Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-07-15
THE STOCK FRAUDS AT NEW YORK.


There appeared in our paper of the 9Th instant
Telegraphic despatch from New York, reporting
the discovery of fraudulent oyerssue of railroad
bonds, in which it was stated that Mr.. GEORGE
SCHUYLER, late President Of the Harlem Railroad,
was implicated with his brother Robert Schuyler in the
preparation Of these frauds II has since to the
knowledge Of the Editors, well by letters addressed
to them as by the general representations of the New
York press that there is particle of evidence
show that Mr.. George, Schuyler had any knowledge
suspicion Of his brothers dishonest proceedings In
letter to the Directors Of the New Haven Company
signing his station President Robert promptly acquts
his brother George Of all knowledge of the dsreputae
transactions in which the former had been engaged In
no way (he says) has my brother been concerned in
the nor has he ever known or been informed Of them
In fact there was mode in which he could obtain in
formation except from myself and have ever been
quite careful TO keep him in ignorance as any other
person He could even have ascerained the facts
from our own books and accounts and to those Of the
New Haven Company in my charge he had no access"
u was further stated, in the telegraphc des-
PATCH that the Directors of the Harlem Railroad Com
pany after the discovery Of the New Haven frauds had
suspicion Of the misdongs of their own officers as
Robert Schuyler though brother of its President had
no power in the Harlem Company for the past year This
also, assured is quite incorrect 1t appears that
when George Schuyler appointed President of the
Harlem finance committee appointed to manage all
the affairs of the company in that line and of this COM
mttee Robert Schuyler (who Immediately preceded
George President of the Harlem) was chairman and
managed oil the fiscal affairs Of the company In this
management Mr. George Schuyler had SO muck conf
dsnce that within fortnight of the discovery of the late
frauds he advised and assisted female relative in in
vesting few hundred dollars in Harlem stock and he
Ind
Secretary to him great distress and confessed that
he had defrauded the company to great amount Mr..
George Schuyler then told him he had resigned the Office
of President and directed him make communication
of the whole matter to Of the directors which
pears was done The overissue in the Of the Har
lem Company, according to the latest report only
the preferred stock, the amount of nearly six hun
dred shares, which it is said the company will assume
however fraudulently issued.
In on article exculpating Mr.. George Schuyler from
any participation in his brothers frauds the New York
Courier and Enquirer says:
"Mr. Robert schuyers financial abilities and business
capacity the admiration Of the public and the sub
ect OF commendaton by the abest of city; and
it is not matter Of surprise therefore, that his younger
brother should never give himself thought in regard to
the office business but devote himself exclusively the
outdoor businesses Of the house SO entire was the
fdence Of George Schuyler in the integrity and financial
ability Of his elder brother that with full power sign
checKs anu use tne name OF the nrI we are informed
that he never avacd himself of the right to do so but
even for his ordinary family expenses would
check to be filed up for his and taken his brother
for signature In short with unlimited confidence in his
brothers abilities, and knowing that there large
amounts of assets in his possession he had for
moment to suppose that his brother did not raise all
the funds required for their engagements by the legi
mate use of the partnership assets and ignorant
Mr. George Schuyler Of the fraud perpetrated by his
brother that only the day previous to the late explosion
he urged and succeeded in persuadng two Of his most
intimate personal friends to invest largely in New Haven
Railroad stock"