The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1854-07-20
Astounding Frauds,


last week thrown into the greatest excite
ment by the discovery of the most exten-
sive fraud ever brought to light III this
country. The announcement is no less
serious than this, than an over issue Of
stock in the n. fork and NeWuaTen
Railroad Company has been made to the
amount Of two millions of dollars. The
President Mr.. Robert Schuyler, was
Transfer agent, and this over issue has
been discovered by a committee of the
Board Of Directors appointed to look into
the affairs Of the Company. The fraud
ulent issues were made, first in single
lot of Certificates for 10 600 shares; and
the remainder in smaller amounts and
through a considerable period Of time
The event is correctly characterized as a
most astounding one in the magnitude Of
the sum involved, and the deliberate,
wicked purpose with which the fraud was
put upon the public, to the direct loss Of
millions to the stockholders, and the in
direct loss of tens of millions in the in
jury to the credit and reputation of other
American railroad corporations and the
market value Of the property of their
shareholders.
From the Evening Post we learn that
Robert Schuyler left home for Canada
on Tuesday morning. The day before
he left, on the 3D. of July, he and his brother
executed an assignment Of all the proper
ty belonging to the firm, as well as his
individual property, to Messrs. Bowdoin
& Barlow, attorneys, No. G5 Merchant 5
Exchange,
Following upon the heels of the above
fraud was discovered that Mr.. Kyle, the
Secretary of the New York and Harlem
Railroad Company, has overdrawn his
account to the extent of four thousand
shares of Harlem stock, amounting to
100000. Schuyler is understood to be
at the bottom Of this fraud, and is prob
ably more guilty than Mr.. Kyle.
There is another over issue of stock ad-
ded to the list of Robert Schuyler's mis-
doings. Acting as Transfer Agent of
the Naugatuck Railroad Company, an o.
yer issue $4,000 Of its stock has been
traced and the Investigation has not been
completed. This man, in whom the pub
lie and his associates place unlimited
confidence, held the following Offices:
New York and New Haven L. r. Co.,
President and Transfer Clerk.
Brooklyn and Jamaica Il. Il. Co.,
Secretary.
Housatonic r. R. Co., Transfer Agent.
Naugatuck r. r. Co., Transfer Agent.
New Haven and Northampton r. r.
Co., Transfer Agent.
Saratoga and Washington r. f. Co..
Treasurer and Transfer Agent.
Vermont Valley r. R. Co., Transfer
Agent.
With power to raise money to almost
an unlimited extent, as Ira nsler Agent
Of so many companies, the amount Of
mischief done is probably not yet known,
as these compon;es must of necessity ex-
amino into their affairs and report accor-
dinghy.
What has become. of the vast amount of
money obtained by Mr.. Schuyler, is Il
matter of considerable curiosity in the
street. We think it will be found that
extra interest has swallowed large a.
mount of it-that the Vermont Valley
and the Washington and Saratoga Roads
lave used up another large portion, and
hat the generous aid extended to several
IF bis friends in their days of financial
embarrassment will be found to have been
very expensive to HMM one case as
nigh as $4,000.