The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-18

0vERI5EvB IN VERMONT CENTRAL STOCK-MC1TE-
MEsr IN STATE srREBr.
From the Boston B-e, July IL.
State street was Q good deal excited Saturday
afternoon at the discovery that some nine thous and
over-issuea by the Pvsidsnt Of the corporation,
Edward Crane, ESQ. This was not ct all allayed BY
the announcement that Mr.. Crane had renounced
his once under peculiar circumstances Al later
thcusand overisus, the prsossds Of which, how
ever, are mot accounted for. There y strange
feeling Of In iignati0n among the business portion
Of the community 1t this bold and fradduleht act
Rnnors are current that this b but the initial to
other transactions Of . similar nature. The 90
counts Of the corporation weTe Immediately put
under investigation, which was continued through
yesterday. They have found that the over-issue
would probably reach $4,000 shares, The sharcs
ere rated, We believe, q $50 esch. f- tnDt
The 0axstts says:-- .T1 @H5s Ns.eE H
This u the second instance Of Hike dercliction
On the part Of Mr.. Crane, whose case We hear was
pres ented 10 the Grand Jury but few weeks SINCE
and who refused = nnd bill against him.
We trust such scts are beyond The reach Of the
those who are guilty Of conduct which IL Disastrous
y ise eject upon communities, and Stain upon
the character Of Boston,"
There u deterninAtioa abroad to have this
Cwindle fully Investigated, and the party be made
the subject Of ample justice. Boston win prove no
profitable field for 6chuylerism, whether Ia Vermont
Centrd Or any better stock. b the meantime the
stock Of The road 70 worse, such n possible, than
ever. -. NJ. s..
xoan tsn sas Sn,son q s4sSA I STOCK
Near tho close Of husiHesss on Saturday, II was
discovered that second and further over issue of
vermont q ntral Railroad shares had been made by
EDWARD Crane the Presidont q the oomps.y 70 tho
which stock had been sold, or otherwise realized
upon In the street-some portion Of Il remaining TO
TIE credit o. the parties to whom the same was orr
It does mot appear that any person exospt Mr..
Crane was cognizant Of this fraud; o. that any In
terests of his, In corporations In this vicinity are
IN any way connected with It. He has not been o
since. the last annual election In February,
nor IN the Kennebec and Androscoggin Rail-
road. For some time past his influence has
declined, and BY tho corporations them
ests or management ofthe Providence and Woroes.
ter and Boston and New York Central; he s d.
rector, and holds greater less interests In several
other corporations but We do not learn that either
oy ne 70
His prominent interests hitherto have been in the
Providence and Worcester, and the Boston and
New York Central road In both OF which corpora
tioIs the most thorough Investigations have been
instituted during month past; and everything has
been found to be straightforward and correct; both
OF these companies are In tie hands Of highly re-
spectacle and responsible men, who are conducting
the trust committed TO them In judicious and
proper manner. H1 b. 'FNsf
There is one other corporation to whose concern
In which may be traced Mr.. Cranes recent reckless
and fraudulent opeations-it 10 the Sunbury and
Erie Railroad, In Pennsylvania. It will be remem-
bered that some time in May It was announced that
Mr. Crane had subscribed TO million OF dollars in
the stock OF this road and had paid, or was to pay
one hundred thousand dollars on the first install
ment, all Of which was absolutely required within q
given time To his efforts In raisng this barge sum,
with his already immense and embarrassing engage.
ments, may be traced the cause and motive In re-
sorting to these extraordinary breaches Of trust
We forbear now to comment on the conduct Of
this mans associates In the Board OF Directors
where mch acts have been perpetrated; they
mny explain their own derelctions Of duty
In suffering, after 80 recent o developement,
the trust committed TO- them to be again
exposed to such contingencies Certainly the fullest
explanation II due, not only to the stockholders
but to the community 1t large and to those parties
who have been compelled to yield to the pressure
caused BY mch high handed abandonment 81 the
We consider an over issue Of shares In corpora.
ton It matters not by what technical name It hap.
pens to be legally styled, crime in degree far
greater than that Of stealing or Of forgery. The
one involves an extent or loss to those In immedi
ate connection; the other may involve greater
number, but On over issue Of shares by the first
onicer OF corporation is blow at the root Of all
curporate 10 TILT shakes and paralyses vitality i'm
poitant concerns, and spreads far and wide ncalcu
liable suffering creating universal dstrust aud want
of confidence. ~
The community are too fresh from the considera.
ton Of the staltng Developments of the doings
Schuyler and Crane TO at once rest With confidence
in the Dumei railroad companies but Il Is paf,
that the innocent should not be confmnded With
the guilty. There should be no shrinking from a
fnl and thorough searching In all 'such affairs
every exsting interest demands it, and where honor
prudence and honesty are found 70 have been exer.
cised, the fullest confidence should be sustained.
These uecful cntcrprf"es should not be diGsgarded,
In hxN0u Sot
In interest, but those who are not in immediate In
teIest, to look TO this and see to It. that general
credit at home and abroad IL not impaired, or suf
fired TO be reflected upon, by the corruption Of q
few.
From the Boston NALL
The recent swindhng Developments In railroad
operations have given quite check to speculation
in that line which, however, is only for time, for
people will not learn wisdom from experience. As
soOn % confidence becomes in q slight degree re-
In the meantime the public are benefited. The
failure Of . stock operator" or "bankers,n that
trade in stocks, like those that have recently "sus-
pended" in this city and New York, Is . god send
them is never allowed 70 accumulate for proper
puyI oses Of trade. II there IL anything like felony
in man.. stock dealing or banking ON his own
hook win be sure to develope it; eide State street
experience for the Last i've years..
The commercial horizon 10 evidently clearing AWAY
The atmosphere wiz soon become purer and health
Ter; railroad companies win at least appreciate the
folly Of going II blind Is they have hitherto done.
tors, the directors in turn trust everything
TO the President, while the President common
ly 6nishes up matters by committing grand larceny
and taking trip to Europe. The New Haven Com
Psny has been unfortunate, and yet It deserves Its
III luck. People who manage business ~ they have
managed theirs, deserve no commisseration when
they gay the penalty Of their misconduct. Within
ayeaI this Comply has lost nearly three millions
OF dollars-two millions by Schuyler and over one
half million by the uncaDed for accident at Norwalk.
These losses should infuse some animation in the
stockholders. The millennium will come about THE
time people who pay the fiddler think to examine
ana s&e What kind vi rosin Is being used.
There was eight shake In State street en- Eatur-
day, p. H., upon sscertaining that 5000 more spu-
nous thsres Of the Vermont Central had been Issued
PARTIES Of who m better things had been expected.
But he game IL too smsh. These hnanciers ()
should have operated in something mot quite 80