part and parcel OF
this certificate, rected herein made by tho New
York and Harlem Railroad Company OF the frs, psrt
81 the SECOND part and the said Morris Miller and
schuj o. the third pert ds'ed toe tsirt day 81