New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-08-16

accounted for that against the apparent indebted
OF Mr. Robert Schuyler appearing in schedule No. 3
and growing out of bonds with which be aso o Seen en-
trusted amounting in the aggregate 10 sl27,IOo mere
viii be Offset Of various disbursements mace 9r nus
comrsny by him and bis firm, which, 1t u expected val
reduce the actual balance due from him to sum little
any greater than 900. knowledge Of the precise
amount of this balance must ait the rendering OF az &C.
current by the assgnees OF The MeS:s' Schuyer
which il promised at anseary day There Is another aud
further amount of extension certificate ss2 O0o which
went into the hands Of Mr. Schuyler under circumstances
which il is believed will give to ths company ysia
defense against their payment and notice 70 that effect
has been given the holders of them through the puohe
prets. -.
extngushment Of which has available assets TO the ex-
tent Of $3.50 co., leaving TO be provide for 30
Schedule No. shows the cost estimated present valus
and existing encumbrances of and upon, the companys
real estate In this city giving clear suplus OF three
fourhs Of million fdOlars. 10 sell this reai esta,e OF
any considerable portion Of ut at this time, would not
In the opinion Of your committee, be an economical noqe
of ra.n9 money for present exgenees; much Of prob
ably all will continue increase IN value, ana eventually
give the treasury large profits Inc rens now received
Tor such parts of not required for the eompanys
busin amount TO eel eco per annum leaving yearly
surplus Of than 10000 after paying interest on the
The engineer, estimate Of all further expenditures
necessary TO complete the road build station houses
wooc sbeds turntables, &c. and perfect all required adj
ditiOus and improvements for its eecual and profitable
vorkine and the final closing Of construction account"
a viii be seen in schedule No T. amounts 10 sl9j 2Oi 81
This sum- together with the deficiency Of assets to meet
$3.50 no s constitutes the total Excluding the
for which the coDpeny should provide early
day ss proper reference TO economy will permit.
To meet the losses referred TO and retire the spurious
stock yov committee estimate from all the discoveries
yet made that gum less than 5000 600 will suffice.
The New-York and Harlem Railroad, in common with
many others has suffered under and struggled through
years of financial embarrassment Its available means
lave seldom been equal TO its pressing wants Large
gums have been paid, and yet being paid, for
con missiops interests and DISCOUNTS and its bonds
from necessity sold in the market at rates greatly below
par These items go TO swell the cost OF construction
and render II and difficult TO earn dividends
VI its capital To relieve the treasury from these con-
tnual and exbausting drafts has become paramount
duty, and earnestly commend it to the early attention
OF the Bosrd OF Directors
OF the late losses and the causes which have led to
them committee desire TO speak cautiously and in all
charity but tru eompes them to say that If there s has
psnys business. Too much pewer as well as too much
confidence, have been placed In single individual espe
ealy that individual while at the head Of your
poraiion also the president of several other railroad
panies involved in numerous extensive contracts,
and embarrassed with enterprises OF enormous magnitude
However great his business quremens land your
ntee copcede him marked ability it evident TO
every intelligent observer that he had aken upon himself
duties beyond the powers Of single individual to dis
charge properly. At most he could give to your affairs
but small part OF his time, while his connection with
other roads induced him, your committee think, to
make entaDgliDg asnces and enter into compacts by
which the true interests of your company were not
promoted, it, indeed, they were not sacrificed
Not able, BY reason of his accumulated labOrr
eral Office at the corner Of Cepre-street and
Tryonrsw the whole Of the transfers Of stock and other
most important business transactions made at his
Office in Hanover-st, beyond the reach Of that daily OBJ
servnton, scrutiny, and direct supervision which the d.
and other officers Of the company should always
have the ready power Of exercising This unfortunate
arrangement gave your fe Secretary every facility in
connecting and carrying forward for long period his
stupendous frauds Had the stock ledger been within the
daily reach Of your directors your treasurer even your
principal keeper the issue Of spurious stock cerh
Gates would have been long since detected and most of
e loss prevented An examination ann and footing 9P os
niDutes-would to practiced eye been sufficient to
awaken suspicion and provoke careful examination.
Your Immittee would further remark that the stock
holders themselves also chargabe with remssness of
duty they take too little nteIes. in the annual choice of
directors Instead Of personal attendance and personal
application with few nterrogatores as to the object
thus sursndering controlling power TO few ndividu
uence Of such apathy and indifference preludis
cist becomes contagious, ard too likely TO pervade
every department of the companys business
The tsgatons of your committee have satisfied its
members that very large retrcnchmen,s be made in
the annual expenditures too many trains have been daily
run upon the Road these may be reduced aud all
ssry service performed without any sensible elimination
Of lie present prospective earnings or the abridgement
Of any Of the privileges of its local traffic and travel 1t is
cd that by this and other economical arrangements
more than 800 600 per annum may be saved.
Finally, in the face Of all these adverse circumstances
and unexpected losses your committee have stu un
shaken confidence in the ultimate success of The New
"York and Harlem Railroad"-it controls, end must al
ways CONTROL exceedingly valuable and constantly in
cressng business possesses inherentzand self
tanning vitality which, II nurtured and developed by
careful udcious and honest management will make
interest paying road and place all its stock among
the safest and best Of railroad and they fully
believe that the frauds instead of retardng will
hasten this contamination.
In conclusion they offer the following resolutions for The
consideration of the stockholders.
EDWARD HAIGHT, JAMES DAVIS,
ID. g. WHEELER l.. UNDERHlLL,
q. c. VERPANCk, HORACE BROOKS.
THOMAS TABER g. VANDUSER
VIM. Y. BRADY, ALBERT SMITH,
ED CROSBY
Al n nesting of the Committee of Stockholders of the